Hong Kong's losses may be Singapore's gain, new survey shows

Financial ServicesBoard and CEO Advisory
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九月 13, 2019
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Financial ServicesBoard and CEO Advisory
As the rivals compete to be Asia's top financial hub, fallout from protests in Hong Kong is seen as helping Singapore.


The Aljazeera article, "​Hong Kong's losses may be Singapore's gain, new survey shows," quoted Russell Reynolds Associates Consultant Anupama Puranik on her thoughts on business confidence in Hong Kong. The article is excerpted below.


Business confidence in Hong Kong is being hurt by ongoing protests in the Chinese city, and Singapore - Hong Kong's long-time rival - stands to become Asia's leading financial hub and is likely to see economic gains as a result.


That's the finding of a survey by the American Chamber of Commerce in Singapore released this week. But analysts say it's too soon to write Hong Kong off as an important Asian business centre.


In addition, relocations can sometimes be hard to gauge. For example, companies that are growing in Asia might add new staff to a regional office in Singapore or elsewhere rather than to one in Hong Kong.


The protests are largely limited to weekend demonstrations, noted Anupama Puranik of the executive search firm Russell Reynolds Associates.


"It's a weekend story to a large extent, and Monday to Thursday, Monday to Friday, it's pretty much business as usual for most companies," she said. "But if this trend continues, you start seeing things getting decidedly worse than what they are today, it might start triggering [relocations] in the next six to eight months."


To read the full article, click here.