Hong Kong hitting ‘peak exodus’. Experts say UK, Canada, and Australia winners of Hong Kong’s loss

With Singapore loosening Covid-19 and border restrictions, the rival financial hub was reported by South China Morning Post to be a top choice for expats and Hong Kongers leaving Hong Kong. However, the movement of Hong Kongers has “not yet caused a discernible impact on Singapore’s property market,” Catherine He, head of research for Colliers Singapore, told Insider. 

“I think they would be more attracted to more welcoming places like the UK,” He said. 

That’s in part because this past year Singapore has been clamping down on issuing work permits to skilled foreign talents. According to He, the Singapore government also introduced a range of property cooling measures, including a 30% stamp duty on any residential purchases by foreign buyers. 

Colliers usually sells 3,000 units per quarter, out of which Hong Kongers purchased only 11 units, she added. 

The same is true for the rental market. “Most of the renters boosting the residential leasing market are actually locals and permanent residents who are affected by their delays in HDB BTO flats and new condominium completions,” Tee Khoon Tan from Property Guru told Insider.

Insider’s Huileng Tan reported in April that Hong Kong chief executive Carrie Lam said the city-state’s brain drain was “unarguable.” However, Lam believes those departing may return in the future.

  • Partner links