Hong Kong pips S’pore as most popular city for international business

Hong Kong is now the most popular city for international business, while Singapore is a close second, says commercial real estate services firm CB Richard Ellis (CBRE).

This is according to a study conducted by the firm, which analysed office locations of 280 of the world’s largest companies across 232 cities.

68.2 per cent of international companies surveyed were represented in Hong Kong, while Singapore was home to 67.5 per cent. Tokyo, London and Shanghai were next in the top five.

CBRE said that easy access to other major Asian economies and the impact of rapid growth in mainland China’s major markets were some reasons that enabled Hong Kong to emerge tops.

“Hong Kong holds a unique position from which international businesses can operate globally,” said CBRE’s Head of Research for Asia Pacific, Nick Axford.

“This is due to its location, lack of foreign ownership restrictions, a tri-lingual mix and an international, highly-skilled workforce.”

The survey also covered level of penetration by companies in various sectors across the globe including transport, distribution & retail, industrial goods & services, media, F&B and insurance.

Singapore, who came in second, was the top choice for companies in the industrial goods and services sector.

It was also ranked among the top five in media and banking & financial services.

Petra Blazkova, head of CBRE Research in Singapore and South East Asia, said: “Singapore’s ranking attests to the quality, quantity and competitive cost of Singapore’s office space in attracting businesses.”

Source : Channel NewsAsia – 20 Jul 2011

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