TAIPEI (Taiwan News) – As social unrest continues in Hong Kong, the city’s financial future is looking increasingly uncertain, with many foreign businesses thinking about closing their Hong Kong offices to relocate abroad.
While only one percent of businesses surveyed already have plans to leave Hong Kong, nearly one in four are actively considering setting up business elsewhere. A majority of those polled by the American Chamber of Commerce in Singapore consider Singapore as the most desirable location to open a new office.
The poll was conducted from Aug. 21 to 29 and surveyed 120 companies, many with head offices already in Singapore. A clear majority of the businesses anticipate that Singapore will make economic gains because of the turbulence in Hong Kong, reports Bloomberg.
The survey found that 80 percent of companies with an office in Hong Kong say the ongoing protests against the government have negatively impacted their business. Of those firms, nine out of ten say that Singapore is the preferred destination for relocation if the situation in Hong Kong continues to deteriorate.