Hong Kong lost 93,000 residents in 2020, followed by another 23,000 in 2021. Hong Kong lost residents in 2020 and 2021, but this year is expected to far surpass both years in terms of the numbers of people leaving for good. Another Singaporean, who wanted to be known only as Leung, said he bought a one-way ticket to Singapore when Hong Kong announced in February that it planned to test its entire population for Covid three times. "We're seeing companies choosing Tokyo," she said, which she indicated was surprising given that Tokyo has historically been a place for companies solely looking to access the Japanese market. Charlotte Parsons and . Unfortunately, some bankers and hedge fund managers are already having second thoughts. 137 scheduled flights from Hong Kong to Singapore. The median monthly household income for Hong Kongers was under HK$29,000 (now about US$3,700) in 2019. Hong Kong citizens purchased just 12 apartments in Singapore in the first half of 2019, down from 32 in the first six months of 2018. according to the Urban Redevelopment Authority. You may also refer to the latest Announcement on Updates to Border Measures amid COVID-19 Outbreak under our Overview page for the latest changes to the travel requirements. My wife gets to know his mother well during their stay in Sg. LIfe in Singapore has largely returned to pre-pandemic norms. Owing to political turmoil and strict pandemic measures over the past few years, international businesses are shutting down offices in Hong Kong and shifting operations offshore. "I noticed, especially I think it was March, the number of calls [from] long-standing old Hong Kong families they have high net worth, might have multiple homes, they're choosing to pack up and go," said Kutt. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. These would . "It gets to a point where it's just too much.". In March 2022, Financial Times reported that some international schools in Singapore received more inquiries from Hong Kong residents than usual but were unable to meet the unprecedented demand. The 34-year-old Hongkonger is set on emigrating to Singapore with his wife and two young daughters. Being an international finance centre, the city is able to generate more wealth for its residents, said Joseph Tsang, chairman of property agency JLL in Hong . Rental prices in Singapore were already moving higher during the pandemic due to demand from various sources. In view of the COVID-19 pandemic, please refer to Hong Kong SAR official COVID-19 website for the relevant boarding, quarantine, and testing arrangements before departing from Singapore to Hong Kong. Source: Ohmyhome Research, STB This includes finding a suitable home to rent, arranging virtual home tours (if needed), negotiating prices on their behalf, and securing the best deals for their needs. A total of 2.9 million people registered and so can apply for the. Others may be looking at city-fringe homes that are near the CBD. Yet even more are relocating to the United Kingdom, with more than 100,000 applying to move as of March. ", "Well, fast forward [two years], Singapore is a shining light," he said. Theres also the option of studying in private education institutions that cater to expatriate communities. This is where EP applicants are rated based on various criteria, ranging from salary to skills and qualifications, and the hiring firms diversity and support for local employment. To be clear, interest from Hong Kong is not the only reason for rising rents. It is entirely possible that some Hong Kongers rent-first-settle-down-later approach could have contributed to our month-to-month increase in our rental market. "We couldn't be too harsh with our people and the people's tolerance has always been one of the factors that we need to consider in devising the best public health measure for Hong Kong.". The app has been crucial for close contact tracing over the past two years, but will only be required for events with more than 500 people from 26 April 2022. Immigration from Hong Kong to Canada is "booming," according to the Canadian immigration website, CIC News. "You've just reopened the bars and the clubs, and people are being treated like adults.". In 2020, there were 27 homes bought by Hong Kongers. Others have moved to the United Kingdom and Canada, said Kutt. Employees are also allowed to remove their masks when not interacting with one another or with customers. Large companies are also relocating to Singapore, said Cynthia Ang, an executive director at the recruitment firm Kerry Consulting. However, that methodology is based only on applications for. In the first three quarters of 2021, 88,800 Hong Kongers applied for British National (Overseas) visas. But Hong Kongers moving to Canada are facing a steep incline in housing prices. The scheme is open to Hong Kong residents who claimed British National (Overseas), or BNO, status before the handover in 1997. "There's not much evolution in how [Hong Kong] is handling it, and therefore it doesn't really give us much hope that there will be any form of reform or change in the government's strategy," he said. However, there was a jump in the number of Hong Kongers buying properties in the past year. This included enquiries on placements in international schools like the Singapore American School and the Canadian International School in Singapore. Enquiries by Hong Kongers at Immigration@SG LLP, an immigration consultancy in Singapore, rose by roughly a quarter in the past two months compared with earlier in the year, said a company. A Division of NBCUniversal. Authorities also recently lifted the 10.30 p.m. cut-off for alcohol sales, and allowed bars and karaoke lounges to reopen again. The simple and short answer is: Money, you have to have a lot of money to emigrate to Taiwan or Singapore, it also takes time and a lot of efforts and paperworks. Serviced apartments managed by Far East Hospitality also saw a spike in inquiries and bookings around the end of February, though that has since slowed, the company told CNBC. Inquiries from Hong Kong jumped 25% from December 2021 to January 2022, Hmlet said. Locals are making plans for an exodus as protests show little sign of ending. Singapore is seldom the first choice for Hong Kongers seeking migration. Singapore and Canada. A Bloomberg report in April shared another reason why foreigners intending to move from Hong Kong to Singapore had to do a U-turn (or look elsewhere). This is to "enable the city to continue addressing the social and development needs of Hong Kong and the individual circumstances of our people," she said. Two years later, with Covid-19 restrictions like the zero-Covid-19 policy (and lengthy school shutdowns) frustrating many local and foreign Hong Kong residents, the enquiries seem to have increased. Fake account to boost visits to website? All foreigners who intend to work in Singapore must obtain a valid work visa, which companies are obligated to screen for before formally inviting employees on board. However, she shared that some may have bought homes and the caveats logged under China or foreign (unspecified). While Hong Kong has recently eased its Covid-19. In the past year, Singapore has clamped down on issuing work permits to skilled foreign talents. In the past, maybe I could have entertained staying long enough to be a Hong Kong PR, but for now, I think with the current situation, it's unlikely that I will do so. But early estimates show this year will see far more people go. On April 26 2022, the Singapore government announced that safe distancing would no longer be required for group activities. Got a confidential news tip? Usually ppl wont post embedded links when copy pasting. Most of them tend to rent a place for a short while, said Lee Sze Teck, Senior Director (Research) from Huttons Asia. There's also an increase in moves from Hong Kong to Dubai, Japan, South Korea and Thailand, according to insiders. About 9,000 Hong Kong. "", was what a complete stranger said to me brusquely on my first trip to Hong Kong. "Based on our observation, most bookings from Hong Kong are for permanent relocation to Singapore," Hmlet's CEO said. "Everyone's going to Singapore," said Pei, especially those working in finance, law and recruitment, she said. They need to have a job here to get an Employment Pass, S-pass or work permit, shared Mak. Serviced apartments provider, Ascott Ltd., which operates luxurious apartments at Ascott Orchard, Citadines Mount Sophia and Lyf One-North, was reported to have been fielding more enquiries, including from Hong Kong, since January. This means parents caught in between having their child drop out of school midway have to find a willing debenture buyer in the secondary market (usually through a brokerage agency). Hong Kong lost 93,000 residents in 2020, followed by another 23,000 in 2021. Roslan Rahman/AFP/Getty Images With Singapore loosening COVID-19 and border restrictions, the. Terauchi said she has friends who are leaving, some who have lived there longer than she did. He said that at that point, he felt "the government [had] totally lost it, I have to get out of here.". Hong Kong itself is a fine example: under British rule, it enjoyed property rights and the rule of law, which made it a magnet for Chinese refugees fleeing the Communist regime, and for investment in finance and manufacturing that led to Hong Kong's GDP per capita rising by a factor of 63 between 1960 and 1997, when it was handed over to China. Hongkongers (Chinese: ), also known as Hong Kongers, Hong Kongese, Hongkongese, Hong Kong citizens and Hong Kong people, typically refers to residents of the territory of Hong Kong; although may also refer to others who were born and/or raised in the territory.. She and her family moved to the Netherlands, where her husband is from. It's great that Hong Kong's rules are going to be less extreme, but there's still a long way to go, said Leung. Singapore is home to thousands of expats from around the world. 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. From July through mid-August, when street protests turned. Hong Kongers especially believe they are going to have to delay their retirement, with 48% claiming that their ideal retirement at the moment would be between ages 60-69, marking a significant increase from the 50-59 range of 2020. As of Thursday, Hong Kong began allowing groups of four to gather at any one time, and restaurant operating hours were extended to 10 p.m. Authorities in Malaysia, Australia. 1.Hong Kong residents moving to Singapore, snapping up rental homes Author: www.cnbc.com Date: 11 days ago Rate: 3(515 reviews) Rate Simply tell us about your specific housing needs and we will MATCH you with the right home! Singapore has a population of 5.64 million people living on 719 km of land, while Hong Kong has a population of 7.45 million people living on 1,106 km of land. Rents for private homeclimbed 4.2% in the first quarter of this year, compared to a rise of 2.6% in the previous quarter,according to the Urban Redevelopment Authority. Hong Kong lost some 93,000 residents in 2020, followed by another 23,000 in 2021. In Cantonese, the phrase literally translates to, "don't obstruct the . According to the European Chamber of Commerce, nearly 50 per cent of European companies are planning to move out. Our agents are amongst the top 1% of over 30,000 CEA-certified agents in Singapore, with more than 10 of them ranking within the top 30. "Booking pace from Hong Kong has dipped slightly in February and March but remained higher than previous months," said Giselle Makarachvili, the company's chief executive officer. 13 Is Singapore richer than Hong Kong? Is so, HDB resale price trend will also follow too. This increased by 40.7 per cent to 38 homes in 2021. The office of Hong Kong Chief Executive Carrie Lam did not immediately respond to a request for comment, but Lam said on April 26 that the government's Covid rules balance health and economic interests with public tolerance levels. As an icing on the cake, expatriates who relocate with us receive free cleaning and home contents insurance so that you can collapse into your bed immediately after your long journey. "Singapore was where you went if you were a bit boring or you had a family. #41. (Ethnic Chinese comprise over 90% of Hong Kong's 7.4m population and over 70% of Singapore's 5.6m. One Singaporean, who works in finance in Hong Kong and declined to be named, said it was a good opportunity to visit loved ones, especially when the Covid situation in the Chinese city worsened earlier this year. Hong Kong has a dynamic zero strategy for Covid and imposed strict measures from January in a bid to slow the spread of the virus, which included a ban on dining in from 6 p.m. daily. All Rights Reserved. Tom Grimmer, "Rivalry Between Singapore and Hong Kong is Heating Up," Financial Post, June 28, 1995. Finally, Singapore is stepping down the use of its contact tracing app, TraceTogether. Hong Kongers prefer moving to US, Singapore 07 December, 2022 Asian public most fearful about the risk of pandemics and infectious diseases in global survey in Leadership by Aditi Sharma Kalra Singapore's Latest News December 07, 2022 Asian public most fearful about the risk of pandemics and infectious diseases in global survey in Leadership Following China's move on June 30 to impose the security law on Hong Kong with no local government debate, many prominent activists have been arrested, charged or fled into exile in the U.K. and . A net 71,000 people left Hong Kong in February, and there are more flights to Singapore than anywhere else aside from Shanghai. March 2022 saw 137 scheduled flights from Hong Kong to Singapore, the highest number recorded since March 2020. "The main thing was the restrictions," said a Singaporean who works in the banking industry, who requested anonymity as he did not have permission to speak to the media. Due to the riots in Hong Kong many . One such move was the increase of the minimum monthly salary threshold for Employment Pass (EP) and S-Pass applicants from September this year. However, masks are still required at nightlife venues such as bars and clubs when capacity exceeds 75%. The Briton is currently packing up his apartment in Hong Kong and moving to Singapore permanently. Hong Kong residents who qualify for the scheme will be allowed to stay in Britain for five years and then apply for "settled status" and citizenship. Kutt said this is "absolutely" happening, as evidenced by the number of moves occurring without clients present. Singapore was also the most popular global destination for outbound flights, second only to Shanghai. 64,900 BNOs applied for the visa. Data is a real-time snapshot *Data is delayed at least 15 minutes. Read by 200,000 Homies. HONG KONG (Reuters) - Hong Kong residents are buying more houses and apartments to lease out for income in Britain, property agents say, a trend that coincides with what many expect to be a wave . From Tuesday, vaccinated visitors will no longer need to take any Covid tests. Hong Kong homeowners may sell as much as HK$150 billion ($19.3 billion) worth of property this year when residents emigrate to the U.K. Get this delivered to your inbox, and more info about our products and services. Some expatriates in Hong Kong moving to S'pore as Covid-19 situation in territory worsens The teenage asylum-seeker Hei Yin Ngan, 19, travelled to the UK in June 2021 and is seeking asylum.. "Sales have picked up as more Hong Kong businesses move to Singapore. The most recent ruling by Singapores Ministry of Manpower on February 18 2022 also requires Employment Pass applicants to secure roles that pay a minimum of $5,000, or $5,500 if they work in financial services. Thousands of others, locals or expats, are relocating to safer locations in the region. Dubai is also absorbing talent from Hong Kong, said Kerry Consulting's Ang. It has since . Two-fifths had under HK$25,000. According to my friend who is a Hongkonger, a friend of him has moved to Taiwan recently, and it cost him more than USD 200,000 (And it will be more Continue Reading Quora User Rival . Well guide you through everything from lease signing, deposit payment coordination and legal stamping of documents. . You can also WhatsApp us at 9755 1009! When youre ready, you can book an appointment with us. The overall residential rental index increased by 4.3 per cent QoQ last quarter. "I mean, is it even worth it anymore?" Other companies are staying in Hong Kong, but downsizing their offices, and moving regional headquarters to Singapore, said Ang. Before 2011, property prices were moving faster than income. Complementarity Assessment Framework (COMPASS) points system. Hong Kongers who are considering a move to Singapore will find themselves in good company. Many fathers remained to work, she said, but many are now asking their employers for transfers to leave. They stuck it out during the political protests of 2019. That figure rose further in March, jumping more than 110% from February, official data shows. -. 2022 CNBC LLC. Many Hong Kongers now in their 30s to 50s left for the United States, Canada and Australia with their parents during that period, but they returned when China's economy took off and Hong Kong's . In Hong Kong, people arriving need to quarantine for at least seven days in a hotel and take multiple Covid tests. This marks the third consecutive year of decline and the biggest drop in the last six decades. Mid-level skilled staff and technicians can also apply to work in Singapore via the S Pass, which has a lower minimum salary requirement of $3,000 or $3,500 for financial service employees. Silk Relo and Asian Tigers are also seeing an "uptick" in moves from Hong Kong to Japan, South Korea and Thailand, said Kutt. Before Covid, "absent shippers" were rare, she said, but due to the number of requests, Silk Relo created a service whereby an on-site team member acts on behalf of a client who can't be present for a move. In fact, according to Ohmyhome research, the number of Hong Kong arrivals to Singapore has been increasing exponentially since October 2021, doubling month-on-month between January and March 2022. Under Britain's BNO visa program, people fleeing from oppression in Hong Kong are trying to make the most of their new lives in the UK. While the enquiries and interest have increased, it does not necessarily mean that the residents plan to migrate to Singapore would succeed or have materialised. Yet that is roughly the same number of people who departed Hong Kong during the first two weeks of March alone, according to the city's Immigration Department. Hardly anyone has time to handle all the documentation and queries involved in home hunting between all of that. In Singapore, limits on social gatherings have been scrapped and social distancing is no longer required. Hong Kongers who are considering a move to Singapore will find themselves in good company. Singapore) risks losing his or her debenture. "[Hong Kong] just feels backwards," said Benarr, who is group director of real estate at hospitality company The Mandala Group. However, the movement of Hong Kongers has "not yet caused a discernible . Small companies are "taking the entire team and putting them into Singapore.". There are over 230,000 Hong Kong Americans residing in America. In its 40-year existence, the past three years have been the busiest years on record for Silk Relo's sister moving company, Asian Tigers, she said. "A lot of families that I know have gone away for like three or four months," said Edwards. Available daily 9 AM to 9 PM (GMT +8), Rental Prices Strengthened in 1Q22 | Ohmyhome Insights, Uncovering the Growth Potential in Farrer Park, 137 scheduled flights from Hong Kong to Singapore, safe distancing would no longer be required for group activities, Employees are also allowed to remove their masks, Covid-19 testing requirements have been removed, Simple Relocation Checklist for Foreign Talents Moving to Singapore, Immigration and Checkpoints Authority(ICA), The Property Podcast You Need to Listen to in Singapore Is Here: Welcome to Real Estate, Real Advice by Ohmyhome, How to Calculate Property Tax in 2022 with Annual Value and Property Tax Rate (UPDATED), 5 Sustainable Living Tips You Can Easily Start at Home, Health, travel, contents/property insurance papers, Visa papers/work passes and/or passes for family, Birth certificates/adoption papers of children (if any) and photocopies, Copies of credit card/bank card numbers and contact numbers, Passport and photocopies, additional passport-sized photos, Marriage certificates and photocopies, if applicable, Medical and dental records and any medication details, Pet passport, medical records, and travel documents, if applicable, Requirements and process of application of the appropriate visa at the, List of required customs, duties, and taxes to be paid, as well as the contraband rules to be followed when moving to Singapore as required by, Medical and health insurance requirements, including vaccinations, A transnational moving company to transport possessions. "I am seeing, with regret, a flight from Hong Kong to Singapore, which guarantees more rights for finance and business," says Petricca. The government refusal to expand public housing and let the property dictate by rich property tycoon. He has done his sums, seen a migration consultant, set aside HK$500,000 (S$88,315) to move. "The first and foremost consideration is getting a loan to buy a home in Singapore.. Besides healthy domestic demand and the spillover effect from the recently increased Additional Buyers Stamp Duty (ABSD), Mak also attributed the rental increases to the economic recovery and border reopening, which led to more workers returning to Singapore. We visited HK and my son bought a gift for this friend. 14 What billionaires live in Hong Kong? Similarly, Leung said he is not in a rush to move back to Singapore, but is open to the idea. Most of them tend to rent a place for a short while," said Lee Sze Teck, Senior Director (Research) from Huttons Asia. They feared it would limit their opportunities. Forum members and moderators are responsible for their own posts. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Whereas one company executive might have left in the past, now "they're all going," she said. (Bloomberg) -- Singapore is becoming a popular escape for Hong Kongers frustrated and anxious about the government's handling of Covid-19. Many people and companies are moving to Singapore,. By Phil Rosen January 14, 2021 In 1949, over one million people left Shanghai in fear of China's new government led by Mao Zedong and the Chinese Communist Party. The population of the city fell at. March 2022 saw 137 scheduled flights from Hong Kong to Singapore, the highest number recorded since March 2020. Some people interviewed by the Japan Times cite inflation concerns, expensive housing, limited study options, and an overall lack of opportunity. Hong Kong is like a shattered mirror; each person has kept a piece. In the past year, however, there has been an increase in Hong Kongers moving here for a short period to avoid Covidrestrictions in their country. It may not display this or other websites correctly. "If this continues on in Hong Kong for, I don't know, the next year or so, I think it will be a strong enough reason to leave," he said. "We cannot keep up with the capacity," she said. The 34-year-old Hongkonger is set on emigrating to Singapore with his wife and two young daughters. Many dont believe Singapore aiming more than 6.9M population. Let's look at Singapore. Singapore was also the most popular global destination for outbound flights, second only to Shanghai. Then they lasted through nearly two years of pandemic. Bloomberg News, Bloomberg News. Pepsi, Unilever and P&G moved people out of Hong Kong into Dubai, she said. But deeply entrenched locals are leaving too, she said. He has done his sums, seen a migration consultant, set aside HK$500,000 (US$64,000) to move. Hong Kong-born Kam Lun Yeung said his family is moving to Sydney, where he lived as a child. Source: URA, OrangeTee & Tie Research & Analytics. You will find that Hong Kong has disappeared, leaving only a bunch of Hong Kongers, each of whom has Victoria Harbour in their heart and Lion Rock in their mind, and shared memories of Hong Kong movies, pop music and culture stowed away between the hills and waters. 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