Nearly 50% of European Firms in Hong Kong Plan to Relocate Staff
- Grim results come as city sees runaway omicron outbreak
- Recent relaxation is ‘too little, too late,’ chamber head says
The skyline in Hong Kong, China.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Nearly half of the European companies in Hong Kong plan to fully or partially relocate operations and staff out of the city, a new survey suggests, in the latest sign that the world’s toughest Covid-19 travel and quarantine restrictions are eroding the appeal of Asia’s main finance hub.
Around 25% of responding companies said they planned to fully relocate out of Hong Kong in the next year, according to a new survey from the European Chamber of Commerce in Hong Kong, while another 24% said they are planning to partially move out of the city. Roughly 34% of firms said they were uncertain about their plans, while just 17% said they had no desire to relocate over the next 12 months.