Discontented expats are swapping Hong Kong for Singapore, citing the former's stringent coronavirus restrictions and lack of a clear reopening strategy as their reasons. One such individual, 33-year-old fashion buyer Fong, has lived in Hong Kong for four years and is contemplating returning to her homeland due to frustration with the city's ongoing Coronavirus limitations and unclear path towards recovery.
Many share Fong's sentiments. For years, both Hong Kong and Singapore have aimed to become Asia's leading economic centers. However, with Hong Kong's international borders virtually locked, some companies and foreigners are deciding to shift their focus to the more relaxed settings of Southeast Asian cities.
While HK remains committed to its "Zero-COVID" tactic, encompassing social distancing, travel restrictions, and lengthy isolation for non-residents, Singapore has adopted a different approach – "Living with COVID-19." The Singaporean government announced the easing of some regulations and plans to welcome travelers from specific countries such as Germany. Individuals are even given the option to self-quarantine at home for up to 14 days.
Singapore's revised strategy has faced challenges, including a resurgence of the Delta variant, temporarily delaying reopening plans. Critics also note that unlike Hong Kong, Singapore continues to impose other restrictions, such as limiting public gatherings to two people until August.
For those in Hong Kong, opportunities seem brighter across the South China Sea. Frederik Gollob, chairman of the European Chamber of Commerce in Hong Kong, believes Singapore's decision to ease COVID-19 restrictions sets it apart, even if progress is sluggish.
Gollob confided that several top-level company executives are considering relocating some of their operations to Singapore due to quarantine limitations impeding their plans and lease negotiations. While confidentiality precludes mentioning the companies, he confirmed the existence of such situations.
Uncertainty clouds many businesses as they anticipate regaining freedom of movement and the ability to strategize. Gollob emphasized, "This constant moving or not moving dilemma is a significant problem. The last thing companies dislike is uncertainty."
Pressure mounts on the Hong Kong government as calls for action grow. In August, Gollob penned an open letter to Hong Kong's Chief Executive Carrie Lam, urging swift action to avoid prolonged quarantine measures and the potential backlash from the international community.
In contrast, Singapore is thriving. With high vaccination rates and relative ease in managing the pandemic, the city-state has become an alluring option for businesses and individuals. Global tech giants such as Facebook and Netflix appreciate the lesser restrictive environment, while financial services heavyweights, like Citibank and Deutsche Bank, find ample opportunities in Singapore.
The enrichment data confirms that the stark differences in COVID-19 restrictions, vaccination policies, economic impact, and travel policies have contributed to the trend of expatriates moving from Hong Kong to Singapore. Hungry for a more normalized lifestyle and economic stability, many have chosen to make the leap across the South China Sea.
