Much has changed on the global workforce mobility scene in APAC in the post-pandemic era. India has become a talent export powerhouse as its professional workforce is recruited to fill global gaps in technology and professional services. The economy in China continues to face challenges, but official government reports indicate they are on track for 5% GDP growth this year. From a mobility perspective, long-term assignments in mainland China remain below pre-pandemic levels. There is positive economic news in Japan, after a long period of flat growth and pandemic impacts, and Singapore continues to be an APAC mobility hub, though with more predictable global assignment volumes and less rental pricing volatility. More recently, we see activity building in Malaysia and Indonesia as companies continue to both expand and to de-risk themselves from overconcentration in any one APAC location.
Hong Kong too has changed over the past several years. In response to strict quarantine laws and travel restrictions, many expatriate families moved to other regional destinations like Singapore and Australia during the pandemic. More recently, while the political environment is strongly influenced by newly introduced amendments to the security legislation, the city’s economic life is focused on building back and retaining its prominent place in global banking.
It is undeniable that Hong Kong enjoys a powerful reputation for some of the world’s most transparent and well-governed financial services practices, a selling point the government has been promoting throughout all the political change. Essentially, as a financial hub, Hong Kong is and remains the leading force in Asia, and while locations like Singapore are stepping up, the extensive and long-standing finance infrastructure in Hong Kong is hard to replicate.
Hong Kong has been a commercial capital for centuries, and more recently has been called a ‘super-connector’ city linking access to capital and talent between China, Southeast Asia, and the rest of the world. The city has the highest concentration of banks anywhere in the world and over 70 of the world’s largest 100 banks have a regional presence here.
By way of comparison, the growing markets of Southeast Asia represent a combined GDP of three trillion US dollars, while the economy of China, including Hong Kong, is six times the size, at over 18 trillion USD. Hong Kong has a long-standing tradition as the economic and financial entry gate to mainland China and still offers a lot of these advantages to international corporations seeking expansion in the market.
With this much capital opportunity, financial services companies and investment banks continue to send their highly skilled and high-potential employees to Hong Kong to develop relationships and expand their market presence. While the city has a population of over 7 million, there is a labor shortage in professional services, from administrative roles to highly skilled financiers and technology talent.
The Hong Kong government has aimed to address these shortages through a ‘Top Talent Pass Scheme’, easing the immigration process for applicants with high income, good academic qualifications, and extensive work experience. According to recent articles, the scheme has attracted over 70,000 applicants with an approval rate of almost 80% over the last year. While the majority of applicants are presently from mainland China, the scheme also offers noticeable immigration efficiency to expatriates from other locations by allowing candidates and their families to arrive in Hong Kong without securing a job placement beforehand.
Hong Kong has long been known as one of the safest cities in the world, and that reputation is still true. As a very well-established global business destination, there is an ample supply of housing at multiple price points throughout Hong Kong and over 50 schools teach the international baccalaureate curriculum. Especially since the ease of travel controls in 2023, movement between Hong Kong and China has accelerated, with more Mainland Chinese moving to Hong Kong, while Hong Kong residents and expatriates alike have access to goods and services available in the Greater Hong Kong Bay Area region of nine major cities.
While the real estate market still ranks among the most expensive and fast-moving in the world, professionals moving to Hong Kong alone or with their families will find more options in the rental real estate market than in recent pre-pandemic years. Monthly rental prices range from the utilitarian apartment at 8000HKD ($1000 USD) to the luxurious suite with a view of the Hong Kong harbor at 1.3 million HKD ($167,000 USD) and above.
Expatriates in the financial services industry tend to be interested in neighborhoods such as Southside, Mid-Levels, The Peak, and above Kowloon Station, while families might want to explore the larger homes and greater greenspace in Discovery Bay or Sai Kung. Most of Hong Kong is easily accessed by efficient, fast, and modern public transportation.
Dwellworks and our legacy companies have been providing destination services and temporary living assistance in Hong Kong for over 30 years. We are experts in the fast-moving rental real estate market and have well-established relationships with 3000+ landlords and agents and the thousands of properties and listings they represent.
Our in-market Destination Consultants are licensed estate agents, but are compensated with a fee for service, not commissions, and will show all properties that meet the budget, commute, and lifestyle requirements of expatriates new to life in Hong Kong. Dwellworks also staffs a dedicated Schools Consulting service, with an excellent track record of 99% placement in a family’s first or second choice of school.
Expertise in the market is important in Hong Kong. Our expert-level team knows all the local real estate practices and speaks the local languages for effective communication and negotiations with landlords and agents.
We are the preferred destination services partner in Hong Kong, because of our long history of effective, personalized service.
If so, get in touch with Dwellworks. Our team has worked with all major relocation management companies requiring local Destination Services expertise. Contact me (dima.lorenz@dwellworks.com) with your program needs and I’m happy to share our most recent Hong Kong market update.
Dwellworks is the world’s largest provider of destination-related services and temporary living solutions for the globally mobile workforce and business travelers. We provide business-to-business solutions for Fortune 1000 and emerging companies directly and through their relocation management partners. Whether a company needs to relocate its employees across the world or the country, we provide a range of support services to help employees and their families transition successfully from their home location to a new destination.
Dwellworks operates according to our core values of Integrity, Teamwork, Performance, Innovation, and Fun. These are the root of everything we do – from the Teamwork aspect of sourcing and supporting our helpful local Consultants to assist any relocating employee in hundreds of cities worldwide with their move, to the Integrity of our highly-trained Intercultural experts who are here to help transferees adjust to new cultures and confidently settle into their destination locations, to the Innovation of our myDwellworks technology platform that familiarizes employees on assignment with their destination and enables customized conversations on properties, schools, and situation-specific needs.
Dwellworks supports the diversity of our clients’ globally mobile workforce with personalized destination solutions in 16 countries, covering major relocation markets. Dwellworks has consistently responded to the mobility services and needs of our global clients. In 2020, Dwellworks launched Dwellworks Living to expand our original portfolio of corporate housing markets into a full-service corporate housing operation, offering alternative accommodations for relocation and business travel customers in 125 countries. Our full-service real estate brokerage, Station Cities, supports home rentals, sales, and purchases in the Tri-State New York area and Chicago. Visit our homepage, learn about our services, and read our blogs to learn how we can help with your relocation and business travel needs.