, Columnist
Hong Kong Doesn’t Need to Compete With Singapore on Property
The city must ease decade-long real estate curbs to reclaim its financial-center crown.
In a slump.
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Hong Kong has been competing hard with Singapore this year to reclaim its throne as Asia’s premier financial center. It’s now offering generous tax exemptions to incentivize the ultra-rich to set up family offices in the city. New immigration rules have been rushed out to attract the world’s brightest young college graduates.
While it’s a huge relief that Hong Kong is once again pro-growth, it does not have to go head-to-head with its rival on everything. Its stance on residential real estate, for one, must diverge.