While the estimated US$4 billion ($5.5 billion) that moved over to Singapore from April to August is “very miniscule” compared with Hong Kong’s US$1.7 trillion in total deposits, the “trend will likely continue as the situation worsens in Hong Kong,” said Ju Ye Lee, a Singapore-based economist with Maybank Kim Eng Securities.
(Oct 25): More than four months of unrest in Hong Kong is proving to be a blessing for Singapore, a long-time rival to the title of Asia’s pre-eminent financial centre.
Hotel occupancy rates are at an all-time high, one of the most visible signs that Singapore is gaining as unrest deters visitors to Hong Kong. There’s also been a pick up in luxury home sales, gold storage and foreign currency deposits – all of which could increase substantially depending on how long the protests drag on.
