Nearly 50% of European Firms in Hong Kong Plan to Relocate Staff

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.