Hong Kong most expensive for business relocation



Hong Kong emerges as the most expensive city to send employees to work, followed by London, according to a new study from estate agency Savills, Reuters reports.
 
Executive housing costs in Hong Kong climbed 7.4% in the first half of this year. Other cities that saw property prices on the rise include Moscow (5.5%), Sydney (3.7%) and London (2.8%). By contrast, prices in Paris fell 3.4%, as a result of the eurozone crisis and an increase in taxes for the affluent residents, the study finds.
 
For its research, Savills looked into a projected relocation of seven employees that could make up an executive team. In total, transferring the CEO and his team to Hong Kong would amount to costs of £660,000 per year, while the figure would reach £550,000 for London.
 
Apart from being the most expensive, China's financial centre also proves to be the fastest growing, Reuters notes. Demand for residential property in Hong Kong is very strong, despite a slight downturn in executive rents.
 
In fact, property prices were a major factor that fuelled political changes in Hong Kong in the city's elections on 9 September, which saw Leung Chun-ying become the new leader of the city. He has promised that permanent residents of the city will be granted more access to Hong Kong property.

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