Singapore ranks second in most popular cities for int'l business

08:30, July 21, 2011      

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Singapore was placed as the second popular city worldwide for international business after China's Hong Kong with the first ranking, local TV Channel NewsAsia reported on Wednesday.

This is according to a study conducted by a commercial real estate services firm CB Richard Ellis Group, Inc. (CBRE), which analyzed office locations of 280 of the world's largest companies across 232 cities.

Some 67.5 percent of international companies surveyed set their offices in Singapore, comparing with the 68.2 percent in China's Hong Kong, the firm said. And Tokyo, London and Shanghai were next in the top five positions.

Meanwhile, Singapore was ranked as the top choice for companies in the industrial goods and services sector. And it was also ranked among the top five in media sector and banking and financial services sector, the study said.

"Singapore's ranking attests to the quality, quantity and competitive cost of Singapore's office space in attracting businesses," said Petra Blazkova, head of CBRE Research in Singapore and South East Asia.

China's Hong Kong achieved the most popular city mainly due to its unique position from which international businesses can operate globally, said Nick Axford, CBRE's head of Research for Asia Pacific.

The easy access to other major Asian economies and the impact of rapid growth in major markets of China mainland were some reasons that enabled Hong Kong to emerge tops, the firm said.

The survey also covered various international companies of different sectors including transport, distribution and retail, industrial goods and services, media, food and beverage, and insurance sector.

CBRE is a multinational real estate corporation based in Los Angeles in the United States. The company is widely considered to be the world's largest real estate services firm and currently manages 24 billion square feet of building space worldwide.

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