Latest News:  
Beijing   Light rain    27 / 22 ℃  City Forecast

English>>China Society

HK retains 'most expensive' ranking


08:35, September 11, 2012

HONG Kong has retained its title as the world's most expensive city for expat businesspeople to live in, coming ahead of second-placed London, as one of China's financial hubs continues to weather the global financial crisis more successfully than many of its counterparts in the West.

Residential prices for executive housing rose 7.4 percent in the first half of 2012, the UK property brokerage Savills said in research released yesterday.

Prices in Moscow rose by 5.5 percent, Sydney 3.7 percent and London 2.8 percent.

The brokerage tracks property prices for a standard group of seven people, to compare the cost of relocating an executive team to a city. By contrast, property costs are considerably cheaper in Paris, whose battered banks led to a 3.4 percent fall in rates for executive housing.

Hong Kong has both the highest prices and the fastest pace of growth. Despite slowing economic growth on China's mainland, domestic demand within Hong Kong itself is strong, although executive rents have been softening.

Housing and office costs for a core financial services business team of seven employees including a chief executive and administrative staff, total 660,000 pounds (US$1.1 million) per year in Hong Kong and 550,000 pounds in London.

Property prices in Hong Kong were a driving force behind the high turnout at the city's elections on Sunday, where more than 50 percent of eligible voters went to the polls.

The city's new leader, Leung Chun-ying, has introduced policies such as "Hong Kong land for Hong Kong people," plots that are restricted for sale only to Hong Kong permanent residents.

News we recommend

Recommended News

Naval destroyer holds drill Freshmen receive etiquette training Nuclear security drill held in Taiwan
Fighters conduct training on plateau How much we pay for "face saving?" Artillery troop unit in drill
Navy releases pictures of drills Apple blamed for 10 unfair after-sale clauses Students get new desks after media attention


Leave your comment0 comments

  1. Name


Selections for you

  1. Fighters conduct live-fire attack training

  2. North Korea in festive mood for National Day

  3. Inflation rebounds to 2% in August

  4. Chinese brand NE TIGER displayed in Milan Global Fashion Summit

  5. Trainings of U.S. Navy Seals

  6. Extinct architectures in China

Most Popular


  1. Commentary: Short sellers preying on firms
  2. The second sex
  3. APEC injects new impetus into growth
  4. Videos, museum help defend Diaoyu Islands claim
  5. ASEAN 'must not take sides in disputes'

What's happening in China

Students resume classes in tents in quake-hit areas

  1. U.S. citizen detained for carrying hazardous goods
  2. China's employment situation 'generally stable'
  3. Better use of China's social media called
  4. Red Cross embraces challenges
  5. Daily necessities available in Yunnan quake zone

China Features

  1. Cooperation promote sustainable economic growth
  2. Exclusive:A probe into GM rice test
  3. How much we continue to pay for 'face saving? '
  4. Entering China's northernmost village
  5. Italy makes efforts to attract Chinese students

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture