Peter G. de Krassel

Opinion | Even with protests, recession and coronavirus, Hong Kong is a better bet than Singapore

The singular advantage Singapore has over Hong Kong is affordable public housing. On all other fronts, Singapore is no better than Hong Kong. Even in the fight against Covid-19, Singapore is far behind Hong Kong

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People gather at Tamar Park, overlooking Hong Kong’s Victoria Harbour, to watch the sunset. For some people weighing the pros and cons of staying in Hong Kong, in the wake of the city’s political protests and the coronavirus outbreak, Singapore may seem a safe haven. Photo: AFP

Peter G. de Krassel

Published: 5:01am, 24 May 2020Updated: 7:34pm, 24 May 2020

The lingering anti-government protests and Covid-19 pandemic have generated panic among some people and corporations in Hong Kong, who are weighing the pros and cons of staying in the city.

The economy has gone into a tailspin, after protests that started peacefully in March last year turned violent in June. By August, Chief Executive Carrie Lam Cheng Yuet-ngor was already describing the economic downturn as worse than that caused by the severe acute respiratory syndrome epidemic in 2003. The coronavirus outbreak that hit this city four months ago has only deepened the crisis.

Given this state of flux in Hong Kong, Singapore appears to be an affordable safe haven beyond the reach of Beijing. I am reminded of similar arguments heard before the Hong Kong handover in 1997.

Pre-1997 Hong Kong was a borrowed place on borrowed time. Most Hongkongers, as well expats who came to work or do business, knew it. They were concerned about a security net. That is why Hongkongers who could afford to hold foreign passports went for it. A significant number of Hong Kong families thus secured foreign citizenship. Many hold Singapore passports or are permanent residents.

Now, I find myself repeating what I said back then. I believe this is the time for Hong Kong policymakers to do what is needed to shore up public confidence in “Asia’s World City”. The singular advantage Singapore has over Hong Kong is real estate. This is where urgent action is needed.

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