Hong Kong is World's Top Financial Centre
It is the first Asian city to be No.1 - pipping US, UK and Singapore
It is the first Asian city to be No.1 - pipping US, UK and Singapore
Hong Kong has claimed pole position in a ranking of the world's financial systems this year, beating the United States, the United Kingdom, and close competitor Singapore with the help of strong initial public offering (IPO) and insurance activity.It is the first Asian financial centre to top the World Economic Forum's (WEF) Financial Development Index, leapfrogging traditional powerhouses from fourth place last year.
The US, UK, and Singapore came in second, third, and fourth respectively, after dropping a notch each.
'Hong Kong's ascent to the top of our index marks a major milestone,' said WEF USA chief operating officer Kevin Steinberg.
'While Western financial centres are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy.'
The index ranks 60 economies based on factors such as financial sector liberalisation, business costs, financial stability, listing activity, and bond market development culled from various years, depending on data availability.
A sharp improvement in activity in non-banking services such as IPOs and insurance boosted Hong Kong's overall score considerably.
Between 2008 and 2010 for example, it beat all the other economies to attract the highest average amount of IPO proceeds.
This helped Hong Kong overtake the US even though the latter's score was almost unchanged from last year's.
While financial stability was still a concern for the US, it remained a strong financial intermediary with its advanced foreign exchange and derivatives markets. It also recorded robust merger and acquisition activity. - 2011 December 15 SINGAPORE BUSIESS TIMES
World's Most Expensive Office Space
World's Most Expensive Residential Street 
The Seriously Rich
Hong Kong's billionaire tycoons enjoy a status close to royalty in Asia's wealth-obsessed financial hub. - 2010 AFP
Office Rentals in Hong Kong rose by 28.5% last year
World's most expensive real estate market
World's most expensive real estate market
-- 2011 March 23 SCMP
- Shortage of high quality office space in Hong Kong
- Office market in Hong Kong
- More setting up in office - so premium prime real estate should be good - e.g. Hongkong Land who is arguably Asia's best quality landlord
- There is new supply in Kowloon + businesses are consolidating - so need to know stuff
IPO Central
Retail Haven for the Rich Mainlanders
Hong Kong Bosses Toughest in Asia Pacific
Hong Kong bosses are the toughest in the region and expect staff to work during their holidays, a study has found - but maybe that's why they are amongst the world's richest!
A survey of more than 1,600 professionals in the finance, accounting and human resources sectors across the Asia-Pacific region found that 68 per cent of employers in the city expect their staff to be available while on annual leave or after work hours... "Hong Kong's work ethic is intense."
Finance professionals in Hong Kong said they felt they had to stay connected in case there was an emergency, but also because they could keep in touch through technology. Some said they just could not switch off.
Hong Kong bosses expected the most from middle managers, the survey found, with 76 per cent saying middle managers should be available all the time, compared to 47 per cent for senior managers or directors and 23 per cent for junior or entry-level staff.
A positive result for Hong Kong employees was that if they did work during their holidays or outside office hours, most were compensated. -- 2011 April 17 SOUTH CHINA MORNING POST
Ref:realestatefundmanage
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