Beijing feels heat of capitalism

Companies are leaving Hong Kong now that China has ramped up its oppression. Go figure.

By

Opinion

June 23, 2021 - 8:40 AM

Companies are leaving Hong Kong now that China has ramped up its oppression. Go figure.

Ever since its transfer from the United Kingdom to China in 1997, Hong Kong has billed itself as a bridge between East and West, a capitalist gateway to the world’s second largest economy. But as China has upended Hong Kong’s autonomy and cracked down on free speech, companies are less inclined to invest there.

Last month, the American Chamber of Commerce in Hong Kong released the results of a survey of its members. Of the 325 companies who responded to the poll, 42% said they were considering or planning to leave the city. According to data compiled by the real estate firm Cushman & Wakefield, Hong Kong now faces the highest rate of commercial real estate vacancies in 15 years.

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