Chinese cities dominate a list of the 20 most-expensive in the Asia-Pacific region for expatriates, as the yuan makes gains on rival currencies, a cost-of-living survey by ECA International showed.
Chinese cities, including Hong Kong, account for 11 of the 20 most-expensive Asian cities, the London-based consultancy said.
Shanghai jumped from third place last year to become the most expensive in Asia this year, it said.
“In spite of the minor depreciation in the renminbi against the [US] dollar over the summer, it has strengthened against most other currencies, leading to Shanghai becoming the most-expensive Asian city for international assignees,” ECA’s Asia regional director Lee Quane said.
“It is likely that major Chinese cities will remain expensive destinations for mobile executives for the foreseeable future,” Quane said.
Chinese cities also make up the biggest share of a list of the 30 most-expensive worldwide for expatriates, with six of them beating cities in Switzerland and Japan, the survey showed.
Chinese cities listed in the study jumped across the board in Asia, it said.
Beijing (second), Guangzhou (sixth) and Shenzhen (seventh) rose from fourth, 13th and 22nd, it said.
Macau saw the largest rank increase, moving up to 13th place from 34th last year, it said.
In a previous survey, Taipei was the 11th-most expensive city in Asia.
Taipei’s global ranking was 66th in the June ranking, compared with 87th last year.
Kaohsiung jumped from 114th to 97th in the global rankings and moved up one place to the 14th-most expensive city in Asia.
Additional reporting by CNA
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
RSS