US firms don’t plan to move out from Hong Kong, but wary about future investment: Survey


Today | September 12, 2019

The Today article, "US firms don't plan to move out from Hong Kong, but wary about future investment: Survey," quoted Russell Reynolds Associates Consultant Anupama Puranik on the Hong Kong situation and its attractiveness to foreign talent. The article is excerpted below.

While a majority of American companies feel that the ongoing protests in Hong Kong have affected their decisions on whether to invest in the city in the future, only a very small number who have operations there are planning to relocate their businesses.

This is according to a flash survey conducted by the American Chamber of Commerce in Singapore (AmCham) in collaboration with market researcher Ipsos.

The survey, conducted from Aug 21 to 29, was sent to more than 5,000 AmCham members, and 120 people, mainly those in senior management, responded.


The Singapore Government, however, has been careful not to paint itself as a beneficiary from the unrest in Hong Kong, with several politicians publicly saying that instability in the territory would affect the region as a whole and that does not help Singapore.

Ms Anupama Puranik, managing director for management consultancy Russell Reynolds Associates, agrees, saying that the protests might lead to the whole of Asia being painted with the same brush.


The city is still very much seen among companies as the gateway to China, said panellists.

In the words of Ms Puranik, it is still “business as usual” for most companies.

“The protests are not anything different from the yellow vests in Paris or, for example, when Brexit was announced, there was a huge hue and cry about flight of people, flight of things,” she said.

However, she believes that the protests have affected Hong Kong’s attractiveness as a place for talent to move to.

Job offers based in Hong Kong are “no longer as easy to sell” to foreigners, she said.

To read the full article, click here.