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Wednesday, December 14, 2016, 15:31

HK priciest city for expats in Greater China

By Luo Weiteng

HK priciest city for expats in Greater China

HONG KONG - Hong Kong is now the fifth most expensive city in the Asia Pacific for expatriates , after four Japanese locations, says an annual study from ECA International.

The financial center now becomes the most expensive cities in the Greater China region, dwarfing its peers including Beijing, Shanghai, Macao and Taiwan

The financial center in Asia now becomes the most expensive cities in the Greater China region, dwarfing its peers including Beijing, Shanghai, Macao and Taiwan. And this marks the first time that Hong Kong overtakes Shanghai since 2010 with the highest cost of living.

A strengthening Japanese yen pushes Tokyo to reclaim the status as the most expensive city in both Asia and worldwide. This also sends a cluster of the country's cities like Yokohama, Nagoya and Osaka higher in the rankings, pushing Hong Kong down to the fifth from the third in Asia. Hong Kong also dropped out of the top 10 most expensive cities globally, falling from ninth place last year to 11th.

Lee Quane, regional director of Asia at ECA International explained that Hong Kong's decline in rankings doesn't necessarily mean that goods and services are cheaper than 12 months ago. Actually, inflation rate in the territory just records a 3-percent year-on-year rise.

The fall has much to do with the overtaking by Japanese cities.

HK priciest city for expats in Greater China
A man walks past an office building, reflecting the city in the Central district of Hong Kong on Aug 31, 2016. (ISAAC LAWRENCE / AFP)
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