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Luxury market: Why Singapore isn’t quite ready to dethrone Hong Kong ?

Luxury market: Why Singapore isn’t quite ready to dethrone Hong Kong ?

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Between the anti-government protests and the COVID-19 crisis, the luxury market in Hong Kong is struggling. Is the Chinese Special Administrative Region, known as the Pearl of the East, succumbing? Or even worse, is it about to be replaced by its neighbor and competitor Singapore, the new “Switzerland of Asia”? The island’s quality of life, attractiveness and economic competitiveness all indicate that the city-state is the future luxury hub of the region, overtaking the reigning power of Hong Kong. So, is it just economic rivalry or a reconfiguration of the luxury sector in Asia?

 

Decline of Hong Kong, Singapore the new Mecca of luxury?

 

Pro-democratic demonstrations and the coronavirus crisis have plunged the Hong Kong luxury industry into an unprecedented slump.

 

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Featured photo : Marina Bay Sands, Singapore © Wikipédia

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