Singapore Hosts High-Profile Events as Hong Kong Self-Isolates

Singapore is hosting top executives of global companies this week at a slew of conferences, marking its gradual return to normalcy.

That underscores the contrast with long-time rival Hong Kong, which is keeping borders closed as it enforces some of the toughest quarantine rules in the world.

The Milken Institute’s annual Asia Summit, run by billionaire Michael Milken’s think tank, the Bloomberg New Economy Forum, and an event by sovereign wealth fund GIC attracted hundreds of executives vaccinated against Covid-19.

Participants were allowed entry only after clearing swab tests and were required to wear masks and comply with strict safe distancing measures.

In contrast, Hong Kong has allowed in only a trickle of visitors, and even cargo flights have been crimped after 130 pilots were sent to 21 days of quarantine after three of their colleagues tested positive for coronavirus.

Last month, Hong Kong chief executive Carrie Lam defended Hong Kong’s strict travel restrictions that are frustrating global businesses, signalling the curbs will stay in place.

Hong Kongers Shifting South

The measures have been relaxed only for certain high-profile entrants, such as JPMorgan Chase boss Jamie Dimon and Hollywood actress Nicole Kidman.

The resumption of on-site events in the Southeast Asian hub comes as Singapore is allowing quarantine free travel to at least a dozen countries including Britain, France, Germany, Australia, Canada and the United States.

Real estate agents have reported that buyers from Hong Kong have been moving to Singapore since the end of the city-state’s lockdown in June. This has helped bolster its property market despite a record-breaking economic downturn.

Ella Sherman, associate executive sales director at Knight Frank, told the Financial Times last week she recently worked for a couple that were British expats born and brought up in Hong Kong and have just moved to the city-state.

“Sales have picked up as more Hong Kong businesses move to Singapore,” she says, adding that a lot of her customers work in private equity. “The influx of Hongkongers may result in an uplift of asking prices,” she adds.

Many companies with Hong Kong offices are reluctant to move executives en masse, or with fanfare, in case they aggravate China’s government with the suggestion that Hong Kong has become less attractive as a finance hub.

Less Attractive Destination

But the zero-Covid policy, coupled with Hong Kong’s reduced attractiveness since the new national security law was passed in June, is having an effect on Singapore.

On Wednesday, UBS inaugurated the Swiss bank’s largest office in Asia, an event attended by its chairman, chief executive officer and others in the city-state.

“Things develop, things evolve but evolve fast here in Singapore. And even with the kind of semi-lockdown situation that we are currently in, if you come here, you still feel the vibe,” chief executive Ralf Hammers said.

Executives from Goldman Sachs, HSBC, NYSE Group, Standard Chartered, Paypal and BNP Paribas spoke at the business events in Singapore, with many likely to be making their first trip to Singapore since authorities imposed restrictions early last year.

The two-day Milken event and an evening event by GIC was attended by about 550 people, including 150 overseas executives. The Bloomberg event had more 300 attendees, with 80% flying in.

And for Hong Kong expats who miss the focus on the Mainland, the National University of Singapore’s East Asian Institute opened a two-day conference on Friday on the Chinese Communist party’s future directions.