COMMERCIAL PROPERTY | Staff Reporter, Singapore

Hong Kong is the sixth most competitive city globally

But it is struggling from competition with other Chinese cities.

Hong Kong ranked as the sixth most competitive city globally, according to JLL and research group The Business of Cities.

According to a press release, Hong Kong "continues to punch above its weight as a global city."

However, it faces stiff competition from other Chinese cities, with questions raised over its future direction due to political uncertainties, and affordability issues.

According to The Universe of City Indices 2017, it reported decent performance in terms of smart city and real estate indices.

Across major indices around the world, Hong Kong placed ninth in terms of smart city strategies.

It also lies in the "transparent" tier for real estate transparency.

It is the tenth best city for commercial real estate investment, recording a total investment of US$32b within 3Q2014 to 2Q2017.

However, Hong Kong continues to be plagued by expensive office rent. It currently has the highest office rent amongst top cities, only followed by New York and Beijing.

Megan Walters, head of research, Asia Pacific, JLL, commented, “Hong Kong faces both challenges and opportunities from increasing integration with China."

She added, "On the one hand, it faces huge competition from the likes of Shanghai and Shenzhen. On the other, there are new opportunities especially when it comes to internationalizing the Chinese economy, notably with the Belt and Road Initiative."

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