Hong Kong ranked 8th costliest city in Asia for expats

It jumped 4 places globally.

According to the the latest Cost of Living survey by ECA International, Hong Kong, in 28th place globally and 8th in Asia, is Greater China's third most expensive city.

"Hong Kong's position – up one place in the Asian ranking and four positions globally – has remained relatively stable. As in many parts of the world, inflation here has slowed over the past year while the Hong Kong dollar has not appreciated against the major currencies to a greater extent than other currencies in the region," said Lee Quane, Regional Director – Asia, ECA International.

The survey said Beijing is now Asia's second most expensive location for international assignees, up from 5th position last year.

While Tokyo still tops the list of the most expensive locations in Asia for expatriates, globally it has fallen to 10th place on the back of a weaker Yen – a significant drop from last year, when it was the most expensive city in the world for expatriate staff.

Companies that need to assign staff to Japan can now do so for considerably less than in recent years, despite the country's long period of deflation being reversed earlier this year.

Globally, Beijing is the 15th most expensive location for expatriates. Shanghai is in 18th position in the global results, and 4th in Asia. Hong Kong, in 28th place globally and 8th in Asia, is Greater China's third most expensive city.

"Although the Chinese government has allowed the Renminbi to appreciate steadily against the US dollar and food and oil prices in China have been rising, Beijing's jump up the ranking is largely due to Japanese locations becoming so much cheaper because of the weaker Yen.”

"Nevertheless, living costs in Chinese locations have increased in recent years, making China a more expensive location than some of its neighbours for companies looking to set up operations in the region."