Hong Kong has risen to 28th from 29th in a global ranking of living costs for expatriates, am730.com reported Friday, citing human resources research firm ECA International.
The city is now more expensive for foreign employees than Stockholm in Sweden.
At 26th in the world and ninth in the Asia Pacific, Singapore is still ranked above Hong Kong, which is 10th in the region, although the Lion City has been overtaken by Shanghai and Beijing.
Shanghai is now the third-most expensive city in Asia and 14th in the world, followed closely by Beijing, at fourth in the region and 15th in the world.
Seoul has unseated Tokyo as the most expensive city in Asia, jumping to 10th from 22nd in the world. Tokyo has fallen to 12th from 10th in the global ranking.
Guan Lilian, managing director of ECA, was quoted as saying the South Korean won has strengthened 15 percent against the Japanese yen and over 8 percent against the US dollar and euro, which partly contributed to the rise in living costs in Seoul.
Rising costs in Shanghai and Beijing were similarly related to the stronger renminbi, Guan said.
ECA carries out its cost of living survey each year, comparing a basket of consumer goods and services commonly purchased by foreign employees in 440 locations worldwide.
The items include grains, cooking oil, groceries, fruits and vegetables, catering goods and leisure activities, it said.
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