Hong Kong is the fourth-most-expensive city in Asia Pacific for expatriates, surpassing Tokyo for the first time as the Hong Kong dollar appreciates against the yen, Sing Tao Daily reported Friday.
The report cited a cost of living survey by human resources consultancy ECA International in which Hong Kong rosed to 12th in the global ranking from 29th last year.
The Hong Kong dollar’s peg to the strengthening US dollar has caused prices in the city to rise by 3 percent for expatriates over the past year, it said.
A strengthening currency, in this case the renminbi, also propelled Shanghai to the top spot in the region and eighth in the world as living costs for expatriates rose 2 percent.
It was followed in Asia Pacific by Beijing, Seoul, Hong Kong, Guangzhou, Busan, Tokyo, Shenzhen, Singapore and Port Moresby, capital of Papua New Guinea.
Tokyo, which had topped the region for many years, fell to seventh this year thanks to the yen’s dramatic depreciation.
Macau rose to 22nd from 35th in the region, while Taipei dropped slightly to 28th.
The cost of living in the survey takes into account groceries, basic household goods, clothing, meals out, alcohol and tobacco.
Certain living costs, such as rental of accommodation, utilities, car purchases and school fees are excluded.
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