Hong Kong drops from second to 11th in the cost of living rankings for expatriates, according to a finding in the latest cost of living survey published by Employment Conditions Abroad International.
"Although the price of goods has continued to rise in Hong Kong in the past 12 months, the Hong Kong dollar has weakened over the same period of time" said Lee Quane, regional director - Asia at ECA International. She further added that this means Hong Kong has fallen behind Tokyo, Seoul and Shanghai in the rankings.
Fluctuating exchange rates have been the main cause of movements in the rankings. While Shanghai has been the highest placed Chinese city in 10th place, Taiwanese cities such as Taipei and Kaohsiung have fallen out of the 30 and 40 most expensive locations respectively.