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How is Hong Kong’s unrest affecting business?
Monday October 14, 2019
AmCham temperature-testing survey
Pessimism has spread through the international business community in Hong Kong as anti-government protests drag on with little sign of a political resolution, disrupting everyday operations and hurting revenues, the latest survey of AmCham’s members has found.
While 20 percent of respondents in our July poll said they were either optimistic that Hong Kong would overcome any short-term issues or that the unrest hadn’t changed their business outlook, only 7 percent said they feel the same way today.
● 46 percent pessimistic about HK’s long-term prospects, up from 34 percent● 24 percent considering scaling back or moving away from Hong Kong● 2.4 percent seen no impact; 61.3 percent hurt to “great” or “medium” extent● 10 percent haven’t raised HK risk assessment vs 44 percent in July● 31 percent now rate HK as “high” or “extremely high” risk
The responses signal that the demonstrations have dragged on for longer than many anticipated, and have reverberated more deeply than expected. This is bad for Hong Kong’s standing as an international financial and business hub, which depends on its reputation as a safe and law-abiding place for businesses, and an attractive, welcoming city for top talent, executives and their families.
● 15 percent experienced difficulty in or were concerned about hiring talent ● 28 percent worried about talent drain as employees move away ● 20 percent looking at headcount cut in HK; 18 percent reducing investment● 55 percent said social trauma and division an issue among employees
As months of protests weigh on sales, operations and the wellbeing of employees, almost half of the respondents to our latest poll say they’re pessimistic about Hong Kong’s long-term future. This should sound an alarm bell for anyone who loves this vibrant, unique city and its people. We must act now to resolve the crisis, restore stability and respect in society and repair Hong Kong’s reputation as the best place to do business in Asia.
AmCham President Tara Joseph
Q1: What is your organization’s new risk assessment of Hong Kong?
Total number of Respondents: 124
0.8%
Q2. To what extent have recent protests affected your business?
Total number of Respondents: 124
Comparison: In July, 43.8% of respondents said protests had harmed their business. In October, 61.3% said their business had been affected to a great or medium extent.
July 2019
Total number of Respondents: 124
Q3. How many business meetings or events have been adjusted due to the recent events?
Q4. Regular HQ-level discussions of business plans and strategy have included: (Choose up to three)
Total number of Respondents: 123
Q5. Which of the following has your business either experienced or made plans for due to recent unrest? (May choose more than one)
Total number of Respondents: 124
Q6. Are you considering moving capital/assets/business operations?
Total number of Respondents: 122
Q6: Where are you thinking of moving to?
Singapore (17) USA (4) Malaysia (3)
Vietnam (3) Mainland: Shenzhen, Australia (1)Beijing, Shanghai (3)
Q7. Which of the following best describes how you feel about business prospects in Hong Kong compared with a month ago?
Total number of Respondents: 124