Hong Kong is back

Beginning from the period of political unrest in 2019 through the end of covid, many people left Hong Kong. There was a period of time where it seemed like I was going to a couple going away parties every month. Singapore, Canada and the UK were anecdotedly the top destinations. Housing prices fell as those emigrating sold their properties and rents fell as fewer tenants competed for the same number of rental flats.

In response to the population decline, the Hong Kong government rolled out a number of preferential visa schemes for "talents" to attract educated and well-paid people to move to Hong Kong. Initially, almost all of those taking advantage of these new visas were from the Chinese mainland. You could see and hear the change as more well-to-do Mandarin speakers were in and around areas, venues, and businesses previously mainly frequented by foreign residents.

Over the past year though, that's visibly changed as foreign residents and tourists have returned as well. This is reflected empirically in the Immigration Department's visitor arrival numbers and visa issuance numbers. It's also visible anecdotally by going to a place like the IFC rooftop podium on a Friday night where you'll now see absolutely packed spaces of young people in their 20s and 30s from all over the globe.

Those of us that stayed in Hong Kong through the down times though knew that Hong Kong never left. It's nice to see the rest of the world finally agrees with us!