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Hong Kong is Asia's eighth best city for tech enterprises

Hong Kong is Asia's eighth best city for tech enterprises Hong Kong is the eighth top choice of city for starting or expanding technology operations in Asia, according to Colliers International's latest research report Top Locations in Asia: Technology sector. The report examined cities across nearly 50 criteria covering a spectrum of socio-economic, property and human factors to determine the viability of these cities as tech hubs, to serve as a workability index for the tech sector. With a score of 59%, Hong Kong came in at eighth. According to Colliers, while Hong Kong is not typically viewed as an innovation hub for tech occupiers, it is becoming more appealing for several reasons which include connectivity with Shenzhen and South China, recent expansion in Hong Kong by big tech firms such as Facebook and Alibaba, and accelerating investment in fintech in the city. Shenzhen came in third with a score of 61%, behind Bangalore (68%) and Singapore (63%). The city currently reigns as China’s technology capital, with heavy investment in R&D broadening the city’s tech base far beyond hardware manufacturing. According to the report, Shenzhen scored highly on property factors due to moderate staff costs, ample office stock, flexible workspace, and planned new supply. Shenzhen has also surpassed Hong Kong by GDP and is expected to benefit further from closer integration of the Greater Bay Area hubs. Beijing came in close behind with a score of 60%, taking fourth position. The city scores highly on economic scale and growth potential and is known for its abundance in talent. Staff costs are moderate despite CBD rents being the highest in China. The city is well-placed to strengthen its position as a leading centre of Artificial Intelligence. Colliers head of research for Asia Andrew Haskins said access to technology talent is a key criteria for determining the suitability of a city for technology companies, and a key reason behind Greater China's strong showing in the top 10 list. "Acquiring talent is a key challenge for tech firms in Asia. Talent is concentrated in specific markets, notably China and India, which also offer high growth," he said. "To retain talent, tech firms need to move toward the CBD or CBD fringe. Additionally, artificial intelligence (AI) threatens demand for workforce space, but drives productivity growth and returns. These conclusions led us to weigh growth and availability of talent highly in our “Top Locations” scoring.
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