SINGAPORE, 27 September 2017 – Four Asian cities are among the top seven most competitive cities in the world, says a new report by real estate consultant JLL and city intelligence and strategy group, The Business of Cities. The study, which includes analysis of 44 of the most robust city indices, reveals that Singapore, Tokyo, Hong Kong and Seoul are among the ‘Big Seven’, following behind London, New York and Paris.
The South Korean capital is a new addition in 2017, while the other Asian cities have been included since 2013.
“Seoul has stepped up to join the top six ‘Established World Cities’ due to increasing openness, exceptional digital connectivity, the presence of innovative global firms and robust infrastructure,” says Jeremy Kelly, Director in Global Research, JLL. “Once a traditionally closed market, Seoul is widening its international talent base with the presence of many multinationals, making the city highly competitive on a global level.”
Singapore and Hong Kong maintain stronghold as global cities
Singapore, which ranks at number four of the seven, continues to build its position as a truly global gateway, with an emphasis on being a smart city. According to Mr Kelly: “To retain its ranking as a global city, Singapore needs to continue fostering its innovation economy and presenting itself as a hub for talent and business.”
Similarly, Hong Kong, in sixth place, continues to punch above its weight as a global city. However, it faces stiff competition from other Chinese cities, with questions raised over its future direction due to political uncertainties, and affordability issues.
“Hong Kong faces both challenges and opportunities from increasing integration with China,” explains Dr Megan Walters, Head of Research, Asia Pacific, JLL. “On the one hand, it faces huge competition from the likes of Shanghai and Shenzhen. On the other, there are new opportunities especially when it comes to internationalising the Chinese economy, notably with the Belt and Road Initiative.”
For more information, click http://www.joneslanglasalle.com.vn/vietnam/en-gb/news/381/asia-is-home-to-majority-of-the-worlds-leading-cities
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