50% of foreign companies in Hong Kong plan to relocate 

According to a new poll, over half of the European companies in Hong Kong aim to shift their operations and workers entirely or partially out of the city, the latest indicator that the world's tightest COVID-19 travel and quarantine rules are diminishing the city's allure.

According to a new study conducted by the European Chamber of Commerce in Hong Kong, over 25% of responding companies aim to totally relocate out of Hong Kong in the coming year, while another 24% plan to partially relocate out of the city.

Around 34% of businesses indicated they were undecided about their plans, while only 17% said they had no plans to relocate in the next 12 months.

According to the European Chamber of Commerce assessment, the city's "zero COVID" plan had serious effects on businesses and inhabitants.

The Chamber claims that Hong Kong's "greatest advantage"—its global connectedness and proximity to mainland China—has been "almost completely crippled."

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The quarantines in Hong Kong are well-known among locals and expats.

Most inbound passengers were once obliged to self-isolate in hotel rooms for three weeks on their own dime, one of the world's longest isolation periods.

Despite the fact that Hong Kong officials recently relaxed flight bans and reduced quarantine rules to seven days, an exodus is already underway.

The stringent approach to COVID has developed alongside a national security law that has brought new levels of unpredictability into a city that was once famed for calm and openness, following sometimes-violent democratic protests in 2019.

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According to a report published by Bloomberg, the sombre findings reflect those of previous surveys, such as one conducted by the American Chamber of Commerce, which revealed that 44 percent of respondents were likely to leave the city, with around 60 percent citing international travel restrictions as the city's top problem to businesses.

(With inputs from agencies)