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Overseas Health Insurance News: Hong Kong 10th most expensive place in Asia for expats

Hong Kong is the tenth dearest place for expats to live in Asia and the 38th most expensive in the whole world, according to a new report.

A cost of living survey is carried out by ECA International twice a year in order to work out where organisations that employ expats should place their compensation packages to stay competitive.

In excess of 400 cities worldwide are included in the study, which uses a basket of consumer goods and services that would typically be purchased by an expat as the benchmark for affordability.

Accommodation and utilities are not included within this basket as they are monitored separately, reports the South China Morning Post.

Tokyo ranked the most expensive city in Asia for expats in the survey, followed by Singapore, Beijing, Shanghai and Seoul.

The study found that Hong Kong's basket has gone up 3.9 per cent from the same period a year ago, although this represented a slowing down in price rises as the previous year it had gone up by six per cent.

Groceries and the price of eating out is one area where costs have gone up while electronics and petrol prices have fallen.

Lee Quane, regional director for Asia at ECA International, told the news provider: "Although prices have remained relatively static in Hong Kong from last year, higher inflation in mainland China tends to have a knock-on effect on Hong Kong.

"With a relatively stronger renminbi, local importers have to pay much more for mainland imports. These prices are passed on to consumers."

The results of this latest survey show that Hong Kong remains a good bet for expats and the international companies that operate within them.

Other cities such as Singapore are just as stable on the other hand, meaning they are also in a strong position to compete for international talent.

Fluctuations in currency continue to be the biggest factor in where a city falls on the list and is the reason why Tokyo, which had the number one spot worldwide last year, is now in sixth position.

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