Thousands of people are leaving Hong Kong — and now it’s clear where they’re going

They stuck it out during the protests.

They lasted for nearly two years.

They say they have had enough.

Several residents of Hong Kong told CNBC that Covid restrictions and an erosion of democratic norms are pushing them to leave the city.

A surge in departures is speeding up the brain drain of professional talent, as Covid cases skyrocketed across the city.

Hong Kong's lifestyle websites used to be dominated by articles about the city's best dim sum and foot massage parlors, but are now focusing on moving to-do lists and farewell gift guides.

The office of Hong Kong Chief Executive Carrie Lam did not immediately respond to a request for comment, but she said on April 26 that the Covid rules balance health and economic interests with public tolerance levels.

Hong Kong still protects human rights and freedoms, but one has to observe the law in exercising freedom.

The individual freedom to enter and to leave Hong Kong is what it is.

Hong Kong's population has grown every year for the past 60 years, from 3.2 million in 1961.

The city gained an average of 53,000 new residents per year. Roughly the same number of people left Hong Kong in the first two weeks of March as in the previous two weeks, according to the city's Immigration Department.

Mothers and children left Hong Kong in droves upon news that governmental policies were separating parents from their children who tested positive for Covid-19, said Pei, a long-time resident of Hong Kong. Many fathers remained to work, she said, but many are now asking their employers for transfers to leave.

In 2020, Hong Kong lost 93,000 residents. There will be far more people going this year.

Pei C., who has lived in Hong Kong for 17 years, said that in the last couple of years people have thought about leaving, but in the last six months there has been an absolute mass exodus. She asked to be identified with her last initial because of the sensitivities surrounding the topic in Hong Kong.

She said that the policy that separated Covid-positive children from their parents was the cause.

A lot of parents freaked out so they booked themselves on the first flights out.

Pei estimates that 70% of her friends have left Hong Kong in the past six to 12 months, which includes people with businesses and family in Hong Kong as well as those who were once deeply committed to staying.

Pei said that most people were headed to Singapore.

Pei said that everyone is going to Singapore, especially those working in finance, law and recruitment.

Kay Kutt, CEO of the Hong-Kong based relocation company Silk Relo, said that people are attracted to the ease of business, familyfriendliness, tax incentives and open borders of Singapore.

The past three years have been the busiest on record for Silk Relo's sister moving company, Asian Tigers.

She said that they couldn't keep up with the capacity.

Families are moving to Singapore, but small and medium-sized businesses are also moving. She said that one company executive might have left in the past, but now they are all going. Small companies are taking the entire team and putting them in Singapore.

Cynthia Ang, an executive director at Kerry consulting, said that large companies are moving to Singapore. She pointed out that VF Corporation, which owns brands such as North Face and Timberland, is one of many who haven't made their decisions public yet.

She said that they get more calls from their clients who want to move the entire Asia Pacific office to Singapore.

Ang said that other companies are staying in Hong Kong, but downsizing their offices and moving regional headquarters to Singapore.

Krystle and her husband are considering leaving Hong Kong by September because she wants to stay.

We're moving to Singapore if the situation looks like it will be the same in Hong Kong.

It gets to a point where it's too much.

Some people are riding out Hong Kong's tight Covid restrictions by taking extended vacations.

A lot of families have gone away for a few months.

Many expatriates went home for a while this year. Pei said a lot of these people are not coming back.

Kutt said that this is happening, as evidenced by the number of moves without clients present. Due to the number of requests, Silk Relo created a service whereby an on-site team member acts on behalf of a client who can't be.

Many expatriates returned to the United States, the United Kingdom, Australia and other countries because of the lockdown policies and merry-go-round of school closings.

She said deeply entrenched locals are leaving as well.

Kam Lun Yeung said that he and his family are moving to Australia.

It is difficult to leave Hong Kong because of how much we have invested in the city.

After her husband lost his job as a captain with a Hong Kong-based airline in late 2020, Lisa Terauchi left Hong Kong for the US at the age of 45. She and her family moved to the Netherlands to be near her husband.

She said that Hong Kong was no longer the country she remembered.

Some of her friends are leaving because they have lived there longer. She said she and her husband probably won't return to Hong Kong even if their oldest son completes his degree.

She asked if it was even worth it anymore.

Kutt said that others have moved to the UK and Canada. Both countries gave Hong Kong residents the right to reside in their jurisdiction.

According to the Canadian immigration website, CIC News, immigration from Hong Kong to Canada is booming. More than 100,000 people applied to move to the United Kingdom as of March.

I think it was March, the number of calls from Hong Kong families with high net worth might have multiple homes.

Kutt, who has lived in Hong Kong for more than 30 years, said those were the ones that "rocked me to the core."

In moves from Hong Kong to Japan, South Korea and Thailand, Silk Relo and Asian Tigers are also seen.

She said that it was surprising that companies were choosing Tokyo because it has historically been a place for companies to only look to access the Japanese market.

Ang said that the talent from Hong Kong is being absorbed by Dubai. She said that is true for American and European employers that already have a presence there.

She said that people were moved out of Hong Kong by P&G.

Ang said that Saudi Arabia is trying to fight for a slice of the pie.