Hong Kong people in Shanghai
Encyclopedia
Hong Kong people in Shanghai form a rapidly growing population. As late as October 2003, there were only 3,432 Hong Kong residents working in Shanghai, according to Shanghai municipal government statistics; however, by December of the following year, that number roughly doubled to 6,680.
With the rise in value of the renminbi
, an increasing number of Hong Kong residents working in Shanghai who had previously been paid in foreign currencies such as United States dollar
s have begun to prefer receiving their salary in local currency instead. In order to control capital inflow, Hong Kong residents living in Shanghai, in common with residents from Macau and Taiwan, are limited to purchasing one house or apartment per Home Return Permit
-holder (the so-called "one permit, one house" scheme), but the Shanghai municipal government suggested it may relax this restriction to three houses or apartments per permit-holder.
and Fan Bingbing, is among the better-known portrayals in popular culture.
Employment
60.2% work in the general services sector, 13.9% in manufacturing, 5% in real estate, 5.1% in finance and insurance, and 12.3% in other industries. Most work in managerial positions; they were either hired in Hong Kong and sent to Shanghai afterwards by Hong Kong or foreign firms, or established their own companies in Shanghai. However, the growth in their population is limited by competition from increasingly well-educated local employees, who demand much lower salaries.With the rise in value of the renminbi
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
, an increasing number of Hong Kong residents working in Shanghai who had previously been paid in foreign currencies such as United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
s have begun to prefer receiving their salary in local currency instead. In order to control capital inflow, Hong Kong residents living in Shanghai, in common with residents from Macau and Taiwan, are limited to purchasing one house or apartment per Home Return Permit
Home Return Permit
A ‘Home Return Permit’ , also referred to as a ‘Home Visit Permit’ or ‘China Back Home Pass’ , is the colloquial name for the national identity document officially known as the Mainland Travel Permit for Hong Kong and Macao Residents issued to PRC citizens who are permanent residents of Hong Kong...
-holder (the so-called "one permit, one house" scheme), but the Shanghai municipal government suggested it may relax this restriction to three houses or apartments per permit-holder.
Associations
Associations representing the population include the Hong Kong Chamber of Commerce in Shanghai, established in 1996; as of 2007, it had roughly 700 members.In popular culture
The 2006 TVB television series A Beautiful New World (美麗新天地), starring Kristy YangKristy Yang
Kristy Yang , also known as Kristy Yeung, is a Hong Kong-based Chinese Canadian actress.-Biography:Yang was born in Shanghai, China, to a Chinese father and a British Chinese mother...
and Fan Bingbing, is among the better-known portrayals in popular culture.
See also
- Shanghainese people in Hong KongShanghainese people in Hong Kong-Migration history:The flood of emigration from Shanghai to Hong Kong began in 1937 with the onset of the Second Sino-Japanese War, and grew as the Chinese Civil War resumed in 1936...
- The Hongkong and Shanghai Banking Corporation