Shenzhen Jumped 12 Places in Most Expensive City for Expats
Based on Mercer’s 2014 survey on the cost of living that was earlier this week saw that Shenzhen have moved up 12 places from last year and became the 17th most expensive city in the world for expats. Shanghai have moved to number 10 and Beijing at 11 having jumped 4 places. Hong Kong placed 3rd while Guangzhou jumped 11 spots to number 24.
The survey was designed to help companies and government to determine the compensation that they will give their expatriate employees that are working in 211 cities across five continents along with the way to measure comparative costs of 200 items found in each location ranging from housing, food, transportation, clothing, entertainment and household goods.
Chinese cities jumped high in the ranking due to the strengthening of the Chinese yuan, although other cities are relatively inexpensive they are still costly for expatriates since imported goods are sold at a premium. Furthermore finding a safe and secure place to live that meets the expatriate’s standard is challenging and costly as well. fluctuations and the impact of goods also influenced the cost of expats living together with city rankings.