全球大型金融机构正加码押注香港。美国银行将资本市场主管从苏黎世调往香港，汇丰银行高管也计划从伦敦迁至香港。中际旭创在港完成68亿美元的IPO，为七年来最大规模新股发行。香港近期超越瑞士成为全球最大离岸财富管理中心。然而，此次外籍人士回流与以往不同——过去三年超过41万份人才计划审批中，近四分之三来自中国大陆，不会说普通话或粤语的外籍人士面临更窄的就业选择。
外籍人士回流的迹象已在房地产和教育领域显现。半山东区和太平山顶等高端住宅区租金分别上涨约14%和13%，超过全市10%的平均涨幅。国际学校候补名单已延长至整整一年，学生人数三年内增长约10%至逾48,000人，但学位增长不足5%。尽管前摩根士丹利亚洲区主席罗奇认为香港已沦为「又一座中国大城市」，但回流者感受到的是一座介于2017年巅峰与疫情低谷之间、正在复苏的城市。
Hong Kong is experiencing a notable resurgence in its expat population after years of pandemic-era departures and geopolitical uncertainty. Thousands of white-collar professionals are returning, drawn by a booming IPO market, proposed tax breaks for fund managers, and a reinvigorated city atmosphere. Employment visa approvals for foreigners reached 31,278 last year—more than double the figure from five years prior—while financial services visas climbed 17% to a post-2022 high. Global firms such as Bank of America and HSBC are relocating senior executives to the city, signaling renewed institutional confidence.
The recovery, however, differs markedly from previous expat booms. Of over 410,000 talent scheme approvals in the past three years, nearly three-quarters went to mainland Chinese nationals, and job prospects for non-Mandarin-speaking Westerners have narrowed considerably. Meanwhile, Hong Kong's capital markets revival—highlighted by Zhongji Innolight's $6.8 billion IPO, the city's largest in seven years—and its recent overtaking of Switzerland as the world's biggest offshore wealth hub are reinforcing its financial appeal. Singapore's Monetary Authority has responded by exploring tax cuts to retain investment firms, underscoring the intensifying competition between Asia's two premier financial centers.
Tangible signs of the influx are evident in housing and education. Prime expat neighborhoods such as Mid-Levels East and the Peak have seen rents rise 13–14% year-on-year, outpacing the citywide average of 10%. International school waitlists now stretch to a full year, with student numbers growing roughly 10% over three years while available places expanded by less than 5%. Despite debate over whether Hong Kong's recovery reflects genuine international appeal or growing dependence on mainland China—former Morgan Stanley Asia Chairman Stephen Roach called it 'just another big Chinese city'—returnees describe a city that, while changed, remains distinctly more vibrant than its pandemic-era nadir.