There is a growing perception that Hong Kong is losing its allure as a gateway to and from China. One of the questions that analysts and economists are pondering is: To what extent can Singapore fill the emerging gaps?

Over the past three years, several reports point to international companies being forced to reconsider their future in Hong Kong. The Bank of America, J.P. Morgan, French liquor giant Pernod Ricard and hotel group Mandarin Oriental are among several that have either signalled they are reviewing their positions in the territory or have moved staff out, or both. Many banks and fund managers, in particular, have relocated some of their operations to Singapore.