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A tale of two cities

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Hong Kong looks like a cheaper market than Singapore, with higher profitability to boot. But it could be pricing in higher risks, especially from higher debt levels.

THE two cities see each other as rivals. Singapore markets itself as the gateway to Asia, notably Southeast Asia, while Hong Kong has benefited from its status as the gateway to China.

A comparison can be made of their two indices as well.

The investable Hong Kong market, as

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