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Once dominated by casual Chinese eateries and cafés, Singapore's streets now feature a growing number of fine dining restaurants from the Mainland.The opening of Yong Fu, Chamoon Hotpot, and Sushi Zen in 2024, along with KUN's debut in 2023, is a testament to the growing number of fine dining restaurants in Singapore.Joceline Yong, a Singapore-based analyst at Canvas8, said the growth is tied to the drop in luxury spending in China.
"Luxury spending is on a downward trend in China, including in the fine dining sector," Yong noted.
A more attractive market
Singapore's status as a business hub, coupled with its safety, governance, and popularity amongst Chinese expatriates and locals, makes it an ideal entry point, Yong said.
"More Chinese companies have come to Singapore, especially in the last five years," Joongshik Wang, Asia-Pacific leader at EY-Parthenon, told Singapore Business Review. "Singapore provides the most transparent and business-friendly environment in the world, with tax benefits and government support to help companies grow in the region."
He added Singapore's financial, logistical, and cultural advantages make it an attractive base for companies seeking to expand in the region.
هذه القصة مأخوذة من طبعة Issue 110 من Singapore Business Review.
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هذه القصة مأخوذة من طبعة Issue 110 من Singapore Business Review.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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