I'm being a smartarse with that title. Its a play on an old saying in OZland (Australia) which was, "When the USA sneezes, Australia gets pneumonia" Which was meant to describe the economic clout of the USA on the economic life of Australia.
But first, a (hopefully) quick personal story. Two weeks ago, I went with some Chinese friends to a house auction in Hurstville (A suburb in Sydney, which is now a popular suburb for Cantonese speaking Chinese). It was a very nice villa style property, close to a rail station and shops, and similar style properties had been selling for around A$900,000 - 950,000. My friend (a University lecturer) was prepared to go a bit over A$1,000,000. The bidding went up and up, until two bidders were left slugging it out. Both were ethnic Chinese. I asked my friends- Where do you think they're from? All three friends answered, the accent is Hongkong. The final successful price was A$1,233,000. I asked again, Why so high? The consensus was, Honkeys (Hongkongers) getting their money out of Hongkong.
I'm sure the vendors were thrilled with that price, but any Aussie wanting to buy a house will be unhappy with that outcome, as it just pushes house prices to impossible levels.
Its well-known that wealthier Hongkong people are getting their money out of HK, much of it going to Singapore. These people no longer see a future there. Of course, Hongkong still has a very busy port (It was in 2019 still one of the top 10 ports in the world - Actually 6 other Chinese ports are in the top 10- the busiest port of all is Shanghai). But the riots in 2019 convinced many HK residents that it was time to leave HK).
Adding to those fears, is an announcement by the Chinese government in 2018, that they would build a completely new port on the island of Hainan in south China. It will be a new style of a designated Free Trade Area, and is planned to be one of the largest ports in China and the world and likely to become the Chinese terminus of the Maritime Silk Road. It likely means that HK will become less and less important as an access point to China.