The survey was conducted by the European Chamber of Commerce in Hong Kong between January 18 and February 5 before Chief Executive Carrie Lam Cheng Yuet-ngor released her road map to normalcy on Monday (Mar 21).

A total of 260 representatives, covering consultancy, financial services, telecommunications, and retails, completed the online survey, and 70 percent of them represented companies with less than 100 employees.

Results showed that 25 percent of companies will exercise a full retreat within the next 12 months "given the current Covid-19 restrictions," while 24 percent are planning to move partially.

Seventeen percent confirmed they do not have any relocation plan, and 34 percent rested unsure.

The survey also found that 58 percent of companies received public funding from the SAR government, but only two percent among them rated the effectiveness of the government's help five out of five. The respondents gave an average score of 2.2 only.

Respondents also identified the types of difficulties in bringing talents to Hong Kong from overseas, including the quarantine requirement, travel restrictions, and separation from family at 40 percent; and Covid-19 curbs such as school closures at 12 percent.

The chamber acknowledged the city's connectivity to the entire world and its position as a connector to mainland China as "the one single biggest advantage of Hong Kong." Yet, it has been almost completely disabled.

"The ongoing 'zero-Covid strategy' has come at a very high cost for Hong Kong's business community," according to the chamber.

"Among others, we recommend that the SAR Government allows fully vaccinated and tested incoming travelers to isolate at home and expedites the adjustment of the Travel Regime to bring it in line with the government's latest guidelines for self-isolation under the StayHomeSafe Scheme," the chamber concluded.