Hong Kong has lost ground to regional rival Singapore, according to a Financial Times analysis of real estate prices, air traffic and other indicators, underlining the challenge the Chinese territory faces as it reopens to the world after years of pandemic controls.In recent weeks, John Lee, Hong Kong’s chief executive, has launched a campaign to convince the world that despite Covid-19 and a brutal security crackdown, the Chinese territory is not only open for business but remains Asia’s premier financial centre.

Yet the data demonstrates Hong Kong paid a price for its tough pandemic restrictions and quarantines, while Singapore made gains.

“The trajectory for Singapore to become Asia’s finance hub . . . that takes time. It won’t happen in a year. But if I was the Singapore government, I would be very happy with where things are headed,” said Michael Marquardt, Asia chief executive of IQ-EQ, an investor services firm.