Singapore’s Moment Is Here. Will It Last?

Singapore, Hong Kong’s longtime rival, is having a moment as Hong Kong struggles with the fallout from its political crackdown and China sends decidedly mixed signals on its own openness to foreign capital.

The Southeast Asian city-state is also dealing with the sudden downsides of success: namely, an epic surge in housing prices. To keep the march it has stolen on Hong Kong, it will need to tame its housing market—and demonstrate that it truly is neutral territory in the intensifying competition between the U.S. and China.