9 Cities That Could Be The Next Tokyo

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  The Asia Report is supported by Cathay Pacific

Sydney

Photo: Linh_rOm. via Flickr

Japan expects a V shape recovery in the aftermath of the earthquake and tsunami. The disaster has taken a large human and economic toll on the country.Damage to the Fukushima nuclear power facility has cut the electricity supply, and now rolling blackouts have created supply chain problems in the region. Tokyo, with a GDP that rivals all of Canada’s, is hurting under the pressure.

Though we believe the city will recover, we decided to take a look at 9 Asian cities that are booming right now. We reviewed them based on their housing markets, economy, population and ability to attract major multinational corporations.

Kuala Lumpur

Population: 1.6 million

Housing market: Property prices were up 7% in Kuala Lumpur last year.

Major corporations: Petronas, Al Rajhi Bank

Kuala Lumpur's service sector which includes finance, real estate, wholesale and retail trade and government services accounts for 83% of employment in the city while manufacturing and construction account for the remaining 17%. The city also saw a significant jump in rankings on The Knight Frank Global Cities Survey which monitors global shift in power.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Dubai

Population: 1.9 million

Housing market: Home prices in Dubai fell 10% in 2010.

Major corporations: Heinz, GM, GE, HP

Dubai's economy slowly gathered pace in 2010 after shrinking in 2009. GDP growth has however remained slow on the back of a slowdown in real estate and construction. The economy did however see a strong growth in non-oil trade in 2010, according to Gulf News. Economic growth is expected to get as high as 5% this year.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Sydney

Population: 4.4 million

Housing market: Property prices fell 5% in Sydney last year.

Major corporations: Citigroup Pty Limited, Deutsche Bank Limited, KPMG, Symantec, Royal Bank of Scotland, Coca-Cola, IBM.

The financial hub of Australia, Sydney is home to 65% of the country's finance industry and accounts for 5% of Sydney Metropolitan Region's gross regional product (GRP). The city also has strong manufacturing, wholesale trade and scientific industries. Australia's manufacturing sector however contracted in March which will hurt Sydney's economy.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Singapore

Population: 4.8 million

Housing market: Singapore housing prices rose 18% in 2010.

Major corporations: United Overseas Bank (UOB), DBS bank, MasterCard and Oversea-Chinese Banking Corporation (OCBC)

Singapore is a huge shipping port and 1/5th of the world's cargo passes through here. The country's electronic sector is also booming and now accounts for 7% of GDP. Singapore's GDP is expected to grow 5% in 2011.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Hong Kong

Population: 7.1 million

Housing market: Property prices in Hong Kong went up 15% last year.

Major corporations: Mandarin Oriental Hotel Group, Shangri-La Hotels and Resorts and MTR Corporation

Hong Kong's economy picked up pace in 2010 with exports surging on the back of global recovery. Investment and domestic consumption increased, unemployment level fell and its GDP grew 6.8% in 2010.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Seoul

Population: 9.8 million

Housing market: N/A

Major corporations: British American Tobacco, LG, Hyundai, Samsung

Seoul is planning to provide all residents with a wired network that will allow them to download a full-length feature film in 12 second, that's about 200 times faster than the average Internet connection in the US, according to FP.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Mumbai

Population: 21 million

Housing market: Mumbai housing prices rose 20% in 2010.

Major corporations: HSBC, ICICI Bank, HDFC Bank

India's financial and entertainment capital, Mumbai had a GDP of $209 billion. It accounts for 25% of the nation's industrial output and 70% of its capital transactions, according to Rediff. India's tight FDI laws designed to protect the domestic sector curtail foreign investment.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Beijing

Population: 22 million

Housing market: Property prices were up 10% in 2010.

Major corporations: Google, Nestle, Carrefour

Beijing's GDP grew 10.2% in 2010 to $208 billion according to Xinhuanet. Retail sales were up 17% YoY and the city's fixed-assets investment was up 13% YoY, according to Its GDP growth rate like Shangahi's is expected to slow slightly in 2011. Beijing continues to compete with Shanghai to attract multinational corporations.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

Shanghai

Population: 23 million

Housing market: Shanghai property prices rose 21%, in 2010.

Major corporations: The Walt Disney Co, Kraft Foods Inc, Vale, Siemens

Shanghai witnessed 9.9% GDP growth in 2010 but fell below the national average. The cities growth is expected to slow as the government intends to focus on 'quality over quantity', according to ChinaDaily. China's central bank is also working to loosen its tightly regulated market in a bid to attract foreign investment and make Shanghai a global financial centre by 2020.

Data on price change in prime housing market via Knight Frank and Citi Private Bank's Wealth Report 2011

But how are Asian countries shaping up...

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