Bad news this week for struggling artists living in Shenzhen and Shanghai, after a new Economist Intelligence Unit (EIU) research report recently claimed that both cities are amongst the most expensive places to live in the world, according to China News.
According to the report, Shanghai has become the most cash-hungry city (in terms of cost of living) on the Chinese mainland and ranked 11th on the global list of cities, while Shenzhen’s ranking moved up 12 places to 16th.
Three Asian cities made an appearance in the top 10, with Singapore taking the title of the world’s most expensive city and Hong Kong sharing a tied second place with Zurich, Switzerland. Seoul made an appearance in eighth place.
The Worldwide Cost of Living report is a twice-yearly survey conducted by the EIU. It compares more than 400 prices across 160 products and services, including food, clothing, household supplies, rent, recreation and transportation. Housing prices are not factored into the equation.
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