I think it is due to China. I remember Singapore was a large financial center for Asia, but China's rapid growth overshadowed Singapore.
I also think Hong Kong is going through the same thing, plus I believe China is trying to make Shanghai into its main Finance Center, letting Hong Kong's center fade away.
I also think Hong Kong is going through the same thing, plus I believe China is trying to make Shanghai into its main Finance Center, letting Hong Kong's center fade away.