In a survey of members of the American Chamber of Commerce in Hong Kong released last month, 42% of the 325 respondents said they were considering or planning to leave the city, citing uneasiness over China’s new security law and a pessimistic outlook of Hong Kong’s future. Dozens of international companies have moved regional headquarters or offices from the city since 2019, government data show. That has contributed to the highest rate of commercial real estate vacancies in 15 years, with more than 80% of the vacant space surrendered by international companies, data compiled by Cushman & Wakefield show. All told, more people—expatriates and locals—departed the business hub in 2020 than any year since the global financial crisis. In January, VF Corp. , owner of Timberland, the North Face and other brands, said it was shutting its 900-person Hong Kong office after 25 years in the city. Japanese videogame maker Sony Interactive Entertainment has moved regional executives to Singapore. European luxury-goods company LVMH said it was relocating some Hong Kong-based employees from its Moët Hennessy liquor unit. French cosmetics giant L’Oréal also said it was relocating some staffers from its Hong Kong headquarters.