There were about 8,400 majority-owned foreign affiliates in Hong Kong in 2005, the Census & Statistics Department says.

The value of their business receipts and other income rose 14.5% while their operating expenses grew 18% and employee compensation 16.6% as compared with 2004.

According to the August 2007 issue of the Hong Kong Monthly Digest of Statistics released today, foreign affiliates in Hong Kong employed 579,000 people in the city in 2005, up 6.6% over 2004.

Their contribution was the most significant in the "financing, insurance, real estate and business services" industry, at 44% in terms of employment and 59% in terms of value added. There were around 2,200 foreign affiliates, representing 6% of the total of establishments in the industry.