The cost of living in Shenzhen and Guangzhou has exceeded that of New York for the first time, according to Southern Metropolis Daily

It was reported June 12 that according to the world’s biggest human resource managerial consultation company Mercer Human Resource Consulting, the cost of living in the cities exceeded that of New York in March this year. The research method involved comparing payment levels for companies and governmental institutions whose staff work overseas.

The survey covers more than 200 indexes including housing, traffic, food, clothes, household appliances and entertainment. The report ranks New York 33th, the highest in the U.S. Five cities in China are above New York on the list, including Hong Kong which is number 9, Shanghai in 16, Beijing in 17, Shenzhen in 30 and Guangzhou in 31.

The reason for the soaring prices is the appreciation of the RMB and the increasingly volatile housing market, according to the report.