Singapore is closing in on Hong Kong’s lead in real estate deals as the city-state benefits from its status as a wealth haven, while distressed property sales afflict the rival Asian financial hub.

So far this year, Hong Kong’s seen 107 entity-level property transactions across sectors including office, residential and hotels, and Singapore’s had 96, according to data from MSCI Real Assets. Deals in Hong Kong are 62% lower than in 2021, while Singapore has largely managed to hold its ground despite high borrowing costs. Figures include deals of at least $10 million and are as of last month.