Nearly half of European companies in Hong Kong are looking to move out of the city this year, at least partially, according to a new survey on the impact of government pandemic controls.

According to the survey of 260 affiliates of national chambers under the umbrella of the European Chamber of Commerce in Hong Kong, 25% of respondents plan to fully relocate, 24% intend to partially depart and another 34% are unsure whether they will stay.

Only 17% indicated no intention to shift operations. To align with China’s own policies, Hong Kong has stuck to some of the world’s most restrictive travel controls even as many nations in Asia and elsewhere are opening their borders.

The stance has been painful for multinational companies that have long favored Hong Kong as a regional base due to convenient connections and easy movement of money, people and goods.