Singapore vs Hong Kong as a business jurisdiction

Link of the day: Singapore as a Holding Domicile for Your China Operations

This piece contrasts the use of Singapore as a location to set up holding companies for Asian operations versus using Hong Kong instead. Mostly about tax but also other matters. Not as boring as it sounds. The article doesn't mention it explicitly but Singapore also has bilateral trade and tax arrangements with India, separate from the India-ASEAN tax treaty. China and HK don't.