Shanghai has become the preferred location for multinational companies looking to set up Asia-Pacific headquarters, the South China Morning Post reported. The results of a survey commissioned by the EU Chamber of Commerce in China of more than 60 executives show Shanghai in first place, followed by Hong Kong and Singapore. The city now hosts 319 regional headquarters of foreign companies, still well short of Hong Kong’s 1,200. But over the last 10 years a growing number of firms have moved to Shanghai. In 2010 alone, 24 multinationals – including Walt Disney (DIS.NYSE), Kraft Foods (KFT.NYSE) and Novartis (NVS.NYSE, NOVN.SIX) – announced plans to move their regional headquarters to the city. Survey respondents said proximity to clients was the most important consideration when choosing locations – and China’s rapid economic growth means Shanghai is increasingly attractive. Piter de Jong, vice president of the chamber, said that Shanghai still had ground to make up on Hong Kong and Singapore on issues including its legal and regulatory environment.