Walk into the HSBC headquarters in downtown Hong Kong, and a pair of lion statues guard the entrance. The lobby escalators start from the northwest corner and penetrate the heart of the building. An open square in front ensures unobstructed views of Victoria Harbour. According to feng shui masters, the lions guard the wealth in the building, the escalators create energy for prosperity—the northwest corner is supposed to be the provider of the strongest energy—and the open space removes obstacles for business opportunities. The HSBC building itself is also considered to be sitting on some of the most auspicious land in the city.

Feng shui, the theory of tapping into the energy of surroundings to create prosperity, has long been practiced in Hong Kong. Companies big and small consult feng shui experts to determine auspicious dates for deals and launches and to create environments that will welcome good fortune.Many corporations set aside a portion of their annual budget for feng shui consultation. Sometimes decisions are small, such as placing coins under the carpet to attract prosperity; other gestures are grand and can dictate the architecture of an entire building. The Repulse Bay, a residential project on the south side of Hong Kong Island, for instance, was designed with a large hole through its center. Hong Kong folklore says dragons, the bearers of good fortune, live in the mountains north of the building; the hole gives them access to the water, south of complex, and encourages them to pass through.

Companies are tight-lipped about their feng shui budgets. HSBC and Bank of China, whose headquarters are often noted as having elaborate feng shui elements, declined to comment. But it’s a practice so valued by Hong Kongers that many multinational corporations will adhere to it to appease their employees.

“People joke about feng shui but these companies take it seriously because Hong Kong people take it seriously,” says Anna Williams, business developer manager at tda interiors, a global interior design firm. Tda’s client list includes mostly Western companies; about a quarter of them ask the firm to integrate feng shui in its designs, she says.

Now the Hong Kong government is under fire for lack of transparency regarding funds set aside for the use of feng shui consultancy in public-works projects. The government approved funds to build a “feng shui bridge” in the New Territories but some Legislative Council members are questioning the legitimacy of the project and demanding an audit of feng shui compensation given by the government.

Feng shui was largely stamped out in mainland China during the Cultural Revolution but was held onto by those who immigrated, said Raymond Lo, a feng shui consultant who has authored 15 books and almanacs on the topic.

Date of birth, orientation of a space and placement of furniture all play a role in feng shui. CEOs, for instance, often sit in the northwest corner because energy there tends to be most yang, described as alpha or active, which “suits the top dog,” said Jill Lander, feng shui consultant in Hong Kong. Natural and low-level lights, such as table lamps, are believed to be able to improve employees’ productivity. Feng shui is also tailored to specific people. For example, even though running water is considered good for creating energy, people strong in that element – typically artistic types  – should consider decorating their offices with wooden furniture to balance the water with earth elements, Ms. Lander said.

According to Mr. Lo, Hong Kong’s position between the water and mountains provides for good feng shui. “You can see why such a small city has developed so well to become a financial center of the world,” he said.