Studies of neutrality tend to focus on legal and diplomatic aspects, but there is also an important social dimension: neutral territories are often destinations or stopovers for refugees, especially when these territories are adjacent to conflict zones. What does neutrality mean in practice when we put refugees at the centre of analysis? British-ruled Hong Kong and Portuguese-ruled Macau in the 1930s and 1940s offer connected case studies of displaced persons during the Second World War in East Asia.