Hunting for more developable land has long been a challenge on Hong Kong’s agenda. This challenge is becoming more acute as the city confronts growing competition from surrounding fast-growing economies and an aging population. However, the good news is Hong Kong can leverage on the opportunities offered by China to carve out a growing urban framework that will foster the city’s competitiveness. Hong Kong should redevelop the aging building stock to re-energise the urban core and seek greater collaboration with mainland China to invest in technology, innovation and infrastructure to expand its realm of influence.
In this report, we summarise the ups and downs in the Hong Kong’s property market, and highlight how Hong Kong can take advantage of its international appeal and the opportunities offered by China’s emergence to reinvent its competitiveness, such as:
- Act as the new financial centre for the Belt and Road regions
- Integrate further with nearby cities in the Pearl River Delta under the Greater Bay Area Plan
- Cooperate closely with Shenzhen to develop a future high-tech hub in Lok Ma Chau Loop
- Develop new economic hubs around the future border crossing areas