30th November 2018

Chairman of our center attended “Greater Bay Area: Will the Initiative benefit Hong Kong?” forum as panelist

Mr. Joseph Chan, Chairman of our center, attended the “Greater Bay Area: Will the Initiative benefit Hong Kong?” forum on November 30th 2018 organized by South China Morning Post as a panelist.

During the discussion panel, Mr. Chan mentioned that the prosperity of Greater Bay Area’s development can actually benefit Hong Kong citizens of their housing plan and their personal development, especially the younger cohorts. He also added that the development of the Greater Bay Area should be focused on the strengths of the varied industry of different cities rather than blindly developing the current metropolis.

Mr. Chan stated that a substantial amount of Hong Kong citizens are considering purchasing properties in the Greater Bay Area due to the skyrocketing housing prices in Hong Kong. The flow of the Greater Bay Area cities used to be lack of convenience as infrastructures were not yet in place. But as the development of infrastructures has come into fruition, commuting between Greater Bay Area cities has become a hassle-free route. The fruits of successful infrastructures have allowed for a freer flow of manpower and also increased the possibility of Hong Kong citizens viewing the Greater Bay Area as a viable housing option. Compared to the high Hong Kong housing prices, the Greater Bay Area offers a wide variety of affordable housing option with the integration of the Greater Bay Area and promoting a harmonious community within, which could relieve part of the stress caused by the outlook of the housing market within younger Hong Kong citizens.

 

Other than housing problems, Mr. Chan also stated that most of the current focus on the Greater Bay Area is on big metropolia like the Shenzhen’s high tech and innovation industry or Hong Kong’s financial advantages. However, he noted that other cities should garner more attention as well. Cities that are overshadowed by metropolis have notable unique strengths like the film industry of Foshan, the industry of agriculture and food safety which has drawn more attention in mainland China, etc. Cities like Jiangmen and Zhuhai have advantages in land supply and experienced labors that Hong Kong can be beneficial from.

 

The Belt and Road Initiative is one of the major plans for the development in the future, although Hong Kong is not at close physical proximity to the Silk Road area, we remain intimate relationship with countries among the Maritime Silk Road. The

 

Greater Bay Area is the second major portal for the Maritime Silk Road, pulling countries like Vietnam, Laos, and Indonesia for a closer tie.

Other guests that attended the forum includes: Prof. Witman Hung, Principal Liaison Officer for Hong Kong of Shenzhen Qianhai Authority; Mr. Albert Ng, Regional Managing  Partner  (Greater  China)  of   Ernst   &   Young;  Denis   Ma,   Head of Research for JLL in Hong Kong, and Dr. Yifan Hu, Regional Chief Investment Officer & Chief China Economist of UBS Global Wealth Management.