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The "Greater Bay Area" refers to the Chinese government's scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
But spending is very much about the future, and how well the city fares at achieving its objective will not be clear for a long time.
City still has a lot of advantages despite new regulations that will allow the tropical island to attract domestic and international visitors as well as businesspeople.
- Ronnie Chan, 74, has stepped down after 33 years as chairman at Hang Lung Group, passing the baton to his 41-year old son Adriel Chan
- The younger Chan sees growth opportunities in China’s commercial and residential markets, where the group has gained a foothold since 1992
Hong Kong developers are pricing new flats at a deeper discount as the property market attempts to rebound from a multi-year slump. Great Eagle is joining the fray with discounts at its project in Ho Man Tin.
Universities from around the globe examine collaborations with research and education institutions in the Greater Bay Area.
Smart technology such as autonomous parking systems and the wide availability of superfast battery charging infrastructure will drive a boom in EV sales over the next five years, according to two of the segment’s leading manufacturers.
Global investors should focus on long-term opportunities in China and take advantage of Hong Kong’s role as a ‘superconnector,’ according to officials and executives from UBS and Primavera Capital.
Wang On Properties will be launching the most new projects since it was listed eight years ago, CEO Nick Tang Ho-hong says. Policy support and potential rate cuts later this year will lift home and rental prices.
Just over a quarter of companies in Hong Kong expect to add staff this year, while some 16 per cent expect to cut headcount, KPMG survey shows. Many candidates are eyeing the Greater Bay Area as an alternative.
Citigroup will use Hong Kong as a hub to expand its wealth management business in the Greater Bay Area and Asia, which is set to become the fastest-growing region globally, according to global wealth head Andy Sieg.
Hong Kong Financial Secretary Paul Chan says stronger links between city’s financial sector and rest of Greater Bay Area being forged.
Property markets in China’s Greater Bay Area will see an uptick in 2024, as businesses and communities find synergies within the 11-city economic powerhouse, which has a GDP of US$2 trillion and a population of 86 million.
Rents of luxury flats grew by 26.3 per cent compared with 2022, while those of mass residential units surged by 19.4 per cent, JLL says.
The land grab comes as the domestic technology sector continues to recover from several years of regulatory upheaval, which has seen many firms scale back their operations.
New home sales in the Greater Bay Area might increase by 5 per cent this year, thanks to improving transport networks and the introduction of more favourable policies, Cushman & Wakefield says.
China Aoyuan is the latest among debt-stricken home builders to win forbearance from offshore creditors and courts to cure their defaulted debts as China’s property market struggles to overturn a multi-year slump.
Twynam Funds Management, an asset-management company owned by one of the richest families in Australia, is looking for investment targets in Hong Kong for a new fund focused on cutting carbon emissions.
Hong Kong’s business community is set to turbocharge plans to capitalise on the city’s initiatives to be one of the world’s top wealth centres and talent hubs, while eyeing growth in the wider bay area too, Post survey finds.
The state-controlled conglomerate joined forces with Hong Kong’s New World Development on a venture worth US$1.28 billion in the city’s Northern Metropolis mega project, according to sources familiar with the matter.
Beijing has drawn up a blueprint designed to foster a world-leading business environment in its Greater Bay Area of Guangdong, Hong Kong and Macau.
Deal on data transfer boosts Hong Kong’s role in the Greater Bay Area City’s standing in the broader economic powerhouse can only be enhanced by pilot scheme that will offer comfort to businesses and the mainland authorities.
The summit came just a day before Hong Kong inaugurated an academy to provide financial and skills training in wealth management to support the family-office industry.
Since the border reopened, Hongkongers, particularly retirees, have started to think once again about buying property in the bay area, say analysts. The falling yuan and a slew of measures to boost the market are making the prospect more attractive.
Two thirds of firms in the economic hub have adopted sustainable development practices in their business operations, and investments relating to ESG by such enterprises could reach HK$1 trillion (US$127.8 billion) in the next two years, according to a report by the Hong Kong Trade Development Council (HKTDC) and UOB.
Hybrid work arrangements, which include some combination of working from homes working at a desk in remote co-working spaces and coming into traditional offices, are a way to create significant cost savings.
StartmeupHK, which will mark its first full return to physical events since the Covid-19 pandemic, is seen as a bellwether for sentiment in the Hong Kong tech industry.
Overseas talent coming to Hong Kong should consider learning Mandarin as businesses flock to the city and the Greater Bay Area, according to recruitment consultants.
Hong Kong is poised to name Clara Chan as the first CEO of a new HK$62 billion (US$8 billion) fund being established to invest in businesses across the Greater Bay Area, according to sources.
New measures will further ‘cross-boundary investment … and the development of Hong Kong’s financial industry’, says monetary authority CEO.
