Concrete Analysis | Hong Kong’s industrial development needs a renaissance as new economy alters manufacturing landscape
- Revitalising industrial properties for housing or commercial uses have had its limitations amid growth in new economy
- Demand for ‘specialised factories’ showcases changes in industrial landscape, need for new approach in development
Over the last decade, Hong Kong has introduced various measures to give its ageing industrial buildings a new lease of life, to fulfil either short-term investment interests or mitigate land-supply shortage for residential use.
Applications to convert industrial buildings for transitional housing have been limited, simply because of the absence of an exit policy for property owners. In contrast, turning them into commercial use has been more than welcomed by businesses facing world-record rents in city centre.
As the new economy alters the landscape of traditional manufacturing bases, there has not been sufficient effort to give Hong Kong’s industrial development a rebirth.
One simple reason is that many people have embraced the idea of a vanishing practical demand for industrial space.
