Winning hearts and minds: Greater Bay Area needs to convince it can deliver Hong Kong quality of life
Greater Bay initiative expected to dramatically change the dynamics of Pearl River Delta for Hongkongers
Nicholas Brooke is chairman of Professional Property Services, a specialist real estate consultancy. Brooke is also chairman of the Hong Kong Harbourfront Commission. He discusses how Hong Kong’s real estate could benefit from integration into the “Greater Bay Area”.
What opportunities and challenges will Hong Kong face from the continuing regional integration and collaboration, especially of its real estate sector?
I see two major opportunities. The first is [Beijing’s global strategy] “Belt and Road Initiative”, where companies and consortiums embark on projects where they need advice in connection with due diligence, feasibility, cost, delivery and subsequent management. The second, and I think more exciting, opportunity is the Greater Bay initiative, as a result of the central government’s support and enhanced connectivity. This is going to dramatically change the dynamics of the PRD [Pearl River Delta] region, which will give rise to requirements around planning, transit-led development, sustainable communities, affordable housing and city management. The challenge will be wider choice and competitively priced real estate across all categories,within striking distance of Hong Kong.
As the Hong Kong–Zhuhai–Macau Bridge and the Hong Kong section of the high-speed rail link near completion, what dynamics and opportunities will they bring? Will those priced out of the market be willing to commute from a neighbouring region?
Given the enhanced rail and road links and the porous border, Hong Kong residents will have much wider choicein terms of size and price of residential accommodation. It will be too far for some, but for those with families and the self-employed, to own a house with a garden will be a realistic option. This assumes access to schooling and medical care to a Hong Kong standard and part of the Hong Kong offer should be to help establish such facilities to attract Hong Kong and international talent to reside in the PRD. I think it will be difficult to persuade young professionals to live anywhere but close to their place of work.
The Hong Kong government will encourage retirees or holidaymakers, to live or spend their holidays in the Greater Bay Area in future. What policy changes or incentives would you suggest?
