No better time than a property slump to ‘future-proof' urban Hong Kong
How do we 'future-proof' Hong Kong's built environment? For the design and construction industry in particular, this could be the most relevant question amid today's grave challenges. In the global environment, military and tariff wars interrupt supply chains and the uncertain economic outlook hinders project investment and financing. These issues are complicated locally by a
suspension of commercial land sales, a
property market slump and escalating
construction costs
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If the worst of times can also be the best of times – to borrow from Charles Dickens – and hope and progress can rise above despair and stagnation, what can we do to future-proof Hong Kong?
But first, what does future-proofing mean? According to the non-profit organisation Urban Land Institute (ULI) and the consultancy Arup, which recently released a report on the future-proofing workshop they co-hosted, it means preserving and protecting Hong Kong's infrastructure, systems, products and services while addressing how to leverage our advantages to achieve our development goals.
The United Nations might shed some light on what goals to aspire to. In September 2015, all 193 UN member states unanimously adopted the 2030 Sustainable Development Goals (SDGs). Several of the 17 goals apply to the living environment, focusing on creating sustainable cities and communities and preserving nature and ecologies. With only five years to 2030, there is a lot to be done for cities, and Hong Kong is no exception.
Moreover, Hong Kong is not just any city. We are a financial powerhouse with world-class infrastructure, top-tier universities, a robust and hardworking workforce and forward-thinking leaders, investors and developers. If any city can achieve the SDGs, we should be one of the first to do so.
03:28
Beauty in plain sight: why Hong Kong's public housing estates are worth a closer look
Beauty in plain sight: why Hong Kong's public housing estates are worth a closer look
Thus we must move from the monovision typical in a capitalist economy towards collaboration.
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