Paul Chan forecasts ten-quarter rise in Hong Kong GDP
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South China Morning Post
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- South China Morning Post
Hong Kong must grow ‘exponentially' to match Shenzhen: outgoing Science Park CEO
Hong Kong will have to grow 'exponentially' before it can be compared to the likes of Shenzhen with its innovation and technology (I&T) ecosystem, a goal that can be achieved by bringing in talent and capital, the Science Park's outgoing CEO has said. Advertisement In an exclusive interview before he steps down on Friday, Albert Wong Hak-keung said the government-backed innovation hub at Pak Shek Kok had come a long way from its early days about two decades ago, from first being seen as simply a landlord to now staking its claim as a start-up incubator for the city's future growth. 'At the beginning, we were struggling to determine whether Science Park is a real estate project or what we are,' said Wong, who joined the Hong Kong Science and Technology Parks Corporation in 2016. He will be succeeded by Terry Wong Ping-sau, who has 30 years of global executive leadership experience across Asia-Pacific, the Middle East, Europe and the United States. The outgoing CEO said he had not yet made any future plans. Advertisement The Science Park supports 700 to 1,000 start-ups at any given time with incentives such as allowing them to operate rent-free in the first year, and provides communal facilities including semiconductor, biomedical and robotics labs, along with an extensive incubation programme.
South China Morning Post
an hour ago
- South China Morning Post
China's super-rich investors eye Shanghai hotels for scarcity value, tourism appeal
China's billionaire investors are looking to pick up luxury hotels in Shanghai while institutional investors like insurers and real estate investment funds and private equity giants take a back seat, as economic stability rekindles risk appetite, according to JLL. The super-rich are eyeing hotels in prime locations in the commercial and financial hub, undeterred by the current low returns, according to Sun Ling, head of JLL's capital markets division in East China, citing the scarcity value of such properties over the long run. 'Investors' concentrated allocation towards core-area assets reflects not only a stabilising risk appetite, but also highlights the scarcity value and resilience of Shanghai's core-area assets,' she added, declining to identify the hotel targeted by the billionaires. Their appetite could inject confidence in Shanghai's slumbering property market. Transaction value of office buildings, rental-home projects, shopping malls and hotels slumped 29.7 per cent to 23 billion yuan (US$3.2 billion) in the first six months from a year earlier, data compiled by CBRE showed. 01:36 Visitors swamp Chinese tourist sites during 'golden week' Visitors swamp Chinese tourist sites during 'golden week' Average transaction value fell 25 per cent to 360 million yuan in the second quarter from the preceding three months, according to JLL, with high-net-worth individuals and corporate investors contributing 88 per cent of the 23 deals, Sun said.
South China Morning Post
an hour ago
- South China Morning Post
When travellers think sustainability, make them think Greater Bay Area
Earlier this year, Hong Kong launched its first fully electric ferry . In June, jurisdictions within the Greater Bay Area development zone marked a national event for the environment. Against this backdrop, a quiet but important shift is under way. Policymakers in the Greater Bay Area are no longer just thinking about sustainability; they are setting it in motion. With the development zone becoming a hub for experimentation in smart infrastructure and climate innovation, the time is ripe to consider a low-carbon tourism corridor linking cities through cleaner and smarter ways to travel. Guangdong province, Hong Kong and Macau are already renowned for connectivity, with high-speed rail cross-border bridges and integrated metro systems . But while the physical infrastructure is world-class, the carbon cost of mobility remains high. Tourism, in particular, still leans heavily on diesel coaches, fragmented itineraries and high-emission transfers. Hong Kong has taken important first steps. The city's newly launched 400-seat electric ferry is capable of up to 52 daily trips. Trial runs are also under way for a second electric vessel. But the shift to a green tourism economy cannot rest on hardware alone. It must be matched by systems, partnerships and experiences that reflect the changing priorities of today's travellers. Neighbouring Shenzhen can offer valuable insight into this aspect. As of early this year, the city was home to over 1.3 million electric vehicles (EVs), or 28.6 per cent of its fleet. Shenzhen was the first city in the world to fully electrify its bus and taxi networks. The city boasts more than 370,000 charging stations. This transformation has been built on years of forward-looking and coordinated policy and collaboration between government and industry. The pace of Shenzhen's progress may not be replicable everywhere, but the mindset is transferable. Meanwhile, Hong Kong is gaining ground . While nearly seven out of 10 newly registered private cars are electric, progress in public and commercial transport lags behind. Only 1.4 per cent of the city's 6,000 franchised buses and just 0.5 per cent of its 18,000 taxis are electric. This is a concern given that public and heavy vehicles account for 80 per cent of transport-related emissions, which in turn make up one-fifth of our total carbon footprint.
