https://www.scmp.com/rss/327762/feed Chiu Kam-kuen is international director and chief executive of Greater China at Cushman & Wakefield. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Chiu Kam-kuen Chiu Kam-kuen In October last year, Singapore’s three-day Formula One (F1) Grand Prix showcased the tremendous economic impact that world-class sporting events can bring to a city. The event attracted more than 300,000 attendees, the second highest in its history. Since Singapore began hosting F1, the races have drawn more than 720,000 international visitors and generated about S$2.2 billion (US$1.7 billion) in tourism revenue, underscoring their significant contribution to the local tourism industry. In... https://www.scmp.com/opinion/hong-kong-opinion/article/3346980/f1-could-be-hong-kongs-fast-lane-economic-reinvention?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3346980/f1-could-be-hong-kongs-fast-lane-economic-reinvention?utm_source=rss_feed Sat, 21 Mar 2026 21:30:09 +0000 Housing problems have been causing Hong Kong people continued misgivings over the past few decades. Residents have suffered from either unaffordable prices for habitable residences, or increasing waiting times for public housing allocations. The need to expand the land supply and the provision of public housing, thus, have remained at the top of the government’s agenda. Hong Kong’s new leader, John Lee Ka-chiu, recently announced the formation of a new “Steering Committee on Land and Housing... https://www.scmp.com/business/article/3188075/how-tweaking-hong-kongs-compulsory-purchase-law-could-ease-its-housing?utm_source=rss_feed https://www.scmp.com/business/article/3188075/how-tweaking-hong-kongs-compulsory-purchase-law-could-ease-its-housing?utm_source=rss_feed Tue, 09 Aug 2022 04:00:19 +0000 In early December, the Economist Intelligence Unit (EIU) released the “Worldwide Cost of Living 2021” report. Hong Kong, which ranked first last year, fell to fifth place below Zurich by end of 2021, while Tel Aviv in Israel became the city with the highest cost of living in the world for the first time, mainly because of the soaring local exchange rate and the sharp rise in prices of commodities and real estate, especially residential buildings. The more developed a city is, the higher its cost... https://www.scmp.com/business/article/3169642/subsidised-homes-hong-kongs-young-couples-would-help-solve-housing-crisis?utm_source=rss_feed https://www.scmp.com/business/article/3169642/subsidised-homes-hong-kongs-young-couples-would-help-solve-housing-crisis?utm_source=rss_feed Tue, 08 Mar 2022 04:00:16 +0000 The newly published 2021 Policy Address takes forward the vision of the Northern Metropolis development. An additional 600 hectares of land, combined with the existing planned new towns and their neighbouring rural areas, will be providing at least 900,000 residential units to accommodate about 2.5 million people. To implement the policy effectively, the government must overcome obstacles, including an obsolete land-use planning approach, incomprehensive infrastructure development, and the lack... https://www.scmp.com/business/article/3156926/transport-network-will-be-key-success-hong-kongs-northern-metropolis?utm_source=rss_feed https://www.scmp.com/business/article/3156926/transport-network-will-be-key-success-hong-kongs-northern-metropolis?utm_source=rss_feed Tue, 23 Nov 2021 04:00:17 +0000 Chief Executive Carrie Lam Cheng Yuet-ngor in her final policy address on October 6 highlighted measures to tackle Hong Kong’s housing and land shortages. She introduced and outlined the Northern Metropolis development strategy, with the aim of creating more land resources for residential, IT and other uses over the next 20 years. However, infrastructure provisions in remote areas may constrain development in the proposed hub. On top of that, the current plot ratio is set as low as 0.2, posing... https://www.scmp.com/business/article/3154495/what-hong-kong-must-do-solve-citys-perennial-housing-and-land-shortage?utm_source=rss_feed https://www.scmp.com/business/article/3154495/what-hong-kong-must-do-solve-citys-perennial-housing-and-land-shortage?utm_source=rss_feed Tue, 02 Nov 2021 04:00:11 +0000 The latest housing price index – the Private Domestic Property Price Index – released by the Rating and Valuation Department in May has surged to 393.7, only 0.8 per cent lower than 396.9, the highest index point recorded back in May of 2019. Despite the challenges brought about by the Covid-19 pandemic, the transaction prices of second-hand residential property are peaking again. The outbreak of Covid-19 in early 2020 and the ensuing lockdown restrictions in major global economies, as well as... https://www.scmp.com/business/article/3141664/hong-kong-home-prices-are-inching-towards-record-highs-once-again-heres?utm_source=rss_feed https://www.scmp.com/business/article/3141664/hong-kong-home-prices-are-inching-towards-record-highs-once-again-heres?utm_source=rss_feed Tue, 20 Jul 2021 04:00:16 +0000 The acute shortage of housing supply is a fundamental cause for the skyrocketing property price. About 101,000 new public housing units are expected to be completed from 2020 to 2025, according to the Hong Kong Housing Authority and the Hong Kong Housing Society. Yet, the completion target still falls well-short of the 150,000 applicants in the queue, with the current average waiting period standing at 5.7 years. The government is eager to explore potential land resources and build residential... https://www.scmp.com/business/article/3132696/hong-kong-must-overcome-past-mistakes-and-ensure-adequate-community?utm_source=rss_feed https://www.scmp.com/business/article/3132696/hong-kong-must-overcome-past-mistakes-and-ensure-adequate-community?utm_source=rss_feed Tue, 11 May 2021 04:05:08 +0000 Many previous studies have investigated the relationship between urbanisation and house prices, which has given rise to heated debate among academics. As corroborated by Demographia’s International Housing Affordability survey for 2021, Hong Kong remained the world’s least affordable housing market for the 11th consecutive year. Since the early 1980s, the Hong Kong government has continued to release land for development of new towns to cope with the increasing housing demand led by unrelenting... https://www.scmp.com/business/article/3124540/hong-kong-must-intervene-home-ownership-among-citys-youth-slips-beyond?utm_source=rss_feed https://www.scmp.com/business/article/3124540/hong-kong-must-intervene-home-ownership-among-citys-youth-slips-beyond?utm_source=rss_feed Tue, 09 Mar 2021 04:05:08 +0000 Through her annual policy address, Chief Executive Carrie Lam Cheng Yuet-ngor has highlighted the government’s awareness on the severity and urgency of public housing supply in Hong Kong. In 2019, she announced a plan to invoke the Land Resumption Ordinance to resume three types of private land for developing public housing and so-called “Starter Homes.” In 2020, she identified 330 hectares (815 acres) of land for the purpose, and said demand for 301,000 units under the official Long-Term... https://www.scmp.com/business/article/3117331/how-carrie-lam-can-revitalise-hong-kongs-land-supply-and-public-housing?utm_source=rss_feed https://www.scmp.com/business/article/3117331/how-carrie-lam-can-revitalise-hong-kongs-land-supply-and-public-housing?utm_source=rss_feed Tue, 12 Jan 2021 04:05:15 +0000 A think tank in Hong Kong has proposed developing eight brownfield sites situated in the New Territories (and currently planned for public housing use) into a logistics hub. By doing so, they are seeking to meet the increasing demand for logistics sites associated with the sustained growth in online shopping, as well as utilising unused land for reinstatement of generators in the logistics industry. As discussed in my previous article, the government is holding 1,400 hectares of brownfield sites... https://www.scmp.com/business/article/3106086/technology-can-help-create-database-speed-development-1400-hectares?utm_source=rss_feed https://www.scmp.com/business/article/3106086/technology-can-help-create-database-speed-development-1400-hectares?utm_source=rss_feed Tue, 20 Oct 2020 04:00:17 +0000 Data centres are instrumental to the successful development of Hong Kong’s pillar industries, being integral to the efficient operation of financial, trading and logistics services in the city. With the rapid development of global telecommunications and the growing emphasis on technological advancement for daily convenience, the demand for high-tier data centre services from users of cloud computing, e-commerce and high-frequency trading has never been greater in Hong Kong. According to a... https://www.scmp.com/business/article/3098636/how-hong-kong-can-boost-development-data-centres-and-emerge-regional-hub?utm_source=rss_feed https://www.scmp.com/business/article/3098636/how-hong-kong-can-boost-development-data-centres-and-emerge-regional-hub?utm_source=rss_feed Tue, 25 Aug 2020 04:00:14 +0000 Aside from the construction of residential units, large-scale planning with vision is momentous in achieving a holistic city development. Thus, the provision of essential facilities and infrastructure plays an irreplaceable role in enhancing the livability of Hong Kong where land resources are scarce. In respect to medical services and facilities, the Covid-19 outbreak has further proved that the capacity has already reached the critical point, and enhancement of the medical system in the city... https://www.scmp.com/business/article/3088015/make-hong-kongs-stretched-health-care-system-indispensable-part-urban?utm_source=rss_feed https://www.scmp.com/business/article/3088015/make-hong-kongs-stretched-health-care-system-indispensable-part-urban?utm_source=rss_feed Tue, 09 Jun 2020 04:00:10 +0000 According to a Hong Kong government report last year on long-term housing strategy, the target for total housing supply in the next 10 years has been adjusted down from 450,000 to 430,000 units. The number of private houses within this will fall from 135,000 to 129,000 units. In other words, the supply of private residential units in the coming decade will be roughly 13,000 per year. This is undoubtedly bad news for many Hongkongers, who have set home ownership as one of their lifetime... https://www.scmp.com/business/article/3073927/far-more-flats-are-needed-are-planned-hong-kong-governments-long-term?utm_source=rss_feed https://www.scmp.com/business/article/3073927/far-more-flats-are-needed-are-planned-hong-kong-governments-long-term?utm_source=rss_feed Tue, 10 Mar 2020 04:07:25 +0000 According to the planning department, there are currently 183 vacant school premises in Hong Kong, of which about 70 per cent are zoned for government, institution or community (GIC) uses. These vacant school sites are mainly located in the New Territories, in places such as Yuen Long and North District. Occasionally, some non-governmental organisations (NGOs) use the sites for non profit-making activities with prior approval from the Lands Department. NGOs can usually occupy the premises on... https://www.scmp.com/property/hong-kong-china/article/3045858/hong-kong-has-dozens-disused-school-sites-standing-idle?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3045858/hong-kong-has-dozens-disused-school-sites-standing-idle?utm_source=rss_feed Tue, 14 Jan 2020 04:00:13 +0000 Hong Kong has the most expensive housing among developed countries and regions in the world. Based on statistics of the Census and Statistics Department, from March 2004 to now, there has been an increase of 67.2 per cent in the nominal wage. The price indices of private flats, on the other hand, have skyrocketed by 3.86 times over the same period, according to the Rating and Valuation Department. This implies real wages have hardly kept up with surging real-estate prices. Affordability aside,... https://www.scmp.com/business/article/3035128/hong-kong-needs-varied-approach-ease-housing-shortage-including-public?utm_source=rss_feed https://www.scmp.com/business/article/3035128/hong-kong-needs-varied-approach-ease-housing-shortage-including-public?utm_source=rss_feed Tue, 29 Oct 2019 04:00:07 +0000 Automobiles are one of the major means of transport in Hong Kong, but they are in use for just 3 per cent to 5 per cent of their lifetime, remaining parked for the rest of the time. Given the scarcity of land, parking spaces are not easy to find, and looking for one is time-consuming. According to Transport Department, the number of private cars in Hong Kong has soared from 402,000 in 2006 to 618,000 in 2018. The number of vehicles is outnumbering parking spaces, resulting in illegal parking on... https://www.scmp.com/business/article/3023403/smart-technology-could-get-cars-roads-hong-kong-and-parking-spaces-faster?utm_source=rss_feed https://www.scmp.com/business/article/3023403/smart-technology-could-get-cars-roads-hong-kong-and-parking-spaces-faster?utm_source=rss_feed Tue, 20 Aug 2019 04:00:10 +0000 On April 18, the government announced that the Chief Executive and the Executive Council had approved the exemption of waiver fees, rent and associated costs for land granted for transitional housing purposes as a measure to mitigate the hardship suffered by families living in inferior accommodation. According to the legislature’s documents, there are approximately 1,600 units of transitional housing in Hong Kong, including the Trackside Villas owned by MTR Corporation, which will provide 252... https://www.scmp.com/property/hong-kong-china/article/3012909/copying-european-concept-transitional-housing-hong-kong?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3012909/copying-european-concept-transitional-housing-hong-kong?utm_source=rss_feed Tue, 04 Jun 2019 04:00:09 +0000 The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain unsold after 12 months of receiving an occupation permit. According to the Rating and Valuation Department, the preliminary findings in the Hong Kong Property Review 2019 indicate that the vacancy rate of new... https://www.scmp.com/property/hong-kong-china/article/3006275/vacancy-tax-short-term-solution-hong-kongs-long-term?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3006275/vacancy-tax-short-term-solution-hong-kongs-long-term?utm_source=rss_feed Tue, 16 Apr 2019 04:00:14 +0000 The Hong Kong government recently accepted the recommendations proposed by the Task Force on Land Supply, providing eight options and strategy, which it considers worthy of further studies and implementation. These options – three short-to-medium term and five medium-to-long term – can provide 3,225 hectares of land in total. The former includes developing brownfield sites, tapping into private agricultural land reserves in the New Territories and alternative uses of sites under private... https://www.scmp.com/business/article/2188609/hong-kong-government-must-consider-all-possible-options-address-long-term?utm_source=rss_feed https://www.scmp.com/business/article/2188609/hong-kong-government-must-consider-all-possible-options-address-long-term?utm_source=rss_feed Tue, 05 Mar 2019 04:02:43 +0000 The Hong Kong government announced in its policy address in October that a new industrial building revitalisation scheme will be launched. It will give the green light to the conversion of industrial buildings to transitional housing premises without requiring a waiver fee to be paid. On November 26, the Town Planning Board announced that transitional housing, coordinated by a task force under the Transport and Housing Bureau, will be allowed in wholesale-converted industrial buildings for no... https://www.scmp.com/business/article/2176172/can-hong-kongs-transitional-housing-scheme-help-hongkongers-own-home?utm_source=rss_feed https://www.scmp.com/business/article/2176172/can-hong-kongs-transitional-housing-scheme-help-hongkongers-own-home?utm_source=rss_feed Tue, 04 Dec 2018 04:04:35 +0000 Hong Kong’s Chief Executive Lam Cheng Yuet-ngor told a Q&A session in the Legislative Council (Legco) on July 12, that reclamation projects outside Victoria Harbour are inevitable in the long run, to ease the current strain on land available in the city for residential development. But “long run” could be years, perhaps even a decade or more. And so I am in line with the growing argument that reclamation must happen sooner, as the obvious measure to increase supply. One suggestion already being... https://www.scmp.com/business/article/2163655/finding-land-residential-housing-easy-just-move-kwai-tsing-terminals?utm_source=rss_feed https://www.scmp.com/business/article/2163655/finding-land-residential-housing-easy-just-move-kwai-tsing-terminals?utm_source=rss_feed Tue, 11 Sep 2018 04:03:46 +0000 Chief Executive Carrie Lam Cheng Yuet-ngor announced a package of six new initiatives on housing in June, once of which involved a new measure on the pricing mechanism of the Home Ownership Scheme (HOS) provided by the Housing Authority. The government proposed that the selling price of HOS flats to be launched in the near future would no longer be linked to the market price. In simple terms, the government has long been using the existing affordability test which was based on the income limit... https://www.scmp.com/property/hong-kong-china/article/2158483/subsidised-housing-should-help-families-lesser-means?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2158483/subsidised-housing-should-help-families-lesser-means?utm_source=rss_feed Tue, 07 Aug 2018 04:01:06 +0000 With land shortage plaguing Hong Kong, the Task Force on Land Supply launched a five-month public consultation to tackle the issue in late April. One of the options proposed by the Task Force is to adopt a public-private partnership (PPP) approach to release nearly 1,000 hectares of undeveloped private agricultural land in the New Territories. The PPP approach is aimed at increasing the efficiency of housing development through collaboration between the government and private companies. It... https://www.scmp.com/property/hong-kong-china/article/2152481/will-public-private-partnership-approach-solve-housing?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2152481/will-public-private-partnership-approach-solve-housing?utm_source=rss_feed Tue, 26 Jun 2018 04:43:37 +0000