Savills Magazine, Issue 61, 2008
Gateway to China
Now more than ever Hong Kong’s Special Administration Region is being driven by, and helping to drive, the mainland economy
Hong Kong benefits from its geography in many ways, as 1.2 billion of the world’s population are just three hours’ flying time away, it is in a time zone that has helped foster a global financial centre and it sits on the doorstep of one of Asia’s fastest growing economies. Top tier office rents in the territory are now the highest in Asia (including Tokyo) as international finance houses continue to expand and with them a wide variety of professional services firms are following suit. In the luxury residential market, prices have exceeded 1997 peaks and are now not far behind London’s giddy levels. Retail rents have been fuelled by an almost exponential growth in the numbers of mainland tourists hungry for brand-name goods.
“Hong Kong is no longer just a hub for the trade of physical goods from the mainland, but is also a key centre for finance and investment services for Asia as a whole,” says Robert McKellar, CEO. “Savills Hong Kong is very actively involved in advising clients on regional acquisition and disposition strategies,” he adds.
Contact: Robert McKellar
+825 2525 4418
rmckellar@savills.com
Hong Kong in figures
- Residential sales transactions volumes rose by 59 per cent in 2007 year on year
- GDP growth has averaged 6.8 per cent over the past three years
- Grade ‘A’ office rents have risen by 200 per cent since 2003
- 15.5 million mainland Chinese visited Hong Kong last year