Hong Kong

Overview

Hong Kong is officially known as the Hong Kong Special Administrative Region. It is one of the world’s most thriving economies and is a hub for international trade and investment. Hong Kong is a cosmopolitan city that weaves Western and Asian influence into a world class center of business, culture and trade.

Facts and figures

Population	7,496,981
Population density (people per sq. km of land area)	7,140
GDP per capita in US$	48,755.84
Main industries	Financial services Trading and logistics Tourism Producer and professional services
Total office stock in sq m / sq f	81,700,000 sq f
Total retail stock in sq m / sq f	160,900,000 sq f
Total industrial stock in sq m / sq f	n/a

Economy

Hong Kong, a special administrative region of China, is a small open economy with many areas of strength such as level playing field for businesses, simple and low tax regime, free flow of capital and information, highly efficient markets, world class infrastructure, a fine tradition of rule of law and a lot more which are the cornerstones of the country’s economic success.

Growth

The Hong Kong economy remained very weak in the second quarter of 2020, as the COVID-19 pandemic continued to inflict severe impacts. Real GDP fell sharply by 9.0% year-on-year in the second quarter of 2020. Yet, as the local epidemic situation was largely under control in May and June, and the recovery of the Mainland economy also rendered support to Hong Kong’s exports of goods, the overall economic situation showed signs of stabilisation during the quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP saw a slight decline of 0.1%.

Unique aspects

Hong Kong is considered one of the world’s top cities for business and finance. Hong Kong culture is a mixture of traditional Han Cantonese ethnic culture of southeastern China and British and Western culture in general. About 8% of the permanent residents in Hong Kong are not of Chinese Descent.

Hong Kong also has the most profitable metro system in the world. Their MTR corporation is so good that it is self funding and doesn’t receive government financing. No wonder, Hong Kong is usually voted as the “Best Business City in the World”.

Key cities

Central and Western District

The Central and Western District is located in the northwestern part of Hong Kong island. Central is the central business district and the core urban area of Hong Kong while the Western District covers Shek Tong Tsui, Kennedy Town, Sai Ying Pun, and parts of Lung Fu Shan. The Central and Western District has the most educated residents, second highest income and the third lowest population in the country due to its relatively small size.

Kowloon City

One of the earliest developed urban areas in Hong Kong where the famous late Whampoa Shipyard and Kai Tak international airport are located is in Kowloon City. It occupies the eastern half of Kowloon peninsula. Majority of its residents are living in private sector housing, including old tenement buildings, private residential developments and low rise villas.

Office overview in Hong Kong

Selected business districts for rent or lease of office space

Central, Hong Kong

Central is the traditional business district for the professional services and finance industry in the city. Central is regarded as the CBD (Central Business District) in Hong Kong which boasts a large number of office towers that facilitates trade and communication.

Admiralty, Hong Kong

Admiralty is the eastern extension of the Central Business District. Buildings in Admiralty consist primarily of office buildings, government buildings, shopping malls and hotels. As one of the main financial centres in Hong Kong, there are plenty of Grade A commercial buildings in Admiralty such as Admiralty Centre, Bank of America Tower, British Consulate General Hong Kong, and Far East Finance Centre.

Causeway Bay, Hong Kong

Causeway Bay is heavily developed. It is a lively entertainment and commercial area which is also an attractive option for businesses from a number of industries including retail, hospitality, entertainment and tourism.

Retail overview in Hong Kong

Selected districts for rent or lease of retail space

Central, Hong Kong

Central District is one of the most famous shopping centers in Hong Kong. There are several big shopping malls and thriving shopping streets in the area. There are all kinds of renowned shops in Central such as Hugo Boss, Bally, Chanel etc. Upscale malls such as The Landmark which is commonly known as the home to prestigious international brands is situated here. Alexandra House is also another upscale mall located in the city.

Admiralty, Hong Kong

Admiralty, the eastern extension of the central business district, is dominated by the Pacific Place shopping mall, which houses most luxury brands including Chanel and Hermes. Around Pacific Place are other malls such as Queensway Plaza and Admiralty Center which offer smaller and more local stores.

Causeway Bay, Hong Kong

Causeway Bay offers a bit of everything, from high-end stores in the Times Square and Lee Gardens shopping centers to small shops selling electronics and chinese herbs. Sogo department store offers cosmetics, clothing and household items.The area between Sogo and Times Square is scattered with Hong Kong fast fashion retailers like Bossini, Giordano and G2000.

Tsim Sha Tsui, Hong Kong

Tsim Sha Tsui in Kowloon has the greatest concentration of shops in Hong Kong Canton Road which starts at the Star Ferry and is packed with the flagship stores of designer brands such as Louis Vuitton and Chanel.

Mongkok, Hong Kong

Known as one of the busiest districts in Hong Kong, Mong Kok is a buzzing maze of narrow streets with different shopping stalls for clothes and other bargain buys. The area has a mixture of old and new multi-story buildings with shops and restaurants at street level. Popular retail properties in Hong Kong

Industrial overview in Hong Kong

Selected districts for rent or lease of industrial space

Central, Hong Kong

The increasing global financial and commercial trade has led to the blooming infrastructure development in Hong Kong, especially in Central. Both inter- and intra-city transportation networks are located in Central for easy accessibility.

Kwun Tong, Hong Kong

It is one of the 18 districts in Hong Kong and is located in Kowloon. Kwun Tong is one of the largest industrial areas in Hong Kong. Since the relocation of the manufacturing industry, Kwun Tong district has seen a rise of commercial buildings such as APM Millennium City 5. Popular industrial properties in Hong Kong