property markets in mainland china and hong kong nicholas brooke
TRANSCRIPT
Property Markets in Mainland China and Hong Kong
Nicholas Brooke
© 2008 Gerson Lehrman Group Inc., All Rights Reserved
Council Member BiographyNicholas Brooke is the Chairman of Professional Property Services Limited in Hong Kong. Professional Property Services is a real estate consultancy providing to clients a selected range of advisory services across the Asia Pacific Region. Mr. Brooke has over 40 years of experience within the property industry, of which the last 25 years has been in the Asia Pacific region. He is a recognised market commentator, particularly in respect of the property markets of Hong Kong, Mainland China and Vietnam and an authority on land administration, land use planning and housing policy matters. Additionally, Mr. Brooke has been involved with the Vietnam property market which he first entered in 1993. Mr. Brooke is currently working with VinaCapital and Vina Land which is a pure estate fund and has over 30 ongoing development projects across Vietnam and is a major investor in the hospitality sector in Vietnam. Mr. Brooke has been involved in many IPO’s, including the partial privatisation of the Mass Transit Railway Corporation, the launch of the Link REIT and the successful listing of a number of Chinese developers in Hong Kong. He is currently involved in several city planning exercises in China, large mixed use projects across the Middle East, and the further development of Vietnam’s first property development fund. Previously, as Deputy Managing Director, Mr. Brooke played a key role in the redevelopment of Swire Properties portfolio in Hong Kong.
© 2008 Gerson Lehrman Group Inc., All Rights Reserved
Topics
► Market drivers overview and regulatory and investment environment
► Markets in the principal cities, the second tier cities and Hong Kong
► Opportunities, challenges and risks going forward
► Forecast for the year ahead
China’s Real Estate Markets – China’s Real Estate Markets – Drivers, Policies and ControlsDrivers, Policies and Controls
Nicholas BrookeNicholas Brooke, , FRICS FHKISFRICS FHKIS
Chairman, Professional Property ServicesChairman, Professional Property Services
March 2008March 2008
PPPPSS
China Property Market DriversChina Property Market Drivers
Continued strong economic performance and Continued strong economic performance and rising personal incomes rising personal incomes
Overseas investment focus unabatedOverseas investment focus unabated
Continuing demand for all types of real estateContinuing demand for all types of real estate
Good opportunities in many secondary and Good opportunities in many secondary and tertiary citiestertiary cities
Liquidity in end user market and individual Liquidity in end user market and individual investment market (stock market gains, etc)investment market (stock market gains, etc)
PPPPSS
Is there a Residential Bubble?Is there a Residential Bubble?
Dependent upon city, location and type of Dependent upon city, location and type of developmentdevelopmentControls on future supply aimed at Controls on future supply aimed at deflating any existing pressure deflating any existing pressure Some over supply in luxury units in cities Some over supply in luxury units in cities such as Shenzhen, Chengdu, Hangzhousuch as Shenzhen, Chengdu, HangzhouMany markets short of quality, modern Many markets short of quality, modern supply and demand still strong e.g. Dalian, supply and demand still strong e.g. Dalian, Nanjing, XianNanjing, Xian
PPPPSS
Current investment environmentCurrent investment environment
Principal cities (Beijing, Shanghai, Principal cities (Beijing, Shanghai, Guangzhou and Shenzhen) already Guangzhou and Shenzhen) already subjects of marked price corrections and subjects of marked price corrections and reduced sales volumesreduced sales volumes
Attention being focused on 2Attention being focused on 2ndnd tier cities as tier cities as coming from lower base, greater coming from lower base, greater unsatisfied demand and easier to measure unsatisfied demand and easier to measure market potentialmarket potential
PPPPSS
Which are the target cities?Which are the target cities?
Some 14 or so major cities which exclude Some 14 or so major cities which exclude Beijing, Shanghai and GuangzhouBeijing, Shanghai and Guangzhou
Account for 8% of population but over 50% Account for 8% of population but over 50% of importsof imports
Chengdu, Wuhan and Chongqing seen as Chengdu, Wuhan and Chongqing seen as engines of growth for next decade – 50 engines of growth for next decade – 50 million people – more than Australia and million people – more than Australia and Canada combinedCanada combined
ChongqingChongqing
PPPPSS
The Major Targets – The Major Targets – Where are they?Where are they?
HarbinHarbin
DalianDalian
QingdaoQingdao
TianjinTianjin
XianXian
WuhanWuhan
NingboNingbo
ChongqingChongqing
KunmingKunming
ZhuhaiZhuhai
XiamenXiamen
ChengduChengdu
HangzhouHangzhou
ChengduChengdu
PPPPSS
Key DriversKey Drivers
Leadership – mayor who will champion the Leadership – mayor who will champion the city and its core competenciescity and its core competenciesEmergence of vibrant business community Emergence of vibrant business community and resilient middle classand resilient middle classLower cost base – land, labour and energyLower cost base – land, labour and energyLess saturated markets – less and Less saturated markets – less and identifiable competitionidentifiable competitionCommitment to hard and soft Commitment to hard and soft infrastructure provisioninfrastructure provision
PPPPSS
Major PlusesMajor Pluses
Projects can be delivered more quickly as Projects can be delivered more quickly as less complex bureaucracyless complex bureaucracyAbility and wish to differentiate and create Ability and wish to differentiate and create distinct identitydistinct identityMoved away from the large, the iconic and Moved away from the large, the iconic and the exotic the exotic Diversifying into service sectorDiversifying into service sectorKeen to promote improved environmental Keen to promote improved environmental standardsstandards
NingboNingbo
PPPPSS
IssuesIssues
Coming off low baseComing off low base
Limited experience of international Limited experience of international investorsinvestors
Inconsistent interpretation of laws and Inconsistent interpretation of laws and regulationsregulations
Depth of local spending powerDepth of local spending power
PPPPSS
Future Land SalesFuture Land Sales
New regulations dictate that development land New regulations dictate that development land should be sold by public auction, public listing or should be sold by public auction, public listing or tender; development timeframe specifiedtender; development timeframe specified
Lead to increased land prices due to greater Lead to increased land prices due to greater competition as “closed” deals no longer competition as “closed” deals no longer permittedpermitted
Can still buy into existing projects or acquire Can still buy into existing projects or acquire interest in companies holding existing land interest in companies holding existing land banksbanks
QingdaoQingdao
PPPPSS
Land BanksLand Banks
Companies with existing land banks now a Companies with existing land banks now a focus of interest for M&A activitiesfocus of interest for M&A activitiesParticularly the case if land purchased at Particularly the case if land purchased at historic priceshistoric pricesSome companies being tempted to sell Some companies being tempted to sell land outright as facing difficulties in raising land outright as facing difficulties in raising development loans butdevelopment loans butOthers need to develop to establish Others need to develop to establish credibility and brandingcredibility and branding
PPPPSS
Macro Control Policies/MeasuresMacro Control Policies/Measures
Series of measures introduced by Central Series of measures introduced by Central Government to control supply and demand Government to control supply and demand and price levels to ensure sustainable and price levels to ensure sustainable growth in property markets across Chinagrowth in property markets across ChinaIntended to change property market Intended to change property market conditions through controlling land supply conditions through controlling land supply and type/size of residential developmentsand type/size of residential developmentsMeasures implemented by provincial and Measures implemented by provincial and city authorities – some inconsistenciescity authorities – some inconsistencies
PPPPSS
Rationale for MeasuresRationale for Measures
Despite strong economic growth/rising incomes, Despite strong economic growth/rising incomes, housing prices in some cities had become housing prices in some cities had become unaffordable to sections of the populationunaffordable to sections of the population
Some 70% of households own their home but Some 70% of households own their home but the other 30% becoming marginalised, the other 30% becoming marginalised, especially given the real reduction in welfare especially given the real reduction in welfare housing provision since 1998 housing provision since 1998
Too many large units being built for Too many large units being built for “investment”, too few for low income families“investment”, too few for low income families
Summary of Policies/MeasuresSummary of Policies/Measures
May 2003May 2003 Restrictions on loans by banks to Restrictions on loans by banks to “weaker” developers“weaker” developers
Higher mortgage rates for high Higher mortgage rates for high end residential end residential
20042004 Development land only to be Development land only to be transferred via public auction, public transferred via public auction, public listing or tenderlisting or tender
20052005 ““Eight Regulations”Eight Regulations”
Summary continuedSummary continued
20062006 Six Point Measures/15 Six Point Measures/15 Implementing RegulationsImplementing Regulations
Circular 171Circular 171
20072007 Land Appreciation TaxLand Appreciation Tax
Circular 50 (23 May)Circular 50 (23 May)
Circular 130 (10 July)Circular 130 (10 July)
Tightening of Mortgage Lending Tightening of Mortgage Lending Rate (15 September)Rate (15 September)
Series of Interest Rate Increases Series of Interest Rate Increases
PPPPSS
““Eight Regulations”Eight Regulations”
Local governments responsible for Local governments responsible for stabilising own housing pricesstabilising own housing prices
Low to medium housing should account Low to medium housing should account for majority of unitsfor majority of units
Halt to villa developmentHalt to villa development– Regulations generally had little impact Regulations generally had little impact
although villa development did slow in some although villa development did slow in some cities, hence further controls introduced cities, hence further controls introduced
PPPPSS
Six Point Measures and Related Six Point Measures and Related Implementing RegulationsImplementing Regulations
70% of future residential supply in each 70% of future residential supply in each municipality to comprise units of 90sm or less – municipality to comprise units of 90sm or less – to increase supply of affordable unitsto increase supply of affordable units
Leveraging on taxation, credit and land policies Leveraging on taxation, credit and land policies – to suppress speculation– to suppress speculation
Rationalise scale and pace of housing Rationalise scale and pace of housing redevelopment – to reduce “passive” demand redevelopment – to reduce “passive” demand
Increase production of low-rent and affordable Increase production of low-rent and affordable housinghousing
PPPPSS
Circular 171Circular 171
Tightening of restrictions on foreign investment Tightening of restrictions on foreign investment in property sector including Central Government in property sector including Central Government project approvalsproject approvalsForeign investors required to set up foreign Foreign investors required to set up foreign investment enterprises to hold their investment investment enterprises to hold their investment properties in Chinaproperties in ChinaRestrictions on payments and sales proceeds Restrictions on payments and sales proceeds transfers and on property investments for transfers and on property investments for branches, rep offices and foreign individualsbranches, rep offices and foreign individuals– Dispensation for overseas Chinese individuals, long Dispensation for overseas Chinese individuals, long
term foreign residentsterm foreign residents
PPPPSS
Land Appreciation TaxLand Appreciation Tax
LAT payable since 1994 on gain realised on LAT payable since 1994 on gain realised on transfer of land, buildings and associated transfer of land, buildings and associated structures and on taxable gains derived by structures and on taxable gains derived by companies and individuals from transfer of real companies and individuals from transfer of real propertypropertyCircular 187 on 1 February 2007 mandated Circular 187 on 1 February 2007 mandated collectioncollectionPayable when construction complete and Payable when construction complete and property fully sold or transfer of entire project property fully sold or transfer of entire project during constructionduring constructionRate of 30% - 60% depending on level of gain Rate of 30% - 60% depending on level of gain pro rata to fixed items eligible for deductionpro rata to fixed items eligible for deduction
PPPPSS
Circular 50Circular 50
Follow up to Circular 171Follow up to Circular 171Strict control of foreign investment in the Strict control of foreign investment in the high end residential sectorhigh end residential sectorProhibits foreign entities from obtaining a Prohibits foreign entities from obtaining a fixed/guaranteed return under a JV fixed/guaranteed return under a JV agreementagreementReiterates requirement for foreign invested Reiterates requirement for foreign invested enterprises and the securing of project enterprises and the securing of project approvals from Central Governmentapprovals from Central Government
PPPPSS
Tightening of Mortgage RatesTightening of Mortgage Rates
Minimum down payment levels now:Minimum down payment levels now:– 20% for unit of 90sm or less20% for unit of 90sm or less– 30% for unit of over 90sm30% for unit of over 90sm– 40% if second home buyer (or investor)40% if second home buyer (or investor)– 50% if commercial premises plus loan limits50% if commercial premises plus loan limits
Mortgage rate for second buyer raised to Mortgage rate for second buyer raised to 1.1% above benchmark rate1.1% above benchmark rateNo loans to developers with self equity of No loans to developers with self equity of less than 35% or without project permitsless than 35% or without project permits
PPPPSS
Other Recent MeasuresOther Recent Measures
Circular 130 – first batch of approvals of Circular 130 – first batch of approvals of real estate foreign investment enterprises; real estate foreign investment enterprises; such entities require approval to engage in such entities require approval to engage in foreign currency registration and related foreign currency registration and related capital account settlementscapital account settlements
Benchmark interest rate raised from Benchmark interest rate raised from 7.02% to 7.29% on September 15 to 7.02% to 7.29% on September 15 to 7.83% at the current time7.83% at the current time
PPPPSS
Challenges of 2008Challenges of 2008
Foreign investors being held accountable Foreign investors being held accountable for overheatingfor overheating
Difficult to channel funds into China except Difficult to channel funds into China except as equity and even then not easyas equity and even then not easy
Approval requirements favour existing Approval requirements favour existing playersplayers
Beijing likely to police enforcement of Beijing likely to police enforcement of various circularsvarious circulars
PPPPSS
Market Sentiment in 2008Market Sentiment in 2008
Cumulative impact of regulatory Cumulative impact of regulatory enforcement likely to biteenforcement likely to biteCity interpretation and selective City interpretation and selective enforcement no longer acceptable to enforcement no longer acceptable to BeijingBeijingCity by city price adjustments in residential City by city price adjustments in residential valuesvaluesCommercial sector largely unaffected and Commercial sector largely unaffected and will follow pattern of supply and demandwill follow pattern of supply and demand
Thank youThank you
Professional Property Professional Property Services LimitedServices Limited
PPPPSS
The Hong Kong Property Market:The Hong Kong Property Market:
Steady As She GoesSteady As She Goes
Nicholas BrookeNicholas Brooke, , FRICS FHKISFRICS FHKIS
Chairman, Professional Property Services LtdChairman, Professional Property Services Ltd
March 2008March 2008
PPPPSS
2007 / 2008 Policy Address2007 / 2008 Policy Address
A new direction for Hong KongA new direction for Hong Kong
10 new infrastructure projects10 new infrastructure projects
3 new development areas in New 3 new development areas in New TerritoriesTerritories
Range of heritage initiativesRange of heritage initiatives
Review of building densitiesReview of building densities
Asset management of Government Asset management of Government portfolioportfolio
PPPPSS
Influence of GovernmentInfluence of Government
Leasehold land tenure systemLeasehold land tenure system
Principal generator of land supplyPrincipal generator of land supply– Disposals – application list systemDisposals – application list system– Lease modificationsLease modifications– Agencies – URA / MTRC / KCRCAgencies – URA / MTRC / KCRC
Dependence on land revenuesDependence on land revenues
Major owner and continued provider of Major owner and continued provider of social housingsocial housing
PPPPSS
Market Overview –Market Overview –ResidentialResidential
Ultimate barometer of Hong Kong’s well Ultimate barometer of Hong Kong’s well beingbeingThree markets within a marketThree markets within a marketPotential issues relating to supply Potential issues relating to supply Major beneficiary of interest rate Major beneficiary of interest rate reductionsreductionsSpeculation is prevalent at the topSpeculation is prevalent at the topEmphasis on life style and quality of life Emphasis on life style and quality of life issuesissues
PPPPSS
33%
49%
11%5% 2%
Total Stock of Private Residential Units by Class in Hong Kong (2007)
Total Stock of Private Residential Units by Class in Hong Kong (2007)
Classification of Residential Units by Class :
Class A - saleable area less than 40m²
Class B - saleable area of 40m² to 69.9m²
Class C - saleable area of 70m² to 99.9m²
Class D - saleable area of 100m² to 159.9m²
Class E - saleable area of 160m² and above
Class B (519,498 units)
Class A (350,455 units)
Class D (54,778 units)
Class C (121,404 units)
Class E (22,763 units)
Sources: Rating and Valuation Department
PPPPSS
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Supply and Take-Up (units)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Vacancy (%)
Supply 27,673 34,173 22,621 19,875 18,202 22,278 35,322 25,790 26,262 31,052 26,397 26,036 17,321 16,579 12,737 16,010
Take-up 27,320 23,250 24,710 20,480 15,090 13,050 19,560 29,180 19,320 18,240 22,490 31,400 17,450 16,400
Vacancy Rate 3.9 4.7 4.1 3.7 3.8 4.5 5.9 5.4 5.7 6.6 6.8 6.2 6.0 5.9
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F 2008F
Hong Kong Residential Market (Overall) Supply,
Take-up & Vacancy
Hong Kong Residential Market (Overall) Supply,
Take-up & Vacancy
Sources: Rating and Valuation Department
PPPPSS
Current SituationCurrent Situation
Noticeable improvement in sales volumes in 2007 – over Noticeable improvement in sales volumes in 2007 – over 145,000 transactions of which only 19,000 involved 145,000 transactions of which only 19,000 involved primary salesprimary salesLand auctions in 2007 for luxury residential sites have Land auctions in 2007 for luxury residential sites have been well contested – Welfare Road, Aberdeen set new been well contested – Welfare Road, Aberdeen set new benchmarkbenchmarkRents and prices risen in luxury sector but mixed signals Rents and prices risen in luxury sector but mixed signals from mass residential marketfrom mass residential marketVolatile stock market conditions reflected in renewed Volatile stock market conditions reflected in renewed interest in real estate, particularly residentialinterest in real estate, particularly residentialInvestor profile now includes ME, SE Asia, Mainland Investor profile now includes ME, SE Asia, Mainland China as well as domestic players China as well as domestic players
PPPPSS
Rents and Prices –Rents and Prices –Luxury MarketLuxury Market
Luxury prices on Hong Kong Island averaged Luxury prices on Hong Kong Island averaged HK$11,000 psf during 2007HK$11,000 psf during 2007
Flat prices on the Peak averaged HK$14,500 Flat prices on the Peak averaged HK$14,500 psf whilst a penthouse in The Legend sold for psf whilst a penthouse in The Legend sold for HK$33,000 psfHK$33,000 psf
Luxury house prices averaged HK$20,000 Luxury house prices averaged HK$20,000 psf on Hong Kong Islandpsf on Hong Kong Island
Rents on the Island averaged HK$45.00 psf Rents on the Island averaged HK$45.00 psf per month with Peak averaging HK$55.00 psfper month with Peak averaging HK$55.00 psf
PPPPSS Source : CB Richard Ellis Ltd
PPPPSS
Rents and Prices – Rents and Prices – Luxury MarketLuxury Market
Very low vacancy rate - below 2.0% Very low vacancy rate - below 2.0% Leasing market expected to remain Leasing market expected to remain strong – 20% uplift forecast for 2008strong – 20% uplift forecast for 2008Luxury prices on Hong Kong Island rose Luxury prices on Hong Kong Island rose by as much as 50% in 2007, Kowloon by as much as 50% in 2007, Kowloon 30% and New Territories 25% 30% and New Territories 25% Further increases in the sales prices Further increases in the sales prices expected during 2008 – up to 30-40% expected during 2008 – up to 30-40%
PPPPSS Source : CB Richard Ellis Ltd
PPPPSS Source : CB Richard Ellis Ltd
PPPPSS Source : CB Richard Ellis Ltd
PPPPSS
The Leighton Hill, Happy ValleyThe Leighton Hill, Happy Valley
PPPPSS
The Bel-Air, PofulamThe Bel-Air, Pofulam
PPPPSS
The Bel-Air, PofulamThe Bel-Air, Pofulam
PPPPSS
The Arch, West KowloonThe Arch, West Kowloon
PPPPSS
Rents and Prices – Rents and Prices – Mass Residential Market Mass Residential Market
Prices averaged HK$4,700 – 5,000psf Prices averaged HK$4,700 – 5,000psf across Hong Kong during 2007across Hong Kong during 2007New projects being released a few units at New projects being released a few units at a timea timeAlthough economic conditions continue to Although economic conditions continue to improve, this sector is affected by major improve, this sector is affected by major changes in Hong Kong demographicschanges in Hong Kong demographicsPopulation hollowing outPopulation hollowing outDependent on newly weds and upgradersDependent on newly weds and upgraders
PPPPSS
Tin Shui Wai, Yuen LongTin Shui Wai, Yuen Long
PPPPSS
Ma On Shan, ShatinMa On Shan, Shatin
PPPPSS
Future SupplyFuture Supply
Debate as to adequacy of future supplyDebate as to adequacy of future supply
Predicted to be of the order 15,000 p.a. in Predicted to be of the order 15,000 p.a. in future – c/f 30-35,000 when Hong Kong in future – c/f 30-35,000 when Hong Kong in growth modegrowth mode
Government control of land supply should Government control of land supply should underpin prices as evidenced by latest underpin prices as evidenced by latest Application List releaseApplication List release
Strong growth anticipated in 2008Strong growth anticipated in 2008
PPPPSS
CompanyCompany Land Bank (sq.m)Land Bank (sq.m) CompanyCompany Land Bank (sq.m)Land Bank (sq.m)
New World New World
Development Development 17.5 million
Cheung Kong +Cheung Kong +
Hutchison WhampoaHutchison Whampoa14.4 million
Wharf GroupWharf Group 2.7 million Hang LungHang Lung 2.6 million
Henderson LandHenderson Land 2.4 million Sun Hung KaiSun Hung Kai
PropertiesProperties1.9 million
Kerry PropertiesKerry Properties 1.7 million Sino GroupSino Group 1 million
Swire PropertiesSwire Properties 0.5 million Hongkong LandHongkong Land 0.4 million
China OverseasChina Overseas 14 million China ResourcesChina Resources
LandLand9.6 million
Source: Public Information (As of end 2006)
• Some of the developers have nationwide business exposure: e.g. New World (17 cities), Cheung Kong & Hutchison Whampoa (15), China Overseas (14) and China Resources Land (9)
• Most of other HK developers currently invest in selected cities only
Hong Kong Developers in ChinaHong Kong Developers in China
PPPPSS
Hong Kong – CBDHong Kong – CBD
PPPPSS
Office SectorOffice Sector
Growth in economy continues Growth in economy continues – 2006 – GDP 6.9% 2006 – GDP 6.9% – 2007 – GDP 6.3%2007 – GDP 6.3%
Little new supply in short term except in Little new supply in short term except in decentralised areasdecentralised areas
Central rents continue strong; secondary Central rents continue strong; secondary districts less sodistricts less so
PPPPSS
Market Overview –Market Overview –OfficeOffice
Few choices in CBDFew choices in CBD
Decentralisation – yet again!Decentralisation – yet again!
Demand from both new entrants and Demand from both new entrants and expansion but some impact from sub-expansion but some impact from sub-prime issues anticipatedprime issues anticipated
IFC2 : HK$168 psfIFC2 : HK$168 psf
Exchange Square : HK$138 psf Exchange Square : HK$138 psf
PPPPSS Sources: CB Richard Ellis
Ltd
PPPPSS Sources: CB Richard Ellis Ltd
PPPPSS Source : CB Richard Ellis Ltd
PPPPSS
Office SectorOffice Sector
Renewed emphasis will be on Renewed emphasis will be on decentralisation due to high Central rentsdecentralisation due to high Central rents
Weight of institutional funds will maintain Weight of institutional funds will maintain high value regimehigh value regime
Disconnect between yields and capital Disconnect between yields and capital valuesvalues
Opportunities for small investors in Opportunities for small investors in decentralised areas decentralised areas
PPPPSS
Market Overview –Market Overview –RetailRetail
In good health, largely sustained by In good health, largely sustained by Mainland visitorsMainland visitors
Traditional areas of Causeway Bay & Tsim Traditional areas of Causeway Bay & Tsim Sha Tsui much in demandSha Tsui much in demand
Re-emergence of strata title investorsRe-emergence of strata title investors
Re-configuration of 1Re-configuration of 1stst and 2 and 2ndnd floor podium floor podium space to retail usespace to retail use
Emergence of Big Box and other formatsEmergence of Big Box and other formats
PPPPSS
Market Overview –Market Overview –Other SectorsOther Sectors
Interest in 2/3 star hotels, fuelled by Mainland Interest in 2/3 star hotels, fuelled by Mainland tour groups – 10 sites included on Application tour groups – 10 sites included on Application ListListHotel occupancies and room rates upHotel occupancies and room rates upConversion of industrial sites to hotel and guest Conversion of industrial sites to hotel and guest house usehouse usePrevious initiatives to revitalise industrial Previous initiatives to revitalise industrial buildings unsuccessful e.g. I/O, general buildings unsuccessful e.g. I/O, general business zoning, but likely to see renewed business zoning, but likely to see renewed efforts in 2008 efforts in 2008
PPPPSS
Ongoing ChallengesOngoing Challenges
Continued and potentially increased Government Continued and potentially increased Government involvement involvement Trading mentality still prevailsTrading mentality still prevailsQuality of life issuesQuality of life issues– HarbourHarbour– HeritageHeritage– SustainabilitySustainability– Urban RenewalUrban Renewal– Air PollutionAir Pollution
Community engagementCommunity engagement
PPPPSS
Extract from Wanchai & Adjoining Areas Extract from Wanchai & Adjoining Areas Public Engagement KitPublic Engagement Kit
S.W. Kowloon – Aerial ViewS.W. Kowloon – Aerial View
PPPPSS
S.E. Kowloon – The Existing PlatformS.E. Kowloon – The Existing Platform
PPPPSS
New Central WaterfrontNew Central Waterfront
Thank you!Thank you!
Professional Property Professional Property Services LimitedServices Limited
PPPPSS
© 2008 Gerson Lehrman Group Inc., All Rights Reserved
About GLG Institute
GLG Institute (GLGiSM) is a professional organization focused on educating business and investment professionals through in-person meetings. It is designed to revolutionize the professional education market by putting the power of programming into the hands of the GLG community.
GLGi hosts hundreds of Seminars worldwide each year.
GLGi clients receive two seats to all Seminars in all Practice Areas.
GLGi’s website enables clients to: ► Propose Seminar topics, agenda items and locations ► View and RSVP to scheduled and proposed Seminars ► Receive a daily briefing with new posts on your favorite tickers, subject
areas and from trusted Council Members ► Share Seminar details with colleagues or friends
© 2008 Gerson Lehrman Group Inc., All Rights Reserved
Gerson Lehrman Group ContactsAccounting & Financials Analysis (AFA)
Andrew GordonSenior Vice President
Accounting & Financial Analysis (AFA)
Gerson Lehrman Group
850 Third Avenue, 9th Floor
New York, NY 10022
212-984-3693
Aaron LibermanManaging Director, Sales and Marketing
Gerson Lehrman Group
850 Third Avenue, 9th Floor
New York, NY 10022
212-984-3684
Carly PisarriMarket and Product Development Manager, Events
Gerson Lehrman Group
850 Third Avenue, 9th Floor
New York, NY 10022
212-750-1435
© 2008 Gerson Lehrman Group Inc., All Rights Reserved
IMPORTANT GLG INSTITUTE DISCLAIMER – By making contact with this/these Council Members and participating in this event, you specifically acknowledge, understand and agree that you must not seek out material non-public or confidential information from Council Members. You understand and agree that the information and material provided by Council Members is provided for your own insight and educational purposes and may not be redistributed or displayed in any form without the prior written consent of Gerson Lehrman Group. You agree to keep the material provided by Council Members for this event and the business information of Gerson Lehrman Group, including information about Council Members, confidential until such information becomes known to the public generally and except to the extent that disclosure may be required by law, regulation or legal process. You must respect any agreements they may have and understand the Council Members may be constrained by obligations or agreements in their ability to consult on certain topics and answer certain questions. Please note that Council Members do not provide investment advice, nor do they provide professional opinions. Council Members who are lawyers do not provide legal advice and no attorney-client relationship is established from their participation in this project.
You acknowledge and agree that Gerson Lehrman Group does not screen and is not responsible for the content of materials produced by Council Members. You understand and agree that you will not hold Council Members or Gerson Lehrman Group liable for the accuracy or completeness of the information provided to you by the Council Members. You acknowledge and agree that Gerson Lehrman Group shall have no liability whatsoever arising from your attendance at the event or the actions or omissions of Council Members including, but not limited to claims by third parties relating to the actions or omissions of Council Members, and you agree to release Gerson Lehrman Group from any and all claims for lost profits and liabilities that result from your participation in this event or the information provided by Council Members, regardless of whether or not such liability arises is based in tort, contract, strict liability or otherwise. You acknowledge and agree that Gerson Lehrman Group shall not be liable for any incidental, consequential, punitive or special damages, or any other indirect damages, even if advised of the possibility of such damages arising from your attendance at the event or use of the information provided at this event.