(From left to right) Wang Zhigang, Vice-President of China Overseas Property Holdings Limited; Ma Fujun, Director and Vice-President of China Overseas Holdings Limited; and Xu Wendong, Vice-President of China Overseas Land & Investment Ltd attend a media conference at the China Overseas Building in Wan Chai on July 5, 2023. (CALVIN NG / CHINA DAILY)

An array of policies launched by the Hong Kong Special Administrative Region government and greater integration with the Guangdong-Hong Kong-Macao Greater Bay Area have created new opportunities for the city’s real estate market.

Ma Fujun, director and vice-president of China Overseas Holdings, made the remarks at a news conference on Wednesday. He said that the company, founded in Hong Kong in 1979, has particiated in construction projects such as the Hong Kong Palace Museum, Hong Kong Disneyland and more than 140,000 public housing units. 

Xu believes it is important to strengthen the connection and exchanges between the real estate markets of Hong Kong and mainland cities in order to provide the public with better products and services

Although Hong Kong’s real estate market fell from its peak in 2021, it rebounded 6 percent this year compared to that of 2022, said Xu Wendong, vice-president of COHL’s subsidiary China Overseas Land & Investment Co. 

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Xu added that the initiatives launched by the sixth-term SAR government can stimulate Hong Kong’s housing market from a long-term perspective. 

The city, for instance, is expected to attract at least 35,000 professionals each year under the Top Talent Pass Scheme, which was officially rolled out last December, and is estimated to generate demand for over 10,000 housing units, according to Xu.  

Also, construction of the Northern Metropolis, the San Tin Technopole and the proposed Kau Yi Chau Artificial Islands may provide stable growth increments for the property market eventually, industry insiders said.

COHL is working on seven construction projects, six of which are related to the Kai Tak Development project in Kowloon. Xu said that his company will continue to invest in Hong Kong, strengthen its presence in the market, and contribute to the industry’s sustained development.

Xu believes it is important to strengthen the connection and exchanges between the real estate markets of Hong Kong and mainland cities in order to provide the public with better products and services.

Going back to the 1990s, he recalled that COHL had undertaken the construction of many residential buildings in Guangzhou, Guangdong province, that were designed by Hong Kong designers, introducing innovative designs, advanced construction methods, and customer-oriented management models of the SAR’s residential sector to Guangzhou’s real estate market. 

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Now, he said, with the implementation of the Greater Bay Area blueprint, the real estate markets in both Hong Kong and the mainland have progressed to a phase of mutual learning, where concepts such as smart communities on the mainland can inspire the real estate market in the SAR. 

The industry’s revival, accompanied by high labor costs, however, has intensified the manpower shortage, said Wang Zhigang, vice-president of COHL’s China Overseas Property Holdings Co, adding that the company will respond to the challenge by using measures such as recruiting local talent and optimizing benefit packages. 

Hong Kong’s technological advantages are regarded as a cure for the challenges faced by the property company. Wang said the industry can utilize technologies such as the internet of things and artificial intelligence to improve efficiency and service quality, and make the most of the opportunities presented by Hong Kong’s development.

(Intern Lin Zhiyi contributed to the story)

Contact the writer at irisli@chinadailyhk.com