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| Committee Focus 委員會專輯 |Real estate is a key pillar of the economy,and is one sector that impacts every personliving in Hong Kong. This month, TheBulletin talks with Angela Lee, Chairman ofthe Chamber’s Real Estate & InfrastructureCommittee, about the sector, and whereshe sees the market going in 2012房地產是本港重要經濟支柱 , 也是一個影響香港每家每戶的行業。今期《工商月刊》訪問了總商會地產及基建委員會主席李慧賢 , 聽她談地產業的最新動態和 2012 年的市場前景28 January 2012 The Bulletin 工商月刊
The Bulletin: Hong Kong’s central business district rents are byfar the most expensive in the world. Can they keep on rising?Are high rents gnawing away at Hong Kong’s competitiveness?Angela Lee: Because of economic issues in the West, morebusinesses are seeing Mainland China as offering a ray of hope.They are all beating a path to Mainland China and see HongKong as their first choice as a base. On the flip side, outboundMainland businesses are increasingly setting up a foothold inHong Kong as they venture overseas. These are new opportunities.However, prohibitively high rent could wipe out the attractionof Hong Kong and take the opportunities away from us.Rental expenses are a major overhead item, particularly for theservice-based sector. So even for those already in Hong Kong,the balance could be tipped against us if rents keep escalating.B: Will the development of the East Kowloon business districtpush rents down in Central?AL: We have had a lot of discussion in our committee about itsimpact, and how much office space the CBD2 would actuallycreate. Because the CBD in Hong Kong is so small and new supplyhas all but dried up, statistics show that there is not enoughFace to Face withAngela Lee李慧賢專訪supply even to meet the average annual demand increase fromexisting users. Meeting new demand from new comers is outof the question. This situation has pushed our CBD rents wayabove the second most expensive business district in the world.This is not smart for Hong Kong. I am therefore not worriedabout CBD2 pushing rents down in Central and any way, anymeaningful supply would only become available some yearsfrom now.Having said that, I always caution that any step to addressan issue in the market should be done with an eye to avoid levellinga double whammy on it. As the world economy is volatile,it is also important to watch out for any reverse cycle toensure that the pace of release of new space does not undulydestabilise the market.B: What do you think of the policy to convert more old industrialbuildings into offices?AL: I think the new policy, in relation to whole conversionof industrial buildings, not only to offices but to other usesas well, such as hotels, is a step in the right direction. Therehas been a gradual increase in transactions of industrial buildingsin the past two to three years and the value of industrialspace has shot up. I think the government policy to re-vitaliseindustrial buildings has made a real impact on the idle indus-The Bulletin 工商月刊 January 2012 29
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