HONG KONG, CHINA - Media OutReach - July 14, 2017 -
- The Greater Bay Area will realize enormous economic growth and potential as it gathers and consolidates a large number of industries in the three main city clusters.
- As the window of the Greater Bay Area, Hong Kong will be able to leverage on its international exposure and advanced development and contribute to the positioning and coordination of the entire area.
The Greater Bay Area (GBA) initiative will herald a new era of regional integration among the two Special Administrative Regions of Hong Kong and Macao and nine cities in Guangdong Province, propelling the entire region into what will become the most comprehensive economic powerhouse in terms of number of industries compared with other world-renowned bay areas, as Cushman & Wakefield revealed during the "Guangdong-Hong Kong-Macao Greater Bay Area Initiative: Opportunities & Challenges for the Real Estate Sector" seminar today. The initiative will change the macroeconomic and social development of all the component cities, while further reinforcing the role of Hong Kong as the "super-connector" to connect Mainland cities in the GBA with the international community.
Announced by Premier Li Keqiang early this year, the GBA initiative served as a strong mandate for Guangdong, Hong Kong and Macao to work together towards building a system of coordinated and sustainable world-class townships which are vibrant, energetic and globally competitive. The coordination could see the component cities being grouped into the following three city clusters with distinctive function and positioning, according to each city's own status, strengths and advantages, and there will be greater synergy created through the improvement to the intercity infrastructures.
The Hong Kong-Shenzhen-Dongguan-Huizhou cluster: Led by Shenzhen, a model city of innovation in China today, this cluster will focus on high-tech R&D, finance, telecommunications, headquarters economy and manufacturing. The nucleus of this cluster is the Qianhai FTZ, whose integrated transportation network and policy support have attracted Hong Kong and Mainland enterprises with a long-term vision in business. Hong Kong and Qianhai are increasingly twinned in cooperation in the areas of finance and modern service industry, and Hong Kong will be able to lead the R&D development in Qianhai and the Shenzhen cluster through its advanced facilities and talents of R&D and a strong rule of law.
The Guangzhou-Foshan-Zhaoqing cluster: The increasing linkage between Guangzhou and Foshan forms the backbone of the relationship among the three cities in this cluster. Being the economic driver of this cluster, the Nansha pilot FTZ focuses on logistics, bonded port trading, import, export and processing. It and Hong Kong can complement each other in logistics, with a view of enhancing the flow of goods from the manufacturing stronghold of Guangzhou and Foshan to overseas markets.
The Macao-Zhuhai-Zhongshan-Jiangmen cluster: Given Macao as the entertainment and tourism hub of the GBA and its increasing integration with the Hengqin FTZ, this cluster on the west bank of the Pearl River, which is traditionally overshadowed by the more developed east bank, will benefit from a positioning as a center of entertainment, tourism and leisure industry, characteristic towns and nature reserves. The bloodline here will be the Hong Kong-Zhuhai-Macao Bridge, whose completion will no doubt enhance the flow of traffic, tourists and goods between Hong Kong, Macao and the west bank of the Pearl River.
Mr Edward Cheung, Cushman & Wakefield's Chairman, Asia Pacific Board & Chief Executive, Greater China, commented, "When we look at the GBA initiative, it is important to remember that Hong Kong enjoys the greatest level of freedom and openness among the economies in this bay area. As a global metropolis with advanced development and international business practice expertise, Hong Kong will shine further in its role of the 'super-connector' and a leader in financial services within the GBA."
"Through the continuous improvement in the transportation network, the 'one-hour living circle' will no longer be a governmental planning jargon, but something which will positively change the way people in Hong Kong, Macao and the nine Guangdong cities work, shop and live. The GBA will possess the most varied plethora of industries than others such as the Tokyo Bay, San Francisco Bay and New York Bay areas. It will also be an important part of the Belt & Road initiative. With the opportunities ahead, Hong Kong will see no reason not to be a part of this new platform that will bring our city's development to the next level based on our traditional legacy and strengths," Mr Cheung concluded.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm's 45,000 employees in more than 70 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Across Greater China, there are 20 offices servicing the local market. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of US$6 billion across core services of agency leasing, asset services, capital markets, facility services, global occupier services, investment & asset management, project management, tenant representation and valuation & advisory. To learn more, please visit www.cushmanwakefield.com.cn or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china)