Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan, at the Joint Business Community Luncheon today (March 13):
Agnes (Chairman of the Hong Kong General Chamber of Commerce, Ms Agnes Chan), Anthony (Chairman of Federation of Hong Kong Industries, Mr Anthony Lam), Wingco (President of the Chinese Manufacturers’ Association of Hong Kong, Dr Wingco Lo), Jonathan (Chairman of the Chinese General Chamber of Commerce, Hong Kong, Dr Jonathan Choi), presidents and chairmen of chambers of commerce, Consuls-General, distinguished guests, ladies and gentlemen,
There is an oversupply in the commercial property sector. That is why we have stopped selling commercial land since 2024. Besides, we are promoting more flexible use of suitable office premises, for example, as student hostels, to improve their utilisation. This situation is improving, with rental pressure for office property easing in core areas. In fact, office demand from financial institutions, in particular firms in asset and wealth management as well as digital assets, is increasing notably.