The ULI Hong Kong Conference, one of the first live real estate events in the city since the COVID-19 pandemic, welcomed a host of local experts to the Murray Hotel on September 9^th to discuss the future for the city’s built environment.

Speakers and panellists reflected on a recent past filled with challenges, including unrest in 2019, the US-China trade war and the ongoing pandemic, but also looked at Hong Kong’s potential for becoming a better place to live and work. The custodians of the built environment must be at the heart of efforts to make Hong Kong a better place, said outgoing ULI Asia Pacific chairman Nicholas Brooke.

Opening keynote speaker Ronnie Chan, chairman of Hang Lung Properties, declared that Hong Kong must look to China, in particular the Greater Bay Area (GBA) of which Hong Kong is a part of, for its future prosperity. Hongkongers need to brush up on their Mandarin and embrace their identity as citizens of China to succeed, he added. “Make Hong Kong your home and headquarters, but make your money north of the border,” he said.

However, Chan said that Hong Kong’s global outlook remained important. This was something echoed by a panel of younger real estate executives who said the city’s multiculturalism and diversity mean that it “punches above its weight” in the wider world. Outgoing ULI Hong Kong council chair Raymond Chow, executive director of Hongkong Land, went further in saying that Hong Kong’s international aspect, especially its legal and financial systems, were crucial to its position in the GBA, where “Hong Kong has been designated as the financial ‘dragon head’ for the area”.

Many of the discussions focused on the importance of ESG to making Hong Kong a more liveable city. Social sustainability is at the heart of this, especially the need to provide housing for all. Kristine Li, senior deputy general manager, portfolio leasing department at Henderson Land talked about her company’s work with the city authorities and NGOs to create transitional housing for people waiting for public housing.

The conference also learned about some initiatives to improve Hong Kong’s open spaces. Marisa Yiu, executive director of the Design Trust described her work to revitalise some of Hong Kong’s smallest open spaces: playgrounds and tiny urban parks, which act as “breathing areas” for the city.

Meanwhile, Bank of America and ULI are working on a project to promote the activation of underutilised urban spaces in Hong Kong. An initial study, looking only at the north and west of Hong Kong Island, found more than 100 sites where open space is available but poorly utilised. These have been whittled down to three sites which can offer useful public space and ESG characteristics. The next stage is working with landowners and government to activate the sites.

There was a fascinating sharing of the challenges and opportunities of placemaking in Hong Kong.  With a growing number of projects, such as the newly opened Central Market and the West Kowloon project, that are not commercially oriented, and which add a unique sense place and vitality shaping how residents and visitors see and interact with the city.  Panellists debated the balance between commerce, culture and community – all key factors in placemaking and raised the issue of how outdated regulations can prevent creative architectural solutions.

The conference also highlighted the work of ULI’s UrbanPlan scheme, which helps students at schools in Hong Kong to learn about urban regeneration. A total of 571 student have taken part in the programme so far, supported by a number of Hong Kong developers and other real estate players. The aim is to grow the programme to 1,000-1,500 student participants in the near term.

The pandemic has accelerated real estate’s acceptance of the importance of sustainability and it has also driven an increased acknowledgement of the importance of technology and data. A panel of design experts urged Hong Kong real estate players to use data to provide a better experience and to grow closer to their customers – a theme which was noted by a number of speakers.

As well as sustainability, liveability and technology, the conference looked at the need for flexibility. The office sector and its tenants are crucial to Hong Kong’s prosperity, however – as in Asia more generally – office workers have been keen to return. Furthermore, the changes wrought by the pandemic have been on the cards for a while. Paul Salnikow, chairman and CEO of flexible workspace operator The Executive Centre, said: “The reality is that workplaces have been moving towards flexibility for a long time. People want to work in an office, they want to collaborate, but they don’t want long-term commitments because the world is an uncertain place.”

Despite the travails of recent years, the Hong Kong real estate community remains upbeat and became even more so during the course of the conference. A poll taken at the start of the day found 65% of the audience bullish about their future in Hong Kong and 35% bearish. However, by the end of the conference, this had changed to 80% bullish and only 20% bearish which indicated a great tone of optimism when looking towards the future.  With a strong, international talent pool, access to free flow capital, a simple tax system and it’s positioning geographical next to China, a key growth market, Hong Kong has an exciting and bright future.

2021 ULI Hong Kong Conference Photo Album