Hong Kong's leading property developers have learned their lesson. They grew into giant conglomerates on the strength of a market that seemingly knew only one way to go - steeply upwards. But left wilting from a decade of one crisis after another, the biggest builders in town have decentralised to protect themselves against the local property roller-coaster ride, with its inherent vulnerability to extreme peaks and troughs.
They have been expanding aggressively and profitably into emerging markets in mainland China, Asia and the Middle East.
In the slipstream of this expansion beyond Hong Kong, interior designers are in hot demand to make the new developments habitable. Beyond basic 'shells', every new development has to be fitted out, from flooring and furnishing to lighting, skylights, fittings and artwork.
As one of Hong Kong's leading contractors and developers, Chun Wo Development Holdings has its own subsidiary for interior fitting-out work, Chun Wo Elegant Decoration Engineering.
Like most leading interior design and fitting-out firms, Chun Wo Elegant is expanding fast on the strength of the group's growth, plus demand from other developers. The design subsidiary has not expanded outside of Hong Kong yet, but it is planning to export its expertise.
'We want to extend our business to Macau and major cities in mainland China over the coming two years,' said Chun Wo Elegant managing director, Peter Kwan. 'We see a huge demand for fitting-out work beyond Hong Kong, with new building projects under way.
