Swire Properties, Hongkong Land say businesses will refocus on city as Covid-19 curbs end, mainland China border reopens

International and Asian financial and professional services businesses will refocus on city because of continuing role as China’s international hub for capital and finance, Hongkong Land executive says

Latest arrangements convey to international community that Hong Kong is resuming normal social and economic activities: Swire Properties CEO

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Central’s office market has been resilient and has outperformed other districts in Hong Kong, says Hongkong Land, the largest commercial landlord in the district. Photo: Roy Issa

Published: 9:30am, 19 Dec 2022Updated: 9:48am, 19 Dec 2022

International and Asian businesses will refocus on Hong Kong, as recent the recent easing of Covid-19 restrictions and expected reopening of the border with mainland China help the city retain its international financial hub status, according to Swire Properties and Hongkong Land, two of the largest commercial landlords in the city.

“Assisted by the easing of border and social-distancing restrictions, we expect international and Asian financial and professional services businesses to refocus their attention on Hong Kong because of the city’s continuing role as China’s international hub for capital and finance,” Neil Anderson, director and head of office, commercial property, at Hongkong Land, told the Post.

Hongkong Land is the biggest landlord in Hong Kong’s Central business district, with a portfolio that includes Exchange Square and Landmark. “In recent years, Hong Kong has faced many economic and social headwinds. These headwinds have impacted all industries, including the real estate sector,” Anderson said.

The Hong Kong government last week announced the biggest easing of its Covid-19 regime since the pandemic hit almost three years ago. It will now allow arriving travellers who test negative free movement in the city and will end use of the “Leave Home Safe” risk-exposure app. Moreover, earlier this month, John Lee Ka-chiu, Hong Kong’s leader, pointed out that quarantine-free travel to mainland China next year was a possibility.

Hongkong Land’s portfolio includes Exchange Square, above, and Landmark. Photo: Jelly Tse

In a potential sign of things to come, Sotheby’s, one of the world’s largest international auction houses, said last week that it was expanding its footprint in Hong Kong. The New York-headquartered firm is leasing about 24,000 sq ft in the retail podium of Hongkong Land’s Chater House in Central, the landlord and auction house said on Thursday. Sotheby’s plans to use the space for hosting auctions, exhibitions and a new concept cafe.

“These latest arrangements will help boost positive market sentiment, and send an important message to the international community that Hong Kong is resuming its normal social and economic activities,” Tim Blackburn, CEO of Swire Properties, told the Post.