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NICHOLAS BROOKE, FRICS, FHKIS PRESIDENT, RICS

Managing Expectations – The changes and challenges facing the industry – A property professional ’ s perspective. NICHOLAS BROOKE, FRICS, FHKIS PRESIDENT, RICS. NOVEMBER 2003. GLOBAL BACKCLOTH. The Economic Backcloth and the Health of the Sector.

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NICHOLAS BROOKE, FRICS, FHKIS PRESIDENT, RICS

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  1. Managing Expectations – The changes and challenges facing the industry –A property professional’s perspective NICHOLAS BROOKE, FRICS, FHKIS PRESIDENT, RICS NOVEMBER2003

  2. GLOBAL BACKCLOTH The Economic Backcloth and the Health of the Sector The Changing Landscape of the Urban Economy Issues Relating to Ownership, Occupation and Investment Conclusion

  3. THE ECONOMIC BACKCLOTH AND THE HEALTH OF THE SECTOR Global uncertainty : terrorism, natural disasters Weak occupational market Strong investor sentiment Disconnect between occupational demand and investment appetite Growing significance of REITS and other investment vehicles

  4. THE CHANGING LANDSCAPE OF THE URBAN ENVIRONMENT Reshaping of cities Inflexibility of existing supply Future of CBD City commitment to the attraction of major space users.

  5. ISSUES RELATING TO OWNERSHIP, INVESTMENT AND OCCUPATION Continued outsourcing of ownership Realisation as to the real costs of ownership Growth in investor community Emphasis on the total accommodation offer

  6. CONCLUSION Longer cycles Less volatility More certainty But perhaps less exciting

  7. KOREA – THE STAR PUPIL IN THE CLASS

  8. MALAYSIA – A SURPRISING PERFORMANCE DRIVEN BY A CANNY LEADER

  9. SINGAPORE – A CITY STATE UNDER SIEGE

  10. HONG KONG – RISING TO THE CHALLENGE

  11. Economic Transformation

  12. KEY INGREDIENTS OF A WORLD CLASS CITY Diversity Education Employment Quality of life

  13. REALITY A city undergoing transformation from enclave to hub of metropolitan region. Third major economic transformation well in hand. 1950’s – Manufacturing economy, with back towards China. 1970’s – Export/Import with China as backyard platform. 1997 onwards – Inward facing hub managing flows of goods, services, people and money.

  14. GENERAL BACKGROUND Handover/transfer of responsibility – remarkably smooth. One country/two systems proving successful experiment. Hong Kong community developing sense of ownership. Move away from dependence on real estate.

  15. ECONOMIC SITUATION Hong Kong affected by global downturn. Minimal growth – 2002, 2003 also likely to be difficult year. Major concern is job security. Impacting on consumer sentiment, home purchase. Budget Deficit HK$70 billion and growing. Compounded by impact of SARS.

  16. MATURING HONG KONG Change of mindset. Sense of ownership and belonging. HK no longer a transit camp. Quality of life high on the agenda. Sustainable development not just a question of lip service. Consultation now the norm.

  17. HONG KONG’S RESPONSE TOTHE CHALLENGE Repositioning as process manager rather than just middleman. Taking advantage of Hong Kong’s pivotal location to create regional logistics hub. Tourism and infrastructure – key areas of investment. Adding to menu – Science Park, Cyberport, Disney.

  18. ECONOMIC INTEGRATION WITHTHE MAINLAND At Macro Level Creation of economic partnership arrangement. Acceleration of WTO commitments. Enhancement of Hong Kong’s role as enabler. Alignment of objectives and major initiatives. Capitalising on the one country dimension, without diluting the two countries concept.

  19. DEVELOPING HINTERLAND Guangdong Province huge engine of growth. - 86 million people - Equivalent in size to Thailand Made in the Pearl River Delta. Strength of combined offer:- Services support, marketing and key management - Hong Kong Production, manufacturing, warehousing. - Guangdong

  20. The Pearl River Delta Region

  21. The Pearl River Delta – comparisonwith regional neighbours

  22. THE HONG KONG PARTNERSHIP MODEL Three Principal Directions:- Contracting out/outsourcing of service provision - E.g. Sewage treatment, waste management, hospital support services, property and facilities management. PFI Initiatives - Risk best allocated to party best equipped to manage it. - Public sector should not be owner of assets but a purchaser of services.

  23. THE HONG KONG PARTNERSHIP MODEL CONT…. Public Private Partnerships - Projects of strategic importance where both public and private involvement is essential to successful outcome.

  24. Cyberport

  25. Cyberport

  26. SkyCity – Artist Impression

  27. Hong Kong Science Park

  28. Hong Kong Science Park

  29. Hong Kong Science Park BIOTECH ELECTRONICS IT PRECISION ENGINEERING

  30. URBAN REGENERATION

  31. Aerial View – S.E. Kowloon

  32. S.E. Kowloon – The Existing Platform

  33. S.E. Kowloon – Zoning Plan Proposals

  34. S.W.Kowloon – During Reclamation Phase

  35. S.W. Kowloon – Aerial View

  36. S.W. Kowloon – The Winning Design Concept

  37. S.W. Kowloon – The Winning Design Concept

  38. RICSThe mark of property professionalism worldwide THANK YOU

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