HONG KONG SAR - Media OutReach Newswire - 28 February 2024 -Response to the Budget 2024/25 by KK Chiu, International Director, Chief Executive, Greater China of Cushman & Wakefield: We welcome the government's proactive efforts in seeking land for housing development to ensure an adequate supply for future public and private housing. However, historical data shows that there have been frequent delays in the completion of private housing projects. We hope that the government can collaborate on various aspects of infrastructure development, provide incentives to developers, and encourage them to proactively develop land in the New Territories to expand the supply of private housing. Regarding public housing, we hope that the government can conduct a more in-depth study to adjust current housing policies, such as significantly tightening the allocation of public housing units to more wealthy individuals, so that deserving grassroots families who have been on the waiting list for many years can move in quickly, and resources can be utilized more fairly. Based on data from the Census and Statistics Department, the number of individuals aged 65 and above in Hong Kong is projected to rise from 1.45 million in 2021 to 2.74 million by 2046. This demographic shift indicates a significant aging trend, with one in three citizens expected to be seniors by the 2046 date. The implications are profound in terms of the additional pressure on social services and infrastructure. In light of this, we recommend that the government takes proactive steps to address the challenges posed by the aging population. One key area of focus should be on enhancing elderly housing policies. This can be achieved through initiatives such as allocating funds to support aging in place programs and drawing insights from successful models such as the Ming Wah Dai Ha, managed by the Hong Kong Housing Society. By providing suitable accommodation options for the elderly, the government can help improve their quality of life and well-being. Furthermore, to stimulate private sector involvement in addressing the housing needs of seniors, the government could consider implementing measures such as land premium waivers. This can serve as an incentive for private developers to participate in the development of senior-friendly housing projects, thereby increasing the overall supply of suitable housing options for the elderly population in Hong Kong. We are pleased to see the government now taking a more proactive and comprehensive approach to attract businesses to Hong Kong. With more than 10 key enterprises signing memoranda of understanding with OASES next month, we hope that the government will swiftly implement plans with these enterprises and enable new job opportunities, thereby helping to spur economic growth. However, given that the overall development blueprint for the Northern Metropolis area has yet to be approved by the Town Planning Board or endorsed by the Legislative Council, the implementation timeline remains distant. We also hope the government will introduce further specific economic stimulus measures in the short- to medium-term.

Response to Budget 2024/25 by Kevin Lam, Executive Director, Head of Retail Services Agency & Management, Hong Kong of Cushman & Wakefield: We welcome the government's initiative to promote digital transformation in Hong Kong's retail and food and beverage industries via Digital Transformation Support Pilot Programme. We believe that further upgrades in payment and storefront systems will assist merchants in serving a new wave of mainland tourists through the Individual Visit Scheme (IVS), in turn enhancing the consumer experience with more direct and convenient services, and creating new business opportunities.

Response to Budget 2024/25 by KB Wong, Executive Director, Head of Valuation and Advisory Services, Hong Kong of Cushman & Wakefield: We are pleased to see the government now taking a more proactive and comprehensive approach to attract businesses to Hong Kong. With more than 10 key enterprises signing memoranda of understanding with OASES next month, we hope that the government will swiftly implement plans with these enterprises and enable new job opportunities, thereby helping to spur economic growth. However, given that the overall development blueprint for the Northern Metropolis area has yet to be approved by the Town Planning Board or endorsed by the Legislative Council, the implementation timeline remains distant. We also hope the government will introduce further specific economic stimulus measures in the short-to medium-term.

Response to the Budget 2024/25 by Rosanna Tang, Executive Director, Head of Research, Hong Kong of Cushman & Wakefield: We appreciate the government's response to market demands by canceling all the demand-side management measures for residential properties. This action will facilitate an orderly adjustment of the real...