APAC-BFSI-Outlook-2017

Hong Kong: Decentralized Business Districts Following the development of Taikoo Shing and Quarry Bay into a full fledged decentralized oŸce market in the 90s, another decentralized market is emerging today – Kowloon East – where over 40% of Hong Kong’s new Grade A oŸce supply will be completed in the next five years. The development of Kowloon East, as a decentralized commercial hub, has been ongoing since the early 2000s as constraints imposed upon reclamation of Victoria Harbor in 1997 and the re-zoning of Kwun Tong and Kowloon Bay for commercial use in 2001 led to the area's redevelopment. As the market continued to mature, corporate owners, comprising mainly banks and insurance companies, started to enter the Kowloon East sub- market to set up back-oŸce operations after 2005. Currently, Hang Seng Bank, Citibank, Standard Chartered and ICBC have leased space in the submarket.

HONG KONG, CHINA

36 ASIA PACIFIC BFSI OUTLOOK 2017