Experts’ 2023 outlook on Hong Kong’s property sector may entice investors to reconsider the city as a property investment destination. The property market is poised to end its downcycle in 2022 and enter 2023 with hopes of normalisation. Investors keen on putting their money into Hong Kong real estate must keep their eye on hotels in particular. Mainland’s border reopening will also be crucial for the luxury property market in 2023.

Hong Kong's commercial property market is projected to decline by 19%, but investors are still bottom-fishing for properties that promise stable returns. They’re targeting hotels that can be converted into student housing and industrial sites that can be repurposed into cold storage facilities or data centres. Dive into these trends on page 18.

Asia's art scene has changed over the last 12 months to be dominated by younger, cashed up buyers looking for more contemporary art, and the region's leading auction houses have changed their approaches to meet these new consumer tastes. Know which artists are fetching high bids on the auction block on page 28.

As Hong Kong seeks to enhance its reliance on local suppliers for crops or food, a notable uptick in food tech startups has emerged in the city. One of the standouts in the space is Meat The Next, which is part of this year's Hottest Startups. For the full list of emerging ventures in Hong Kong, go to pages 38 to 40.

Kick off the year with investments in alternative space, healthcare, renewable energy and more as recommended by experts on page 24.

Welcome to our annual property issue, which finds that almost 5% to 6% of the Hong Kong market's purchasing power has gone due to interest rate hikes. The rising interest rates, alongside an additional 30% stamp duty, have posed challenges for foreigners looking to purchase properties in the city, a topic explored further on page 30.

Millennials have been paving a new path for multiple industries – from the art market to the financial sphere. Find out on page 24 how this generation invigorates the art market, with renowned auction houses like Christie's, Sotheby's, and Phillips abuzz as these new collectors bask in the limelight.

Deep tech is increasingly getting popular in many sectors. Emerging startups are developing deep-learning applications to enhance the productivity of traditional processes, and experts believe that more startups will build upon their business models on generative AI applications such as text bot ChatGPT. In this year’s Hottest Startups list, we feature companies categorised as deep tech. See them and the rest of this year’s outstanding startups…

2023 is predicted to be a year of hope and prosperity. As we look forward to the abundant offerings of the New Year, we give you eight investment ideas from Hong Kong’s financial experts to achieve affluence in the Year of the Water Rabbit.

In this issue, we highlight the increasingly shrinking talent pool in Hong Kong. Banks are facing ‘brain drain’ as talents flee amidst strict travel restrictions, compelling them to push up offers and counter offers to their highest rate in a decade. The region also aims to regain its crown as the favoured arbitration hub with outcome-related fee structure bill.

We chatted with CLP Power COO Paul Tomlinson on the fate of CLP Power amidst net-zero transitions. CLP Power was in the middle of its energy transition journey when Hong Kong Government declared its intention to be carbon neutral before 2050. Read the exclusive interview on page 36.

This year marks the 25th anniversary of the establishment of the Hong Kong Special Administrative Region of the People’s Republic of China. Hong Kong Business wishes everyone a most festive celebration of this important milestone. Read on and enjoy!

In this issue, we highlight the state of Hong Kong’s workforce, property, and retail sectors amidst the fifth wave of the pandemic. The region is seeing a shrinking talent pool that calls for new strategies to reel in potential candidates. In the residential property sector, the rent control bill aims to bury abusive ‘coffin home’ landlords. The retail industry is also given an ultimatum to go cashless or ‘pay the price’.

We also feature YAS MicroInsurance, one of the first insurtech firms in Hong Kong to insure NFTs. See the full story on page 16. On page 20, see the full list of the latest rankings of Hong Kong’s esteemed insurance firms.

In this issue, we are proud to honour Hong Kong’s exceptional enterprises at the High Flyers Awards 2021 (page 22), the top teams, executives, and innovations at the Management Excellence Awards 2021 (page 24), the outstanding organisations in the HKB Greater Bay Area Enterprise Awards (page 30), the top companies in Made in Hong Kong and Designed in Hong Kong Awards 2021 (page 36), and the winners of the 4th Asian Export Awards (page 42). Congratulations to all!

Read on and enjoy!

For a prosperous New Year, we give you six ideas on where to best invest your money in 2022. Hong Kong’s brick-and-mortar retailers
should consider riding the e-commerce wave, especially after the global events of the past two years. Meanwhile, the Hong Kong property market is on the cusp of full recovery this year thanks to the strengthened demand in the retail and industrial property sectors.

China’s new foreign-friendly financial market is promising, but recent regulatory crackdown may have driven foreign firms to take a wait-and-see approach. Experts also weigh in on why banks need more tech experts in their boardrooms.

We chatted with Livi Bank CEO David Sun on making banking more rewarding with its buy now, pay later services (page 14). We also sat down with Peter du Pont, Managing Partner for Asia Clean Energy Partners to discuss direct power purchase agreements and why they should be scaled up in response to the lack of open access to grid generators (page 32). Finally, we chatted with Charles Hung, CEO of Blue, Hong Kong’s first digital life insurer, to discuss how the company has revolutionised Hong Kong’s stagnant insurance industry (page 36).

The issue highlights Hong Kong's real estate, particularly how it is faring from the aftermath of border closures and social restrictions. 

The first cover story hones in on the recovery of the office sector amidst high vacancies and limited expansions; whilst the second focuses on how the luxury residential market was affected by the decline of expats coming into the special administrative region. 

The issue's architecture analysis article shows how architects plan to rebuild Hong Kong into a future-ready city: greener and has better integration with the Greater Bay Area.

Furthermore, get to know the winners of the HKB National Business Award, HKB International Business Award, China International Business Awards, and China Technology Excellence Awards of 2021 with its special event coverages.

Hong Kong Business Magazine Cover - Issue No. 76 Edition

Issue No. 76

Hong Kong Business Magazine - Issue No. 76

Hong Kong Business Magazine Cover - Issue 75 Edition

Issue 75

Hong Kong Business Magazine - Issue 75

Hong Kong Business Magazine Cover - Issue 74 Edition

Issue 74

Hong Kong Business Magazine - Issue 74

Hong Kong Business Magazine Cover - Issue 73 Edition

Issue 73

Hong Kong Business Magazine - Issue 73

Hong Kong Business Magazine Cover - Issue 72 Edition

Issue 72

Hong Kong Business Magazine - Issue 72

Hong Kong Business Magazine Cover - Issue 71 Edition

Issue 71

Hong Kong Business Magazine - Issue 71

Hong Kong Business Magazine Cover - Issue 70 Edition

Issue 70

Hong Kong Business Magazine - Issue 70

Hong Kong Business Magazine Cover - Issue 69 Edition

Issue 69

Hong Kong Business Magazine - Issue 69

Hong Kong Business Magazine Cover - Issue 68 Edition

Issue 68

Hong Kong Business Magazine - Issue 68

Hong Kong Business Magazine Cover - Issue 67 Edition

Issue 67

Hong Kong Business Magazine - Issue 67

Hong Kong Business Magazine Cover - Issue No. 66 Edition

Issue No. 66

Hong Kong Business Magazine - Issue No. 66

Hong Kong Business Magazine Cover - Issue No. 65 Edition

Issue No. 65

Hong Kong Business Magazine - Issue No. 65

Hong Kong Business Magazine Cover - Issue No. 64 Edition

Issue No. 64

Hong Kong Business Magazine - Issue No. 64

Hong Kong Business (HKB) is the only English-language business magazine dedicated to Hong Kong and China. Essential coverage includes the economy, investment, manufacturing, technology, travel and trade, plus special overseas features with in-depth reporting on bilateral economic ties with Hong Kong. No other publication has relevant content to business decision makers as Hong Kong Business. With an experienced and dedicated team of seasoned journalists and expert opinions from market leaders, Hong Kong Business is the definitive magazine for Hong Kong’s business elite.

The print magazine is published quarterly, and covers in depth issues and stories with a longer time frame while the website hongkongbusiness.hk is refreshed daily with news and stories with an immediate relevancy.

HKB's readership comprises high income decision-makers at manager, senior manager and proprietor level and it has a circulation guaranteed at 15,000 copies reaching 60,000 readers.

Hong Kong Business is part of the media company, "Charlton Media Group," a leading B2B publication and events company in Asia with titles such as Singapore Business Review, Asian Banking & Finance, Insurance Asia, Asian Power, and Healthcare Asia.

1. You agree that the use of Magzter.com, the application and its services, are at solely at your own risk. Neither Magzter.com nor its associates nor employees nor third party content providers guarantee that the service will be completely uninterrupted or error-free or foolproof against miscreant activities. Nor do they warranty that you will get the exact results as expected or promised by the website or product.

11. THE SERVICE AND ALL PUBLICATIONS ARE PROVIDED ON AN 'AS IS' AND 'AS AVAILABLE' BASIS. MAGZTER, ITS AFFILIATES, SUPPLIERS, LICENSORS AND AGENTS EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, NEITHER MAGZTER NOR ITS AFFILIATES, SUPPLIERS, LICENSORS OR AGENTS, MAKES ANY WARRANTY THAT (I) THE SERVICE WILL MEET YOUR REQUIREMENTS, (II) THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (III) THE INFORMATION THAT MAY BE OBTAINED FROM THE USE OF THE SERVICE OR THAT MAY BE CONTAINED IN THE PUBLICATIONS WILL BE ACCURATE OR RELIABLE, OR (IV) THE QUALITY OF ANY PUBLICATIONS OR THE SERVICE WILL MEET YOUR EXPECTATIONS. YOU ARE SOLELY RESPONSIBLE FOR OBTAINING AND MAINTAINING RELIABLE INTERNET CONNECTIVITY AND YOUR DEVICE. MAGZTER IS NOT RESPONSIBLE FOR YOUR INABILITY TO DOWNLOAD CONTENT. ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THE SERVICE IS DONE AT YOUR OWN DISCRETION AND RISK AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR MOBILE DEVICE OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM MAGZTER OR THROUGH OR FROM THE SERVICE SHALL CREATE ANY WARRANTY.

2. You will maintain and promptly update that information to keep it true, accurate, current and complete. You are responsible for maintaining the confidentiality of your account and password and for restricting access to your computer, and you agree to accept responsibility for all activities that occur under your account, including the selection and use of all content and services.

2.You will maintain and promptly update that information to keep it true, accurate, current and complete. You are responsible for maintaining the confidentiality of your account and password and for restricting access to your computer, and you agree to accept responsibility for all activities that occur under your account, including the selection and use of all content and services.

3. In no event will Magzter.com or any person or entity or third party involved in the creation, production and distribution of the content on the website and the application be liable in contract or legally for any damages, including and not limited to, direct, indirect, incidental, special, and consequential incurred to you while or on using Magzter.com. By registering on the website or downloading the application, you agree that the provisions mentioned in this section shall apply to all use of and content on the website and the application.

3. Without prior written or authorised permission from Magzter, you should not modify, copy, distribute or sell any content obtained from Magzter as everything published here is the proprietary property of Magzter or its licensors. As such unauthorised use may also violate applicable laws including copyright and trademark laws, Magzter strictly prohibits these and will terminate your access and account if any such illegal activity is proved or detected. You should also stand liable for the damages caused by these unauthorised activities. Except as permitted by the Publication's lawful owner, you acknowledge that you do not acquire any ownership rights by downloading Publications accessed through the Service. Except as explicitly required under copyright law or permitted by the features of the Service you may not modify, reverse engineer, publish, transmit, display, participate in the transfer or sale, create derivative works of, or in any way commercially exploit or provide to a third party the content of the App, the Publications, or any portion of them without the express permission of Magzter and the owner of such content. We do not grant you any licenses, express or implied, to the intellectual property of Magzter or Magzter's licensors.

5. You specifically acknowledge that Magzter.com is not liable for any kind of defamatory or offensive or illegal conduct of other users or third parties or their content and that the risk of injury from the foregoing rests entirely with you.

8. Magzter reserves all rights to monitor the content published and inputted by you for the purpose of determining whether you are compliant with these terms and conditions and other operating rules determined by Magzter. Magzter has the right to take decisions about the content and delete them at its own will.

9. Magzter is a distributor and NOT a publisher of the Publications and so Magzter has no editorial control over the content, including opinions, advice, statements, services, offers etc., that is represented in the magazines. So Magzter will not take responsibility for the accuracy or the reliability for any information or facts provided therein or that is made available through the service, by anyone other than authorised Magzter employees who are acting on their official capacities. Accordingly, we have no editorial control over the Publications. Any opinions, advice, statements, services, offers or other information or content expressed or made available by third parties, including those made in Publications offered by the Service, are those of the respective author(s) or publisher(s) and not of Magzter. Magzter will not be liable for any loss or damage caused by your reliance on information obtained through the Service or from the Publications. The Service may contain links to other Internet sites and third-party resources and Magzter does not assume any responsibility or liability for communications or materials available at such linked sites. These links are provided for your convenience only. You are solely responsible for understanding any terms and conditions that may apply when you visit or place an order through a third-party site.

Choose your favorite titles from 40+ exciting categories

Details of the objectionable content, including its link on our platform

Download your favorite titles and read them offline, anytime and anywhere

Gift your loved ones with a Magzter Gift Card instantly and give them the freedom to read their favorite magazines and newspapers from thousands of best-selling titles.

Gift your loved ones with a Magzter Gift Card instantly and give them the freedom to read their favorite magazines from thousands of best-selling titles.

Gift your loved ones with a Magzter Gift Card instantly and give them the freedom to read their favorite magazines from {{magCount}} best-selling international titles.

Girish Ramdas is the Co-founder and CEO of Magzter, a New York based startup that has been making waves in the global digital publishing business. Magzter has crossed 80 million users since its inception in 2011 from more than 150+ countries with 1000s of magazines, newspapers and books from more than 4,500 publishers worldwide. He has more than 25 years of experience in cross-platform publishing, including print, mobile, and Web development. During this period, he has co-founded and run three successful start-up businesses. He has enabled magazine companies to go digital and helps them monetize their content across the digital world. Girish's deep industry experience in online, mobile and publishing ecosystems has made him an expert in acquisition, marketing and monetizing digital content across platforms globally.

In the event that you encounter any objectionable content on our platform, we have put in place a grievance redressal policy to address your concerns.

Magzter Inc. (“Company”, “we”, “us” or “our”) knows that you care about how your personal information is used and shared. Please read the following privacy policy (the “Policy”) to learn more about our privacy practices. By visiting any of the websites operated by the Company, and any sub-domains thereof, or using any of our mobile applications and other methods of content distribution (collectively, the “Service”), you acknowledge that you accept the practices and policies outlined in this Policy, and you hereby consent that we will collect, use, and share your information in the following ways.

Magzter Inc. is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 80 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

Magzter is committed to providing a safe and secure platform for our users. Please note that Magzter is merely a platform for publishers to distribute their content. We do not control or endorse the content published on our platform. We cannot be held responsible for the actions of our publishers or their content.

Magzter is not responsible for compensating any party that has suffered damages or incurred costs due to any content, or part of the content, that violates their rights. Magzter is not liable to face any legal action in civil court for any violation of rights caused by any content, or part of the content, that infringes the rights of a third party.

Magzter offers the world’s largest {{allyoucanread}} subscription service called {{gold}} which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

Magzter offers the world’s largest “All-You-Can-Read” subscription service called Magzter GOLD which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

Name

Note: This will only share the cover and the publication information, but not the content.

Please fill out this form if you need any help regarding publishing your content on Magzter

Prior to Magzter, he was the President of Dot Com Infoway (DCI) and Galatta Media. His duties included strategic marketing, partnership development, and monetizing content globally. DCI grew from a small team of 3 in 2000 to 300 by 2011 and was dealing with web, software and app development for clients globally.

Since we launched, Magzter has been committed to partnering with global organizations to provide the greatest possible newsstand technology & service to our customers. Whether you are looking to offer magazine subscriptions to your customer database or just want to learn more, Magzter is committed to helping your business grow. To find out more, please fill out the questionnaire below:

The DMCA allows us to restore the removed content if the party filing the original DMCA Notice does not file a court action against you within ten business days of receiving the copy of your Counter Notice.

This Policy covers Company’s treatment of personally identifiable information (“Personal Information”) and other information about you and your computer or device that Company gathers when you are accessing the Service. We may collect Personal Information from you, as explained in more detail below, and we use this Personal Information internally in connection with our Services, including to personalize, provide, and improve our products, services, content, and advertising, and to allow you to set up a user account and profile, to contact you, to fulfill your requests for certain products and services, and to analyze how you use the Services. In certain cases, we may also share some Personal Information with third parties, but only as described in point 4.

This title is included with your Magzter GOLD subscription

To analyze the quality of content and provide appropriate feedback to publishers

We have designated a Grievance Officer to address any complaints related to objectionable content.

We request that any complaint related to objectionable content be sent to the Grievance Officer through email to the above-mentioned email address. We also request that you provide the following details when making a complaint:

and the App that provides you the capability to order, subscribe to and receive the delivery of various magazines, books, news and magazine and publication related content (collectively known as 'Publications') and to have these digital versions of the Publications delivered to you

c. We also collect information associated with your use of the application in order to make personalized recommendations. If you provide your third-party account credentials to us, you understand some content and/or information in those accounts (“Third Party Account Information”) may be transmitted into your account with us if you authorize such transmissions, and that Third Party Account Information transmitted to the Service is covered by this Policy.

f. The Personal Information we collect allows us to respond to your requests, improve our products and services, customize the advertising and content you see, and communicate with you about new products.

is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

Hong Kong Business Magazine - Issue 68

Hong Kong Business Magazine - Issue 68

In this issue

Hong Kong Business Magazine Description: