Chief Executive John Lee emphasized the importance of Hong Kong companies focusing on future success rather than dwelling on past achievements. He noted that the retail industry is facing challenges due to changing consumer patterns, with many residents choosing to spend their money in other parts of the Greater Bay Area.
Despite the struggles faced by local businesses, Lee reassured that the government is committed to supporting them by addressing issues such as high rent and costs. He highlighted the need for businesses to continuously improve and adapt to the evolving market environment.
In addition to supporting existing businesses, Lee mentioned the government’s efforts to explore new growth areas, such as building a commodity trading ecosystem in Hong Kong. He pointed out the interest of a “global trader” in establishing a metal warehouse in the city, signaling potential opportunities for economic growth.
On a separate note, Lee discussed the government’s plan to regulate subdivided homes in Hong Kong. He proposed a bill that would set minimum size requirements and other conditions for these units, with landlords who fail to register their properties facing prosecution.
With approximately 110,000 subdivided units in the city, Lee acknowledged the challenges of implementing the registration process efficiently. He expressed his impatience in wanting to expedite the process but recognized the need for careful planning and consultation with colleagues to ensure its effectiveness.
Overall, Chief Executive John Lee’s message to Hong Kong companies is clear – to embrace change, focus on innovation, and work towards a successful future amidst the evolving market dynamics. By addressing current challenges and exploring new opportunities, businesses in Hong Kong can navigate through the transition period and thrive in the competitive landscape.
