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The Mainland's Colonisation of the Hong Kong Economy

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The Mainland's Colonisation of the Hong Kong Economy CHINA THE SKY’S THE LIMIT: The office directory at the 88-storey International Finance Centre is evidence of the growing mainland footprint in the city. REUTERS/BOBBY YIP Beijing has struggled to tame Hong Kong politically. But in business it’s a different story as mainland Chinese companies consume ever bigger chunks of the city’s economy. The mainland’s colonisation of the Hong Kong economy BY CLARE BALDWIN, YIMOU LEE AND CLARE JIM SPECIAL REPORT 1 CHINA COLONISATION OF HONG KONG ELITE LINE-UP: Hong Kong’s business leaders pose for a group picture with President Xi Jinping (front row, centre) in Beijing. Xi is flanked on his left by Li Ka-shing, Asia’s richest man, and on his right by Tung Chee-hwa, the former chief executive of Hong Kong. REUTERS/LI XUEREN/XINHUA HONG KONG, DECEMBER 31, 2014 And it is here, in the city’s business sec- business invasion of the city. tor, that China is inexorably tightening its One of the most telling signs of change hen Xi Jinping wanted to de- grip on the former British colony. Even as is the space mainland Chinese compa- liver a political message to Hong Beijing struggles to tame Hong Kong po- nies lease in Central district, the heart of WKong as protesters demanding litically, Chinese companies are consuming Hong Kong’s financial centre. These firms free elections were threatening to take to ever bigger chunks of the city’s key sectors now account for over 50 per cent of new the streets, he summoned the tycoons who including real estate, finance, power, con- leases signed for offices there, according dominate the city’s economy. The words struction and the stock market. to a September report from Hong Kong- from the Chinese leader at the September Many of these industries have for de- based brokerage CLSA. That’s up from 20 22 meeting in Beijing were uncompromis- cades been dominated by the business ti- percent in 2012, the report said. ing but not surprising. He would not enter- tans who attended the meeting with Xi. The trend is the same in all major busi- tain any demand for full universal suffrage Men like Li Ka-shing, Asia’s richest man, ness districts. Mainland occupancy of 25 in Hong Kong, according to two people casino and hospitality billionaire Lui Che- key Grade A office buildings, or prime who attended. woo and palm oil magnate Robert Kuok. office space, in the districts of Central, Just six days later, pro-democracy activ- Now they are witnessing a mainland Admiralty, Sheung Wan and Wan Chai ists made good on their threat, unleashing increased from 13 percent in 2008 to 21 more than two months of street demon- They like landmark percent earlier this year, according to com- strations. But while Xi’s message that day properties, high-profile buildings. mercial real estate services firm CBRE. in the Great Hall of the People failed to de- They often like naming rights if it’s “We do expect more mainland finan- ter the protesters, in speaking directly to the cial firms moving into Hong Kong,” said city’s business and professional elite he was available. Simon Smith, senior director of research showing where Beijing believes real power Simon Smith and consultancy at real estate services pro- in Hong Kong resides. Savills Plc in Hong Kong vider Savills Plc in Hong Kong. “They like SPECIAL REPORT 2 CHINA COLONISATION OF HONG KONG XI’S VISITORS: Robert Kuok (left) attended the September 22 meeting with President Xi Jinping, along with Li Ka-shing (right) and more than 60 other members of Hong Kong’s business elite. REUTERS/CHINA DAILY; TYRONE SIU landmark properties, high-profile build- (COLI) and one to Poly Property Group. and Guangzhou just across the border. ings. They often like naming rights if it’s “Price is not an issue for them,” said a In 2011, a chapter was dedicated to available.” former senior executive of a Hong Kong- Hong Kong for the first time in China’s listed developer who was responsible for five-year blueprint for national economic ‘PRICE IS NOT AN ISSUE’ bidding at land auctions before he left the development. The 12th Five-Year plan, cov- The office directory at Hong Kong’s company in June. “That’s why they offered ering the years from 2011 to 2015, lays out 88-floor International Finance Centre prices that surprised everyone.” how Beijing wants to connect Hong Kong has a growing number of mainland com- A spokesperson for Poly said the com- with the Pearl River Delta’s increasingly panies on the list. Among them is China pany had no comment. COLI did not re- prosperous middle class consumers. Development Bank International Holdings spond to questions sent by email. ‘IT WILL BE LIKE NEW YORK’ Ltd, which held its opening ceremony in While it was predictable business ties 2011 and serves as the offshore investment would expand after the 1997 handover, Under the plan, Hong Kong would be firm of China Development Bank, the Beijing has made it clear that economic in- a leader for the region in shipping, trade, country’s biggest policy lender. tegration is central to reinforcing its sover- services and distribution. In finance, Hong “If you go to the International Finance eignty over Hong Kong, which is ruled un- Kong would serve as an offshore market for Centre now and compare it to five years der the one country, two systems model that the mainland currency, the renminbi. ago, it’s very easy to see that there are many affords the city’s 7.2 million residents broad New transport links from Hong Kong more Chinese enterprises represented,” personal freedoms. Part of Beijing’s vision is now under construction, including a high property analyst Nicole Wong, an author of to draw Hong Kong into a Pearl River Delta speed rail to Guangzhou and a bridge the CLSA report, told Reuters. mega-economy that would also include the across the Pearl River Delta to the main- In a market accustomed to stratospheric giant southern Chinese cities of Shenzhen land city of Zhuhai near Macau, would al- land prices, state-owned Chinese develop- low the rapid movement of commuters and ers this year stunned long-established local visitors. property giants with winning bids exceed- “It will be like New York where you have ing auction forecasts by up to 20 per cent. Of people working in Manhattan and living on the six available plots sold since the middle 40.7 million Long Island or in New Jersey and commut- of last year in Kai Tak district, one of Hong The number of mainland visitors ing in to work every day,” said Hong Kong Kong’s largest developments of residen- to Hong Kong last year. entrepreneur Allan Zeman, who developed tial and commercial complexes, two went the Lan Kwai Fong pub and restaurant area to China Overseas Land & Investment Source: Hong Kong’s Tourism Commission popular with expatriates. “People who can’t SPECIAL REPORT 3 CHINA COLONISATION OF HONG KONG have a home here (in Hong Kong) will live in Shenzhen and be able to come here in Footprint of mainland firms in HK 10 minutes.” Occupancy by company origin, in percent The mainland’s construction behe- moths, including state-owned China State China Hong Kong EU U.S. Japan Others Construction International Holdings Ltd, are also grabbing market share. 2008 13% 37% 21% 16% 4 9 Hong Kong’s permanent secretary for Development (Works), Wai Chi-sing, said in an interview that while mainland firms 2014 21% 34% 17% 17% 3 8 accounted for less than 15 percent of public works contracts by value in the mid 1990s, they now accounted for more than a third. Note: Based on 25 key Grade A office buildings in Central, Admiralty, Sheung Wan, and Wan Chai. Source: CBRE Research While mainland Chinese companies are rapidly expanding into Hong Kong, Western banking and financial institu- tions still have a strong presence in the city. Global bank HSBC Holdings Plc, for in- NOT ALWAYS AMICABLE stance, employed more than 28,000 people Rather than foster understanding, growing Hang Seng in Hong Kong at the end of 2013. economic integration has at times raised Index shares For Beijing, growing economic clout tensions. One source of friction is the real Weightings by share type - in % has not been mirrored by increased popular estate market where wealthy mainland support. Frustrated by Hong Kong resi- Chinese have bought up property in Hong Red Chip Other HK-listed dents’ lack of identification with the main- Kong, helping to push up home prices that mainland land 17 years after the handover, China has are already out of reach for many of the companies at times resorted to covert means to bolster city’s residents. its control. Earlier this month, for instance, “One might have assumed that the in- 12.22 Reuters reported that retired Hong Kong flow of mainland money and companies policemen were part of a mainland-led and people here, and the favorable eco- 16.08 surveillance operation to tail leading pro- nomic policies of the mainland should have 46.09 democracy figures in the city. increased emotional integration rather than Although the street protests ultimately just economic integration but it hasn’t,” said 25.61 petered out, at their height they drew tens David Zweig, chair professor of social sci- of thousands, presenting Xi Jinping with ence at Hong Kong University of Science his most serious popular challenge since he and Technology. “For the rich people here, H Share HK Ordinary took power two years ago.
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