The Bulletin February 2004

From the Chairman

Inside Legco

From the CEO

Cover Story
Hong Kong:
The Trilingual City?

Language Learning: An Investment in Your Future

Bigger is Better

O'Rear's View
Fading Hope for Fiscal Responsibility

China Economic Update
China Tax Reforms Underway

Business
Trends

PRD Patriot's Paradox

Goods & Services Tax Made Simple

Goodway Electrical onto a Good Thing

Chamber Programmes
Hong Kong's Silver Lining

First Zero Tariff Shipment Under CEPA by HKGCC Member

Hong Kong Service Suppliers Q&A

Chamber Visits MTR's Nerve Centre

Chamber Programmes

Building a Career in the PRD

2003 Hong Kong Award for Services: Innovation

Chamber in Action

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TRENDS February 2004 Issue

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Grade A Office Vacancy Rate Falls to 12.5 Percent

trends.jpg (8808 bytes) Continued demand for prime office space in Central helped push the vacancy rate down from 16.2 percent in September 2003 to 14.7 percent in December. Overall, the vacancy rate for grade A offices fell to 12.5 percent in December, compared to 13.2 percent three months earlier, says real estate consultancy Knight Frank. Fringe Central office prices averaged HK$3,616 per square foot in December, representing a jump of almost 16 percent. Increases were also witnessed in Wanchai and Tsimshatsui. More >>

Office Market Indicators
District Net	Effective Rent	Change Over
	(HK$psf/month)	Quarter	Year
Core Central	18.92	-0.4%	-28.5%
Fringe Central	16.44	-0.6%	-17.2%
Wanchai/Causeway Bay	14.54	-1.9%	-17.2%
North Point	10.79	0.0%	-14.8%
Quarry Bay	12.10	3.2%	-18.5%
Tsimshatsui	14.96	0.5%	-8.1%
Source: Knight Frank HK

Hong Kong Economy Back On Track?

The Better Hong Kong Foundation's economic outlook for Hong Kong in 2004 puts GDP growth for the year at 6.7 percent on the heels of an estimated 3.3 percent growth in 2003. Professor Francis Lui, Director of the Center for Economic Development, forecasts export growth for the full year of 2003 to be around 11.4 percent, and 10.4 percent for 2004. The Foundation predicts unemployment in 2004 to average 7 percent. Barring any slowdown in the economy, he predicts that deflation will disappear in the third quarter. More >>

Top Technology Trends For 2004

Growth for Linux and offshore outsourcing are predicted to be the top two IT trends in 2004, according to Forrester Research. It also sees in its crystal ball that IT will play a bigger role in measuring corporate performance, and that the telecom industry will finally start to recover. Technology adoption will accelerate in health plans, care providers, and life science firms; change the way travel companies solve business problems; and grow in consumer packed goods companies. In addition, broadband growth and device proliferation will create clear winners and losers in the consumer devices market. More >>

Consumer Confidence Perks Up

Hong Kong consumers are among the most optimistic in Asia, with consumer sentiment being high on all five economic factors -- employment, economy, regular income, stock market and quality of life -- MasterCard's Consumer Confidence Survey shows. Hong Kong's MasterIndex score of 81.1 is its second highest on record, more than three times higher than 23.2 six months ago and the gloomy 21.3 score a year ago. The territory's latest score in this bi-annual survey is slightly higher than Australia's 80.9 score, but slightly lower than China's 83.7. Thais are apparently the most optimistic lot in Asia, with a score of 95.1. More >>

Send Your Feedback

  HKGCC Study Mission to Guangdong: Guangdong-Hong Kong Cooperation & CEPA Opportunities

  Joint BCE Luncheon with The Hon Edward Yau, Secretary for the Environment: The Government - Business Environmental Partnership

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  Seminar on "US Bankruptcy Law" (Cantonese Session)

  HKGCC Luncheon: "The New U.S. Administration and Asia"

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