The Greater Bay Area (GBA) aims to create a globally competitive mega-region, and by 2035 build a productivity cluster. The GBA is a national initiative highlighted in the Chinese Government's 13th Five Year Plan, and also serves as a key facilitator of the Belt and Road Initiative. The Chinese term "mega-region," which can be translated as a cluster of cities, may serve as the most appropriate definition in the context of the GBA.
Hong Kong, Shenzhen and Guangzhou are expected to be the key office clusters in the GBA. In order to support this mega-region, it is estimated that an additional 21 million square meter of office space will be needed. Yet, bridging the gaps between the different economic, legal and labour systems in the Mainland and Hong Kong, as well as the costs of intra-city travel, could be challenging.
The Chamber has invited the authors of a joint paper between Colliers and RICS entitled "Greater Bay Area: A 2030 Outlook" to speak at an upcoming roundtable. Rosanna Tang, Head of Research, Hong Kong SAR and Southern China, Colliers International, and Sean Ellison, Senior Economist, Asia Pacific, RICS, will outline the key findings of the report to give members an insight into the opportunities and risks emerging as the GBA develops.