Editor's note: One Boao, one industry.
After more than twenty years, Boao Real Estate Forum has influenced and recorded the historical process of the development of China's real estate industry.
Come to 2021, under the new normal of epidemic, the 14th Five-Year Plan, the three red lines, and the double concentration, China's real estate is also facing the deepest changes. From industry rules, enterprise models to market iterations, they are all very different from the past twenty years.
As an important industry with deep accumulation of decades of market-oriented development, how do Chinese real estate companies and industry elites adjust and respond as the wave of the great era swept?
At this time when the 2021 Boao Real Estate Forum is about to be held, Guandian Real Estate New Media is still looking for Chinese real estate business leaders and new generations of real estate people to tell their stories and broad horizons.
Guidian Real Estate Network Hong Kong's property market is in short supply and demand is a cliché. Although in recent years, the Hong Kong government has also launched many discount methods to meet the housing demand of Hong Kong people, the housing prices are still high, making the development of the controversial suburbs an important issue.
In this regard, Zhao Jinquan, CEO of Dade & Bank Greater China and Director of Global, believes that whether it is community development or company management, the focus is on balance and flexibility.
Even in the face of economic downturn and the impact of the epidemic, Hong Kong's property market is still stable and has begun to enter an upward track recently. Hong Kong property prices remain strong, and the root cause is due to insufficient supply.
Zhao Jinquan, who has been engaged in the real estate industry for many years, said that in the visible future, the supply of the Hong Kong government may still not catch up with market demand, making it difficult for property prices to fall significantly. Unless the government makes up its mind to communicate and negotiate with some vested interests, including real estate developers, balance all aspects and stabilize short-term, medium- and long-term supply.
Hong Kong Problems
Hong Kong's high housing prices began in 2002. The government intervened in the "Liberville Field" to support the market and introduced measures to prevent the decline of the property market, including stopping the active sale of land, and instead expressing the purchase intention to the government by units interested in the land, which is commonly known as the "land hook mechanism" in Hong Kong, which caused the land supply rights to fall into the hands of real estate developers, causing the supply of private buildings to shrink significantly. The land hook mechanism was not officially cancelled in 2013.
plus the sharp reduction in the supply of public housing that year, the waiting time for public housing continued to extend, and finally created today's situation.
"The most terrifying thing is to stop selling land and stop planning at the same time. There is no long-term land planning development, which will break the entire supply chain." Zhao Jinquan pointed out directly: "There have been a lack of planning for so many years, and when it is needed to develop, I find that I am short of money. Because not all land is mature land, if it is raw land, infrastructure and supporting facilities are needed, so that this land can be used. Now we can see that even the land that the government has made is a very small piece, and there is not much large land."
"Government planning should be done longer and deeper."
In order to solve the problem, this SAR government hopes to increase land supply on a large scale. As early as the Lantau development plan proposed in the 2018 Annual Policy Address, "Lantou Tomorrow" will be the long-term development vision of Hong Kong in the next 2030 years. It is planned to build artificial islands in stages near Jiaoyizhou and Xilingzhou , with a reclamation area of 1,700 hectares . But the plan was opposed by environmental groups, believing that the reclamation project will cause irreversible damage to Hong Kong's nature.
Zhao Jinquan believes that sometimes there is a conflict between environmental protection and development, and a balance should be achieved. For example, in large-scale development, some methods should be used to reduce the harm to the environment, and plans that have an impact can only be made once.
He also pointed out that he is very supportive of environmental protection, but it does not mean that he has given up the living environment and quality of citizens for the sake of environmental protection. If environmental protection is used as a shield, it is not reasonable to make the living area of citizens only have one parking space.
"Now, only 24% of the land has been developed in Hong Kong. As long as one thousandth of the country park land is used to develop, a lot of supply can be increased. In addition, New Territories still has 1,000 hectares of farmland in the hands of developers, and more than 300 hectares of brown land in the New Territories are still not developed. It is recommended that the government should re-plan the entire New Territories.”
In 2021/22, Hong Kong plans to provide 15 residential land, only 6,000 units, accounting for 36% of the estimated 16,530 residential units for the whole year.
Among them, 3 MTR projects provide 4,050 units, 6 Urban Construction Bureau projects provide 3,170 units, and 1,210 private reconstruction projects that require land deeds to be revised and 2,100 private reconstruction projects that do not require revisions.
believes that this is the number of official lands since the active sale of land in 2010. The least year. Hong Kong Development Bureau Secretary Wong Weilun said at the time that he might rely on the urban reconstruction project of the Municipal Development Bureau in the future. It can be seen that buying land is rare, and if Lantau can be implemented tomorrow, it will not be able to provide land development in a short time. The medium-term supply is worrying.
Zhao Jinquan said that instead of developing transitional housing, the Hong Kong government should directly use these land to develop long-term housing and solve the medium-term supply problems.
"I think it can only solve a small number of them, and the actual problems are still not fundamentally solved. If the government still has no new supply after 3 to 5 years, why not directly develop long-term housing and let everyone move in directly? "
Maybe this land has other plans and uses in the future, so long-term residential buildings cannot be built. However, if the government cannot find some land to build public housing, it will be more than ten years later when Lantau is built tomorrow. This is actually not a good solution.
Zhao Jin put forward his suggestion several years ago, saying that the government can choose to increase land supply in Longgutan reclamation and use the new reclamation area for industrial purposes, which will release the New Territories brown land . If the scale of Longgutan reclamation is expanded, The container terminal can also be moved to the area, so that the land used to place containers and other related purposes can be released.
However, he emphasized that the Hong Kong government must make a very determined decision to make changes in the land supply issue in Hong Kong.
Changes in the mainland
The Hong Kong government also encourages Hong Kong people to buy property in the mainland. The Greater Bay Area cities are also more relaxed in purchasing properties for Hong Kong, Macao and Taiwan. Although the relevant purchase restrictions are still required, each family can only purchase one group, but there is no need to pay social security or personal income tax. However, Zhao Jinquan believes that if citizens who work between China and Hong Kong, unless they buy a house in Shenzhen, other cities are not feasible, because paying The cost of communication is too high. However, the current housing prices in Shenzhen are not cheap, which is not affordable by ordinary Hong Kong people. If you buy a house worth 150,000-200,000 yuan per square meter, it is better to buy it in Hong Kong.
He also mentioned that under the newly introduced policies of the mainland real estate market, the living space of small real estate developers has narrowed. At present, some mainland developers have been eliminated or acquired due to capital problems, which has increased the opportunities for mergers and acquisitions. This trend is beneficial. The industry must be gradually integrated to eliminate the weak and retain the strong, so that it can develop healthily.
Zhao Jinquan has been in the mainland for many years and witnessed the changes of different cities, which impressed him.
"There was a long difference from now on. I was really poor in 1980. When I was in college, the school arranged for us to visit Shenzhen. The plan was still nothing, but to this day, it has changed a lot. Seeing the country constantly changing, Shenzhen used to lag behind Hong Kong, but now Shenzhen is more advanced than Hong Kong. Every time we go to different cities in the mainland, we also see them constantly changing, but there is no change in Hong Kong. "
Zhao Jinquan said that Hong Kong is indeed a mature market, but it has also become unchanged and conservative at the same time. On the contrary, we can see that the mainland has been constantly introducing some new plans, and every change also reflects the government's thinking and keeps moving forward.
And he applied this belief to the development policy of Dade & Walker , believing that as a service provider, the development direction should be shifted according to the needs of customers.
In recent years Logistics real estate and data centers are emerging. In order to be close to market trends, the company has information platforms in different industries to share market trends, so that employees between different countries can understand the market developments in different places.
Zhao Jinquan joined the foreign surveying bank in the 1980s and worked with former Chief Executive Liang Zhenying. About ten years later, Zhao Jinquan and several partners such as Liang Zhenying founded Liang Zhenying's Surveyors in March 1993. In the early stages of their business, the company had only 60 employees.The company merged with DTZ and DTZ in the UK in 1999 and became the current DTZ, DTZ, Singapore, and has hired more than 2,000 employees in Greater China.
Zhao Jinquan has his own view on the development of the mainland market, believing that Hong Kong people must find a balance point when developing in the mainland and need to balance cultural differences. In the early stages of developing the mainland market, he found that it was still difficult for Hong Kong people to adapt 100% but they could not help but put Hong Kong people in the mainland, because in the early stage, it was necessary to establish a system that was in line with the international community.
"Since starting a business in 1993, there is still a big gap between our ideals and reality. We originally hoped that we could reach a certain level or a certain level during this period, but the real development is not like this, and it is much more difficult than imagined. Because we have to go international, we spent a long time to establish this system at that time. It is also because of this that the development speed is much slower than before." He explained.
However, Zhao Jinquan believes that this is a necessary process, otherwise more problems will be faced. Now when all the systems are completed, we can slowly hand over some work to colleagues in the mainland, slowly cultivate our own talents, and keep in line with the international community. This is what he hopes to see.
At present, more than half of the senior executives of Chow Tai Fok are mainland compatriots or overseas returnees. It is emphasized that the employees need to balance. It is impossible for Hong Kong people to do it entirely, and it must also be localized.
However, the mainland market is eager to seek talents due to its rapid development, and poaching between different companies is not uncommon, but Zhao Jinquan bluntly stated that talent loss will definitely happen, but he doesn't mind and believes that talents are mutually flowing.
Only when people communicate will make progress. Whether it is competitors or customers, if they can spread the company's philosophy and principles to the entire industry, it will be a good thing for the market.
The following is the transcript of the exclusive interview with Mr. Zhao Jinquan, CEO of Dian Fang Greater China and Global Director of Mr. Zhao Jinquan:
Guandian Fang New Media: Dian Fang is now extending more and more businesses. Will it still expand to technology in the future?
Zhao Jinquan: It depends on the market. We will definitely go wherever the customers go. Investors have had a great interest in logistics in the past few years, so we also hope to develop in this field.
In fact, we have a platform not only in Greater China, but also in the entire Asia-Pacific region. There are some colleagues in Greater China who share on this platform which customers they have communicated with each month or what transactions they have made in the past, so that all colleagues in the Asia-Pacific region can know what is happening in other countries at the same time. This is also very useful for us to develop the logistics of the Asia-Pacific region.
In addition to logistics, we are also developing towards science and technology. To be honest, we are not a technology company and we have not really developed any technology. It mainly depends on where our customers need it.
Now the customer needs are in the IDC (data center). Because of the development of technology, more people use cloud services and more people communicate about data. So in addition to logistics, we also have a platform in IDCh, which is also an Asia-Pacific platform. These platforms follow customer needs.
Views Real Estate New Media: Did Chow encounter any problems in the Mainland in the early days?
Zhao Jinquan: We must admit that Hong Kong people must find a balance point when they go to the Mainland, and they need to balance cultural differences. We started our business in 1993, and there is still a big gap between ideal and reality. It turned out that I hoped that this period of time would be able to reach a certain level or a certain level, but the real development was not like this, and it was much more difficult than imagined.
The middle and senior management of CAD & Whampoa in the mainland were completely Hong Kong people at the beginning, but localization was also very important. It is difficult for Hong Kong people to adapt to the mainland 100%, but it is not possible not to go, because at the company level, we need to establish a system that allows Chinese and foreign countries to communicate.Although
is very hard, it must be standardized and must be in line with the international community. It can be based on international standards, whether it is evaluation, agency, or property management, it must be an international platform, and it must be an international direction.
So we spent a long time establishing this system at that time, and it was also because of this that the development speed was much slower than before. But this is necessary, and if this does not develop, the problem will be even greater.
Now that all systems are completed, we can slowly hand over some work to our colleagues in the mainland. They are slowly cultivated, able to adapt to the system, and can be in line with the international community. This is what we hope to see.
Now more than half of the senior executives are compatriots from mainland China or overseas returnees. There is also a balance here. It is impossible for Hong Kong people to do it entirely, and it must be localized.
Guidian Real Estate New Media: The mainland market is very large and it is developing very fast. Will the company worry about talent loss?
Zhao Jinquan: Talent loss will definitely happen. We hope to do a good job in the company, but we don’t mind the talents we cultivated go out.
We hope that our colleagues who are trained will go to competitors or customers, and if they can turn our philosophy and the principles we create into a national standard in the industry, it will be a good thing for the entire market.
We don’t mind because talents are mutual, our knowing people will come out, and their people will come too. Only when talents can make progress with communication, so I hope that when colleagues leave, they will still leave happily.
Visitable Real Estate New Media: Can you tell us about the company culture of Ding & Walk?
Zhao Jinquan: My goal for colleagues this year is two words, one is cooperation and the other is tolerance. This is very important and is also the company culture of Ding Asphalt.
I think these two words can also be applied between countries, and everyone should cooperate.
For example, we are going to Mars and the moon now, and we must jointly study the development of science and technology. If everyone can sit together and cooperate, I believe that the detours they have taken should be much less.
Guidian Real Estate New Media: In the past, Ding Asphalt has made several acquisitions around the world. How many moves will there be next?
Zhao Jinquan: After we went public, we have acquired about 22 companies so far.
target is looking for acquisition targets throughout the Asia-Pacific region. We will not give up with good opportunities. Not only will it acquire the company, it will also acquire the team. We will acquire good people, and we will acquire good companies, and we will not give up every opportunity.
frankly, the companies we acquired also require the original management to stay and integrate with them to bring our culture into the new company.
Because we still need good talents, we are willing to acquire this company because we believe in the people in this company, so we hope they can stay.
Visit Real Estate New Media: The biggest problem with acquisition is whether the old people and new people are integrated?
Zhao Jinquan: It is relatively difficult to integrate the people on both sides of , but most of the acquisitions we are now filling in places that were not strong enough, and we also need to acquire such a team or company.
or we think this company has potential and can strengthen our own strength after acquisition.
Views Real Estate New Media: What do you think about the future domestic economic situation?
Zhao Jinquan: Due to the epidemic, the exchanges between people have been relatively reduced, and there are still certain restrictions on the circulation of personnel between countries. Therefore, it is estimated that before the full recovery, every country will mainly focus on domestic demand, because only domestic demand can promote the economy.
is the same now in the United States, most of which are mainly domestic demand. We see that the country's policies are the same, and we hope to promote domestic demand. We estimate that this will still be an important direction by the end of next year.
The demand for domestic commercial real estate is increasing now, mainly because people can’t get out.I saw that some large stores in Shanghai and Guangzhou have people queuing, especially some big brands queuing more. The main reason is that these needs cannot be met abroad, so the future economic development will still be based on domestic demand.
Guidian Real Estate New Media: Will the global growth point in Asia Pacific ?
Zhao Jinquan: From the perspective of global economies, there is still a gap between the entire Asia-Pacific economy and Europe and the United States. But looking at the next 50 years, the growth rate of the Asia-Pacific region will definitely be higher than that of other regions. Because there is still a gap now, the growth point must be in the Asia-Pacific region.
China and India are also developing relatively fast. Although the epidemic has slowed down the growth, the development of these two countries will still be very large after the epidemic.
The entire Asia-Pacific region, Vietnam, Indonesia, and other countries will also develop very quickly, but in comparison, China is the one with relatively complete economies.
Guidian Real Estate New Media: How do you view the real estate market in the mainland, including commercial real estate?
Zhao Jinquan: Now every city in the mainland has some local developers and some large developers. Because the three red lines have restricted many companies in terms of finance, some companies will definitely be eliminated, and some companies will be acquired, which is available in every market.
Now many companies can no longer hold on. They have to sell the company or sell part of the property before they can continue, so that the opportunity for acquisition and merger exists.
I believe this will also be beneficial. For real estate development, it is too small to survive. We still need to integrate slowly, eliminate the weak and retain the strong, so that we can develop healthily.
Guidian Real Estate New Media: This epidemic has a great impact on Hong Kong's business. If the clearance continues to be closed, will it be difficult for Hong Kong's commercial real estate to rebound?
Zhao Jinquan: Retail in Hong Kong has been greatly affected because no mainland compatriots come here.
Since 2003, many mainland compatriots have come to Hong Kong to consume, but now they can’t get through at all. You can see that the rent, selling prices, etc. in Hong Kong have dropped a lot. Because there is no real consumption, it is difficult to maintain relatively high rents, and business has also been greatly affected.
can be seen at present that the situation has been relatively stable, rents have not dropped again, and the catering industry is slowly recovering. In addition, the epidemic in Hong Kong is under control, so store rents are already relatively stable.
Retail industry is slowly recovering, and the real demand will slowly come back. In addition, the SAR government now hopes that mainland compatriots can come here, which has a relatively positive impact.
So in this regard, it has a positive impact on Hong Kong's commercial real estate.
Visit Real Estate New Media: How do you view the luxury housing market in Hong Kong Port? Where does the driving force for the price increase come from?
Zhao Jinquan: Due to insufficient supply, it is not only the luxury housing market, but the entire residential market is now very active. Moreover, the mainland compatriots cannot get through at present, and the main reason is the local buyers.
will have some institutional investors, but they will not buy one unit at a time, so most of them are mainly local buyers.
For us, although the SAR government is working hard to increase the supply of land and to increase the supply of public housing, the supply of private housing has been relatively reduced in the past year. In the case of
, some Hong Kong locals will be worried that if they don’t buy it today, they will be even more unaffordable in the future. Because I can see that there are many factors in it now. First, the interest rate is relatively low; second, it is inflation .
will not buy it today. If you have the financial ability to buy it in 5 years, you will not be able to buy the current house at the same price. So many people ask their parents for support. Nowadays, buyers are still mainly young people, and many of them also help them with their parents.
The SAR government should consider this part in many aspects, not just for the long-term focus. A long-term strategy must be available, but far water cannot save the near fire. We should take multiple measures to make citizens confident that the government can improve the current situation. Has
improved now? I think there are many aspects that should be done.
As the company chairman Mr. Leung Chun-ying also said, a small part of the margins of some country parks can be used for development, and such changes should be made.
Those lands already exist, and are on the roadside, and on some infrastructure, so why can't they be taken out? Take it out and you can immediately provide some real supply.
We support Lantau tomorrow, but it may take 10 years or even longer to provide it. How can we help Hong Kong people? So I think the government should be more enterprising and think of some good methods.
Views Real Estate New Media: Environmentalists are very opposed to the Lantau plan tomorrow. How to deal with it?
Zhao Jinquan: Sometimes environmental protection and development conflict, but we must have a balance.
The government can make a relatively large plan and do it once if it has an impact on environmental protection. Don’t do it frequently. There are many ways to minimize the damage to the environment as much as possible.
I personally support environmental protection, but now some people want to live in subdivided flats, which is not reasonable. It is impossible for us to completely give up all the people and compatriots around us for the sake of the environment.
So you must make a balance, even if the cost is a little higher. The government has a relatively environmentally friendly method to do some land reclamation, or to open up a small part of the country park. I think this is still the right thing to do.
Is this good if someone lives in a place that is only the size of a parking space? Now only 24% of the land has been developed in Hong Kong. For the sake of environmental protection and not to take out the land of the country park to develop, some people can only live in one container. Is this reasonable?
uses environmental protection as a shield, and says it cannot be developed again, I think this is unreasonable. Now we have only taken out one thousandth of the land to develop, and there are already a lot of them.
Let’s not forget that there are 1,000 hectares of farmland in the New Territories still in the hands of developers, and more than 300 hectares of brown land have not developed. If it is really going to be done, I suggest that the government should re-plan the entire New Territories.
Views Real Estate New Media: Earlier, the Hong Kong Development Bureau reclaimed private land in three groups of plots that had been planned for high-density housing development in the outline of the statutory zoning plan, and built funded houses. It is expected that a total of about 1,600 units can be provided. Do you think it is helpful?
Zhao Jinquan: these plots of land cannot develop at all. Those lands are ancestral hall land. The ancestral hall land is the New Territories rural land owned by traditional organizations (such as families or churches) rather than individuals. It requires the consent of all fellow villagers to do it. Some people have passed away. How can everyone agree? So it's impossible to do it at all.
Those places cannot be developed, so they are placed there as parking lots. The government is absolutely correct to take them back and this should be done.
There is still a lot of land that is just placed there to bask in the sun. It has been basking for not a year, but decades, and it has not been cultivated, but it is just abandoned there. What's the use?
,000 hectares of land. If the plan is well planned, if the land area ratio can be achieved at 5 times, 600,000 50 square meters can be built. If a 70 square meters can be built, more than 400,000 units can be built. which places already exist now, there is no need to reclaim the sea. Of course, reclamation is still needed because we only have 1,000 hectares, which is not enough.
If you don’t want to affect the country park, first take out a small part of the country park to build a house, then make a larger plan for the land in the New Territories, and then see how to develop it. This is the real direction you can go.
I had already made suggestions two or three years ago and wrote articles in newspapers. We saw that there is a Long Gu Beach in Tuen Mun . The sea depth there is relatively good, and it can be used as a container terminal. If you reclaim the sea there first, then move the container terminal and put all the things related to the container industry on Longgutan, this will not affect too much urban traffic, but will also alleviate the current traffic jam in Hong Kong.
If the container terminal is moved over, many houses can be built on the occupied land now.
The government's idea at that time was to build a house on a container, which was not impossible. container truck walks around underneath, which is very dangerous. If they all move away, the situation may be different.
There are all public housing near the container terminal. How many public housing would it be built if the land of the container terminal of more than 300 hectares is used to build public housing? Nowadays, waiting for public housing is getting longer and longer, and everyone is very resentful. If you do as I said, it will be beneficial to people's livelihood.
Guidian Real Estate New Media: Some Hong Kong people are now buying houses in the mainland. Is it for investment or to solve their living needs?
Zhao Jinquan: These are mainly investment-oriented. As for whether they can live in the mainland and work in Hong Kong, this is a difficult question to answer.
Frankly, the housing prices in Shenzhen are already very expensive now. Guangzhou is relatively cheap, but I don’t think it’s realistic to work in Hong Kong by taking the high-speed rail.
Guidian Real Estate New Media: Hong Kong still needs to base itself on solving the problem of local supply.
Zhao Jinquan: The supply problem in Hong Kong must be that the government must have a very big determination. It must increase the supply, and it is a relatively stable supply. It is not that some supply is released today, and there will be no more later.
also needs to convince some vested interests, including real estate developers. From our perspective, there are so many industrial lands in Hong Kong now, but how many real industries are there? We have already gone to the mainland or other places. How can these so-called industrial factory sites really develop? The government must communicate with some professional institutions or stakeholders and balance it.
Views Real Estate New Media: Does the SAR government’s medium-term land supply mainly rely on urban reconstruction? In the case of land shortage, will housing prices or land prices continue to rise?
Zhao Jinquan: Strictly speaking, this is true. I will not see much supply from the government in the future unless I am really determined to do this work well.
In terms of land planning, the government has stopped selling land since Tsang Yinquan. The most terrifying thing is that it stopped planning when it stopped selling land. There is no long-term land planning development, which has caused the entire supply chain to be broken.
Everyone knows that real estate will fluctuate. It fell sharply at SARS, and the housing price fell by 50%, but there will definitely be a time to rise.
If you have not planned for so many years, you will not have it when you want to take out the land, because not all the land is familiar land, and some are raw land. Raw land requires infrastructure and supporting facilities so that this land can be used. If no planning is made, there will be no supporting facilities, which will become no real supply.
can now be seen that the land demarcated by the government is very small and has no large-scale land.
I think government planning should be done longer and more in-depth. The most important thing now is to solve people's livelihood problems. The most serious thing about people's livelihood problems is living.
This government has taken a lot of land to build temporary houses. Can it solve the problem? I think only a few of them can be solved, but the actual problem is still not fundamentally solved.
Simply put, these transitional houses can only be built two or three stories high, and are built with some iron sheets or containers, or buildings built with new technologies now. The first is relatively short, and the second is insufficient facilities. How long will these people be ready to be placed here? It may be 3 to 5 years, but in 5 years, the government will have nothing to take out.
If you can use so much land to build temporary houses, why not approve high-rise buildings and let everyone move in directly? This place may have other plans and uses, so long-term housing cannot be built, but if the government cannot find some land to build public housing, and when Lantao is built tomorrow, that will happen in more than ten years. Are they planning to let them live in it for more than ten years?
Views Real Estate New Media: Before Mr. Leung Chun-ying was the Chief Executive, he mentioned participating in Shenzhen’s first land planning when he was at the Defence and Bank of Asuka. After so many years of development in China, can you talk about your feelings?
Zhao Jinquan: Mr. Liang and I have been working together since 1984, and it has been very long.
I came out with him in 1993. I was also one of the original founders of this company, so I went to the mainland early. I have a deep feeling about the development and changes in the mainland.
1980 was really poor. When I was in college, the school also arranged for us to go to Shenzhen to see the plan at that time, but there was still nothing, but to this day, the changes have been very big. sees the country constantly changing. In the past, Shenzhen lags behind Hong Kong, but now Shenzhen is more advanced than Hong Kong. Every time we go to different cities in the mainland, we see them constantly changing, but there is no change here.
You can say that Hong Kong is mature, but on the other hand, it is unchanging, conservative, and unwilling to change, which has a big problem. Because as a government, we must follow the market and follow the customers.
Our country's government has been constantly introducing some new plans, and we can see every change and the government's thinking, and we keep hoping to move forward.
