City of choice for businessmen and investors
KUCHING: Trade, business and tourism thrive on bustling Hong Kong even though this city state of 7.39 million people is a quarter the size of Kuching division.
Being ranked freest economy in the world for 23 consecutive years, Hong Kong’s property rights, business freedom, trade freedom and monetary freedom makes the city a preferred choice for businessmen and investors.
A fishing village before becoming a British colony in 1841 ( Hong Kong Island in 1841, Kowloon in 1860 and New Territories in 1898), Britain controlled the colony until 1997 when it became a special administrative region of China under the one country, two system policy.
Hong Kong has a different political, economic and monetary system from China. It is a city state that governs itself.
The British introduced their way of life to the colony. Street and place names are British. Schools, colleges and universities follow the British educational system. Western entertainment is dominant all across the city.
Fast food restaurants mix with typical Chinese cuisine.
Eastern and Western cultures mingle but traditional Chinese culture still thrives in Hong Kong today despite foreign cultural influences.
Good Friday, Easter Day, Christmas, Boxing Day, Qing Ming festival, Dumpling Festival and Autumn Festival are all public holidays in Hong Kong.
Year 2017 mark the 20th anniversary of the handover of sovereignty back to China, and Hong Kong has proven to be important as a gateway between China and the rest of the world.
Hong Kong is a major Asian financial centre with a strong stock market and a currency that is one of the most traded in the world.
About 90 per cent of its income comes from the service sector.
Average salary in Hong Kong is HK$ 374,681( MYR 204,535) per annum with people willing to spend on recreation, entertainment and retail.
Shopping malls and streets are crowded with consumers most times of the day.
Places like Canton Road in Tsim Sha Tsui, Causeway Bay and Mong Kok are usually packed with shoppers.
One of Hong Kong’s main problems is space so construction has gone upwards.
With demand for housing on the rise, Hong Kong’s new property launches usually attract thousands of interested buyers.
It has one of the best public transportation systems in the world. Public buses, mini vans, MTR, Light Rail, trams and taxis are common.
People in Hong Kong usually chose not to drive even if they own a vehicle as parking spots are hard to come by, while the public transport system is convenient.
Despite being hit by typhoon Hato in late August, Hong Kong’s market continues to grow and life went back to normal the following day with no damage of real estate reported.
Do be alert when in Hong Kong as people may see the following on TV, public places and hotel lobby: Signal 1 - Everything continues as usual but be on alert. This signal could last up to several days; Signal 3 - Strong winds expected with likely heavy rains. Public transportation still runs, but harbour cruises may be cancelled. Some stores and businesses might close.
Signal 8 - Gale winds or stronger winds are imminent. Everything closes at this point: schools, offices, tours, public transport, taxis, shops, restaurants, ferries, trains and flights.
A signal 8 might last for a day or shorter, often downgrading to a level 3 signal or dissipate completely.
Signal 9 or 10 is rare and most severe with destructive force expected. When a signal 9 is hoisted, gale or storm force winds are increasing or expected to increase significantly in strength.
Signal 10 - Direct hit is expected with the eye of the storm passing very close or directly over Hong Kong, hurricane strength winds are expected.
Hong Kong deals with typhoons every year. Just be aware of any warnings. When a warning is issued, be alert, take the precautions outlined above and stay safe.