Wu Jiwei, Chairman of Jihui Capital, stated that the influx of mainland companies interested in listing in Hong Kong, China will drive the recovery of the Hong Kong office market in the next two to four years. Mainland investment banks and securities companies based on stock listing business will replace multinational companies that are reducing their footprint. With the intensification of integration between Hong Kong and the mainland, Hong Kong is undergoing structural changes, which gives it a greater advantage than cities such as Shanghai. Most of the demand will come back, but this may not include multinational corporations or US banks.
Amidst the record level of office idleness in Hong Kong, Wu Jiwei's optimism towards Hong Kong is relatively rare. This is due to the decrease in investment bank labor and the transfer of large companies to rival financial centers such as Singapore. Hong Kong currently accounts for approximately 10% of the investment portfolio of Kihui Capital, while mainland assets have decreased to approximately 25%. He stated that the occupancy rate of the Hong Kong office space of Jihui Capital is still quite good.