“Hong Kong is going through a structural change” as the city becomes more integrated with mainland China, giving it an edge over cities like Shanghai, Gaw said. “A lot of this demand will come back, but it may not come from the multinationals or the US banks.” His firm is also seeking to increase its presence in Southeast Asian markets like Vietnam, and is looking at “oversold” office space in San Francisco.
An influx of Chinese firms seeking to list in Hong Kong will drive a recovery in the city’s office space market over the next two to four years, according to the head of Gaw Capital Partners.
Chinese investment banks and securities firms eyeing business from stock listings will replace multinational companies that are reducing their footprint, said Goodwin Gaw, chairman of the Hong Kong-based private equity firm that has about US$36 billion ($49.01 billion) in assets under management.
