HONG KONG--(BUSINESS WIRE)--Over 300 property industry professionals and business leaders unveiled the investment potentials of ageing population at the Royal Institution of Chartered Surveyors (RICS)’s Hong Kong Annual Conference today (20 May) at the Grand Hyatt Hong Kong.
Hong Kong’s population displays a continuous ageing trend. One out of every three Hong Kong citizens will be aged 65 or above within the next 20 years. Business opportunities from this increasing silver hair class is huge but yet to be unlocked. RICS gathered local and overseas experts to deliberate mature market experience and identify potentials from this burgeoning market.
At his keynote speech, The Secretary for Labour and Welfare, Matthew CHEUNG Kin-chung, GBS, JP, mentioned, “As our ageing population will continue to grow over the next 50 years, this will inevitably create challenges in areas of healthcare, social welfare, elderly care services and housing needs. Yet, along with the healthier, better connected and better educated modern-day elderly come new economic and social opportunities. The Government is committed to making Hong Kong more age-friendly through a multi-pronged approach, while concerted efforts are needed to unlock the immense potential of a growing and relatively untapped silver hair market.”
The conference provided a critical review of the emerging silver hair market and an analysis of the business and investment potential that the market could offer Hong Kong. Speakers from Asia and abroad presented examples of countries that have previously experienced a similar population shift. The successful case studies are expected to help public and private sector entities in Hong Kong to prepare for required expansion and fluctuation in infrastructure, public services and industry.
Sharing Japan’s experience as the most mature silver market in the world, Mr Masatoshi Matsuo, President & CEO, Genkai Capital Management Co., Ltd said, “Japan's elderly population ratio is high. Silver hair market has been developed for years covering areas of nursing homes, medical facilities and also investment-related markets such as health care funds and REITs in elderly housing. These are all popular sectors for investors. Investment capital is driving force for sustainable development of the silver hair market. Asian countries can take reference from cases in Japan with regard to silver hair market development.”
Dr Charles LAM, Managing Director, Real Estate at Baring Private Equity Asia, revealed that, “Hong Kong faces rising demand for elderly housing. The provision of elderly houses on one hand secures investment return and fulfils social responsibility on the other hand. The success of private sector participation in the silver hair market such as the investment returns focus will definitely need the support from the Government and a sound working relationship with the non-profit organizations, with specific design of the product as well as the creation of a new elderly community. Investment returns and corporate social responsibility on developing the Hong Kong silver hair market can co-exist.”
Mr Andrew Lee FRICS, Chair of RICS Hong Kong Board said, "Silver hair market has tremendous development potential in Hong Kong. Today, RICS brought together industry experts from across the world to discuss the opportunities and challenges in silver hair market. Experts from overseas were invited to share their expertise and show cases, from which Hong Kong can take reference in the future. "
To engage next generation workforce, RICS hosted a career advice session at the Conference with participation from over 40 university students. The session provides a platform for students to interact with practitioners and prepare them for future career.
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world’s wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People’s Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.