Connect with Simon Yu:
Hong Kong Real Estate: COVID-19 Impact and Outlook with Simon Yu
The real estate sector has always played a major role in Hong Kong. The city is one of the world’s most densely populated places in the world and is a part of the Greater Bay Area (“GBA”). In recent years, the city has been facing multiple crises and challenges, politically, socially and economically; various degrees of uncertainty appears to be rising to all residents and different stakeholders regarding the Hong Kong property market.
Today’s episode with Simon presents a concise view of the latest Hong Kong real estate situation as he shares his observations and opinions on the new strategies adopted by landowners, investors or future investors in Hong Kong.
Simon Yu is a real estate broker in Hong Kong. He has been in the Hong Kong real estate brokerage business for almost a decade and is now focusing mainly on investment/development projects working primarily with institutional clients including developers, real estate funds as well as family offices.
- What does the future hold for Hong Kong real estate market?
- How are the stakeholders dealing during the crisis?
- Which entities are still looking into investing in Hong Kong property industry and why?
- Are there specific areas to look into in terms of investing in Hong Kong?
- What challenges should investors be prepared for?
As it can be difficult to catch some minor errors, transcripts may contain a few typos or inaccuracies.
This might be painfully obvious – Please note the following legal conditions:
Denzity owns the copyright in and to all content in and transcripts of Denzity’s video programs and publications (collectively referred to as “Denzity Materials”, with all rights reserved and its right of publicity.
You are welcome to share the below transcript (up to 500 words but not more) in media articles (e.g., The South China Morning Post, Bloomberg, New York Times), on your website, in a non-commercial article or blog post (e.g., Medium and WordPress), and/or on a personal social media account for non-commercial purposes, provided that you include attribution to “Denzity” and link back to the denzity.io/blog URL. For the sake of clarity, media outlets with advertising models are permitted to use excerpts from the transcript per the above.
No one is authorized to copy any portion of the Denzity Materials or use Denzity’s name, image or likeness for any commercial purpose or use, including without limitation inclusion in any books, e-books, book summaries or synopses, or on a commercial website or social media site (e.g., Facebook, Twitter, Instagram, etc.) that offers or promotes your or another’s products or services.
Alright, let’s get back to the transcript of the show. Enjoy!
Greater Bay Area:
The Greater Bay Area is a megapolis that consists of nine cities from Guangdong province, a province situated in Southern China, along with two special administrative regions, HongKong and Macau. It is also known as the Pearl River Delta. The concept is a scheme by the Chinese government to deepen the cooperation between the involved regions as well as developing the nation’s economy.
Real Estate Broker:
A real estate broker is a step above a real estate agent. A broker generally has more training and subject-matter education than an agent, but not always. A real estate broker can work independently or hire real estate salespersons to work under them. The exact rules can vary among countries, but most have somewhat similar requirements.
An institutional investor is a company or organization that invests money on behalf of other people. Mutual funds, pensions, and insurance companies are examples. Institutional investors often buy and sell substantial blocks of stocks, bonds, or other securities and real estate investments. The group is also viewed as more sophisticated than the average retail investor and, in some instances, are subject to less restrictive regulations.
The capital market is a venue where entities are united to exchange their financial products. These entities can be a company, business, a group of people or government. The exchanges mostly occur between two parties, with one party being the investors or suppliers of capital, and the other being those in need of capital. The most typical capital market is the stock market.
CBD (Central Business District):
CBD refers to a certain part of a city with a lot of businesses within. Although this specific part is often the city centre, it can be away from the centre to anywhere in the city, as long as the place has a convenient transportation route. CBD has a large number of offices, banks, and other high-rise buildings. It is also known as a “financial district”.
Darren: Hey Simon, welcome to the show.
Simon: Hey, Darren, good to see you.
Darren:So for the audience that’s tuned in. So Simon and I have been friends for quite some time. And we have never had this kind of format to talk about his skill sets and experience and everything. So, Simon, thanks for coming in because it’s something that I’ve always want to ask you more about.
Simon: Of course, thanks. Thanks for having me on the show. Good opportunity. Happy to share.
Darren: That’s good. So when we begin, would you mind telling the audience more about yourself and your work?
Simon: Yeah. Hi, everyone. I’m Simon, your Real Estate Transaction Specialist currently working in Hong Kong. I’ve been in the real estate brokerage business for almost a decade now. Currently spending most of my time on investment/redevelopment deals, and working with institutional clients. I actually focus on dealing with family offices and also real estate funds. And a little bit of my personal background, I was born in Hong Kong and grew up in Toronto and Canada. I’ve spent, I think, likewise to you similar background, Darren, I spend a reasonable time in both West and East parts of the world. Having decided to return to Asia after my studies, I, my passion has always been meeting new people, and building meaningful relationships. And it’s extremely satisfying when you are, I guess, able to learn new skills engage, engaging like minded individuals throughout the journey. Hence I think today have this lovely interview with your new mentor, so thank you. Thanks for the opportunity.
Darren: That’s good. No worries. I mean, a lot of people in the industry knows who you are already so I’m sure everyone wants to know more about your information anyway.
Simon: Yeah I mean some.
Darren: No, no, you’re very humble. But first of all right because a lot audience might not understand what a commercial real estate agent is. Would you mind telling the audience what’s a typical day like for you like a commercial real estate agent? And what do you do in a daily basis?
Simon: Sure. Thank you. Well, I guess to start off further on an introduction, I happen to have an opportunity, fortunate enough to deal with different clients. So when I first came back from I guess, returning to Asia, I specialized more in the leasing sector. And now in the capital markets team, so more on the institutional clients. So I guess a typical day as a broker, meeting clients, connecting with individuals, so dating back, I think, staying relevant with the market and connecting with the clients. That will be my short answer for my hat in the capital markets sector. So, sizable transaction if you will, anything relating with real estate be that a you know, some sort of tenants movement or new developments in the city because I specialize in Hong Kong of course, and capital investments like especially in the equity market, so, stock market also do have some impact. So, I would say to channel the right messages to the proper audience in order to create value would be my objective. So, you know, physically speaking, because we have, you know, the new office, you know, we have now agile working ABW. So, you know, a typical day talking to different people, communicating with different colleagues in various lines of businesses, and, you know, coming into the office and going out to meet clients, I would say will be a typical day for me.
Darren: So would that be fair to say that like your role is a connector, and if a landlord or a funds or a buyer or seller want to know more about what’s going on, you’ll be the person that people will talk to you and say, “Hey, what’s going on?” And then what kind of service exactly like when you say like, connecting, what does that even mean?
Simon: Yeah, I’m mean, connecting just like what we’re doing now. Right? I would say the fundamental would be the education part. So what are some relevant things that are relevant? So say, for example, you have a property residential property, in Hong Kong, then most likely, you will want to understand what developments that will be happening around your area, you know, who has been investing and who will be or currently looking to invest around I think those are the topics that I would be referring to. So I would say you yes, a connector a new sense thats relating to all real estate aspect. Does that answer your question? You know, that makes sense?
Darren: Yeah its fine. I just for like— cause you know, my background, I used to work in real estate fund so I kind of understand how it’s like, but then for the audience they might not understand like, you know, it’d be hard to grasp but we can go back a little bit later on. And then something that I want to ask you to personally is because we’re both in Hong Kong and Hong Kong has been having a lot of ups and downs for the past, you know, a couple months. How does it affect the real estate market?
Simon: Well, short answer, the increase of uncertainty that grows, I guess, across the board, right. For people living here, for people who plan to come in, I think the uncertainty has been increasing in the investment market, it’s probably not a good thing to have right? Again, I believe there’s always good and bad for everything. There’s always opportunities in every market, though it may be tougher to seek opportunities in general right now. So we have been faced with tough times. You’re right, in the past month, and I guess, almost a year now, right. Since the trade war, and then we have the social unrest, and now the COVID-19 situation. So my opinion is that the business and individuals will probably need some time to be more, I guess, adaptive and creative and collaborative, relatively speaking, compared with other financial cities in the world, Hong Kong, do still have, in my opinion, strong fundamentals, with the supports, the talents, you know, mixture of east and west. I don’t think in other competing cities we’ll be, you know, having those elements just like that. So I still believe in the system and the place so well, it’s a matter of time that will sort of bounce back again.
Darren: Hmm. I see. So in terms of the real estate, capital inflow and outflow of Hong Kong how has it changed since the change of sentiment?
Simon: I guess that’s a very good question. Inflow, due to uncertainty, as I was saying, definitely has impacted. Businesses are more cautious to come in. So slower inflow definitely. From what we said just earlier, trade war and social unrest, I would say it’s a little more political now. Some of the positions, as you are probably aware.
Simon: So since I guess, when you talk about the change of sentiment, right, COVID-19 is sort of like the global pandemic, so it’s probably not a significant impact compared to the other two as people are less mobile for the traveling restriction, that also will impact the inflow of capital. I guess the main challenge for Hong Kong, since we’re at a very, I guess, geographically in a very compact place, we have a very few great real estate opportunities. And compared to perhaps like Singapore, similar to other tier one cities, price gaps are usually wide for core assets, so that creates some challenges for investors. You know, people who have deep pockets or would be would be the ones that look at Hong Kong. So, in terms of outflow, though, we have been witnessing, you know, diversification through expansion overseas, family offices and local developers have been taking advantage of a situation like Brexit in the year or two years prior to overseas opportunity. So for institutional clients, I still look forward to deals coming in and out to Hong Kong and they’re in a mid to short term because Hong Kong being the you know, still the gateway non Asia funds still want to enter the China market as well main Chinese funds and developers are looking to expand overseas so Hong Kong relatively speaking would probably be beneficial.
Darren: I see, that’s pretty good to kind of give people a picture of what’s going on here. So I want something that focuses— because you know there are a lot of things happening for the past couple months right? Let’s focus on the virus situation because that’s something that even to me I’m kind of curious like how does a landlord or estate owner react to the situation now? What did they do to help out the whole society because of the whole virus pandemic?
Simon: Sure. I think you have, first of all you if I were to paint a picture, you have different scales of ownerships, right. So you have small tenants, I mean, small landlords, big landlords, ie., portfolio landlords. So, for COVID-19, especially, I would say most landlords think it is a temporary, you know, circumstance or scenario. I think Hong Kong being a very resilient city, after the fact that we have gone through SARS, in 2003. We have been actually quite, you know, agile in terms of, I guess, agile and strong ond adaptive on the whole Covid situation, if you were to ask, right. So, like you hear in the news, retail hospitality sectors has been impacted negatively. Quite, quite significantly, actually. So some landlord has been quite supportive, to restructure and you know, for rent reduction and whatnot. So especially, I would say, you know, going back to smaller scale landlords, so, for portfolio landlords where you have people or companies who have baskets or assets around the region because they’re listed, and due to the fact that residential sales has also been impacted somewhat so they have been— we have been, I guess, witnessing some dispose or some intention to dispose the non core assets across Hong Kong. So that actually created opportunities for some end users/occupiers who now could have the opportunity to own their real estate, right. So say, for example, a family office, then now could not just lease an office, they could have their own office in Hong Kong. So that actually brings some good news to some individuals who of course, again, going back to the point that they have sufficient cash to do so. So in summary, I would say the virus enables landlords to rethink their real estate strategy to consolidate or reallocate where they want to do their businesses.
Darren: I think that’s a pretty good picture for all of us. In that regard, right in terms of people seeing opportunity in Hong Kong, what type of people are coming in when it comes to like investors or tenants? What is their background or nationality, was the— you know where they came from? Do you have any kind of suggestions or pointers on that?
Simon: Right. As I said, I guess in my points earlier, I would say institutional clients are still strong. They still have interest in coming to Hong Kong. Especially now they have been seeing some adjustments on some smaller scale landlords. So, for example, you have older buildings where it’s just owned by a family. They may want to pass down— whatever the reason that they have to let go or dispose their assets, then now the institutional clients would be able to find that opportunity to come into the market. So, I would say primarily institutional clients and also mainland background clients. In terms of tenants, I would say I was again working in the leasing sector, I think any businesses we are driving value right. So, anything relating with community, so also the medical sector, I think, things that you could use or that you need, I would say those are the main things that have been supporting the market.
Darren: Okay, so in turn let’s go back a little bit in what you said just now, institutional firms who are coming in, are they usually for self use or do you see it as an investment to lease out?
Simon: Right, interestingly, I think they would I mean for family offices definitely they are taking an advantage of the geographical location whereby they could do the businesses here and also the tax situation right. So, I think short answer would be for investment entering into the Asia market diversifying their funds.
Darren: I see is there like a few areas that you think in Hong Kong you are more interested in in that scale?Because obviously we talked about like — you can be a retail investor, you can be institutional, or family office, like for example, your clientele tend to be institutional firms and family offices, so is there a certain region in Hong Kong that they tend to be interested to come in because of the whole thing with the virus situation?
Simon: For sure, for sure. I would say core core those are the areas that they tend to focus on. So, anything that is more resilient is the thing that they— and also the lease tenure. So the government lease. So, I mean, in a smaller, I guess more practical example would be anything that perhaps in Hong Kong Island where which you have triple nine year lease, those may probably be something more attractive in comparison to somewhere in decentralized area Kowloon but of course, there are some interesting— you know when you talk about investment It’s just also about returns right. So, if you have tenants who are going into places like in Kowloon east, we still have been seeing more interest due to of course, the emerging CBD 2 or already established CBD 2. So, you know, Kowaniese, location, Hong Kong Island, prime location in Kowloon are always something that investors are interested on. I would say in terms of sector because of the Covid situation, retail has definitely been coming down. So, right now some interests are drawn towards some people, owners who are suffering but of course, some of these opportunities are not really cheap or a cheap in a sense that you still need some negotiation to come in to capture the right timing so price gap is still a topic that we always need to focus on.
Darren: I see right, no that’s good because even I’m learning. I’m not that familiar with— I live here but I’m not that familiar with the real estate here. Also, I know that you mentioned CBD 2 and I only learned about what CBD one two and three means. From a conference I went last year ULI conference so would you mind explaining to the audience like in within Hong Kong, CBD 1 2 3 what are those areas and why is it important to learn about those kind of different areas.
Simon: Right, well, I’m not a disclaimer, I’m not an expert. No city planning or anything but in terms of a common practice, I guess a norm point of view, I would say Traditional CBD would probably be anything around a central and roti perhaps one try Causeway Bay, those are what we call it traditional CBD in the Hong Kong Island site. Based on a government issued initiative probably 10 to 15 years ago they planned to have Kowaniese right next to the airport of the old airport Kai tak be CBD 2. So, what we generally say CBD 2 would be anywhere between, you know Kwun Tong, a local district called auto calc and also Kowloon Bay, those areas are classified as CBD 2. Where by then you have of course, when you have CBD, investments in infrastructure, and also of course, other amenities supports are tend to follow. So I’m not too sure about what CBD three is because we don’t have like a, you know, formal classification yet, though some landlords are looking to claim themselves CBD 3 in some areas. So I don’t have a model answer for it.
Darren: Yeah. I think that CBT 2 although is a east Hong Kong island side like Quarry Bay and you know, Tycoon area, I believe so, and I think they’re proposing CBT 3, should be somewhere near the border, where people can also commute between the port border from Shenzhen and also from Hong Kong side. But I’m sure these are only jargon to say that what’s the potential infrastructure in real estate opportunities are, which is, you know, is very— I think it’s kind of important to know where they are. So going back to be a connector, right. So and I’m sure like for the past couple years, a lot of people talk about the greater Bay Area and about how there’s so much potential and how much opportunity there would be. What’s your viewpoint on that? And then how would you think what affects interest of Hong Kong real estate markets?
Simon: Yep. Honestly, Greater Bay has been on topic long ago already, in my opinion. I wouldn’t say you know, about the future. It’s more like now, in my opinion. So, I mean, we are already seeing a lot of investments going in, though, there are still you know, some mismatch in terms of I would say, finding the right opportunities to go in will be the current situation. I guess from the recent announcement from you know, the Chinese party, Hainan free zone, will be the next thing that goes on from until 2025. I guess that’s off topic. But, you know, that’s more like the future, I would say. And yes, when we talk about real estate, I always, you know, correlate demographics, movement of people, I think increasing connectivity of the whole Southern parts of the Greater Bay, you talking about connecting different cities and regions of the southern part of China. Most, you know, real estate in the region would probably benefit. I would say the benefit in the whole Bay Area. So as Hong Kong is positioned strategically at the bay, outward towards Southeast Asia whatnot as an international financial Metropolis, listed companies will be coming to Hong Kong and go on public. So people workers will be traveling in and out of Hong Kong, immediately, you know, if you can imagine, you would be having increase in demand and residential properties as people need to probably come in and work and live here, though some people argue that, you know, likewise people will move north, right. So I think is a healthy relationship, honestly. So you are expanding a territory whereby you have people coming in and out. And if you talk about, you know, the whole size of Hong Kong, in terms of, I guess, territory, compared to the rest of China, and given it’s very high density. I’m not too concerned about them stealing our demand, if you will. I mean, I’m not saying that you were implying that question. I think it was just building upon each other. So that’s probably my view on the Greater Bay Area.
Darren: I mean, like, I know nothing about Hong Kong real estate or Chinese real estate. I kind of feel like, the more I know, I know less. And to me just I’m just curious because like, you know, it’s just something that has a lot of advertising, or a lot of people talking about greater Bay Area as if the ‘promised land.’ And so from my point of view it’s for Denzity insights for myself, if I’ve been just curious about it, I’m sure a lot of people will be curious and want to know more from you as well.
Simon: I mean, the promise land, I’m not sure.
Darren: It’s a metaphor.
Simon: I know. But I mean, it’s more like I think for me to explain, I’m probably not an expert, because I don’t go to you know, the Greater Bay, all the cities I haven’t visited, of course, given we’re on the topic I try to learn more about, you know, different cities and what they could offer right, so just a short example some where some city may have better healthcare systems or whatnot, or better history. So I think it’s just mixing people together. And if you were to identify them by different skill set then they could just go to different places for different tasks. So try to allocate resources correctly.
Darren: That’s cool. Yeah. So, going back to the whole learning and expertise or skill sets, because in your point of view, right, like, obviously we are all, we’re both learning about the Greater Bay area and, you know, real estate professionals tend to be location focused, do you feel like your scope would increase because of this whole, you know, bridging between different places in Greater Bay area, and then do you feel like as a commercial real estate agent yourself, how would you plan to, to do that? To learn about it? And then do you plan to expand your scope, do more work in connecting different sides, like, I just want to know— if people listen to this and thinks, “Hey, I’m a Commercial Real Estate Agent, what should I do?” Like, how would you suggest?
Simon: I think I mean, that’s a partial personal question, right? So I think it’s a fact that whether a person is more towards open minded thinking. So going back to my introduction, one of my passions, or the reason why I enjoy what I do and have motivation on the industry is because I do want to learn new things and meet new people, right? When you do that, I think it’s important to stay relevant, as I was saying, and I guess one of the questions, that’s my typical day, I believe in there’s a healthy correlation off the fact that you know, that the more you know, the better, the higher likelihood of you solving bigger problems, right. So the bigger problem that you solve is likely that the more money that you make, right or more successful you become, whatever that means. So, that might be a more personal question, so yes, I mean, and spending enough time to learn, right, so, I think one of the challenges is that we have to allocate our own resources carefully on how much we want to input right.
Darren: Yeah like even the way you talk about it in this video, and also like just knowing you personally, you always have a very strong theme about connecting and just servicing someone if they need some help. So I think it’s something that’s, you know, is very loud, into very cohesive, kind of like value that obviously, as a friend, I really appreciate that too. You know, it’s something that’s weird. It’s like the real estate sector, the more you know, the less you really know, because it’s so huge. So, and also too, right as something that like, you know, away from just investing as a whole because, you know, we’re both in the Prop tech institute together, the association about property tech to learn more about it, I want to know, how, because property tech is something that you know, still new in a sector, people still don’t even know what’s going on. Why can you spill out more time on investing, do other kinds of services, get different types of licenses and stuff like that, but why would you dedicate your time more on property tech?
Simon: Well, I would say, there are different parts and different parts and answers to the question. I guess for the last part, different licenses and all, you know, I’m not that academically smart, I think. I think the value that you create is about helping, not helping others per se but it’s about answering people question or solving people’s problem, right? So you can know everything in the world, but if you don’t exercise it, then it’s pointless, meaningless, right. So, I think that’s why fundamentally when I decided to come back to Asia, where opportunities are more, compared to different parts of the world, relatively speaking, it’s the reason why I decided to continue on doing what I do. So I guess that answers, you know, the first part of the question. And of course, when we encounter different tasks or different scenarios, we tend to meet more interesting people, like minded people and then you have a like minded group that sort of intrinsically or naturally already have a group or community to be continued.
Darren: Hmm, I see. No, I think that’s pretty good. It’s just something that like, you know, myself I’m curious too, right. I think because we both have a really good friend, Chris, who makes us feel really insecure because he’s too smart and challenges us. So you know I feel like this conversation we can go on for another hour if we can, because there’s lots of things that even in my head I haven’t asked yet, but I kind of want to do this long form video in the future so hopefully you can join us next time for that.
Simon: Sure. I mean, to speak with other people as well, I think we could jump in and breakout room or something, right?
Darren: Yeah, yeah yeah. I mean, Denzity insights is meant for learning different insights and tips from different experts, right. And then for us, we were thinking that, hey, maybe next time, we can go for like a very specific topic. Or we can even go for different guests in the journey. Like even your journey is very interesting, you know. So I think that’s something that we can do. So before we go away, what kind of takeaway would you like the audience to have from this video?
Simon: Ah, I mean, I don’t know who the audience are. I mean, we do have a focus real estate focus. I think generally speaking, just to be again, to my point, being relevant is I try to do that every day as well. Be open minded. I think that’s a very simple thing that everyone could do. You know, being open minded could to your lens would mean that if you had a negative feeling about this market today, or this in sector today doesn’t mean that it’s not going to flourish tomorrow. So, you know, that sort of applies to, I guess, real estate markets, who knows what will happen tomorrow? You know, what if we don’t have that vaccine, then we need to think of something different, right. So, you know, problem with I guess aging is that you stay, sort of close minded, right. And you feel like know, so I think the community that we feel like we are building is something that a channels the the message as well, right. So to be open minded.
Darren: That’s really good. Thank you. I think I thought about real estate stuff talking about philosophy I was like, “Wow that’s kind of deep.” So for people who you know, the right audience, who are trying to find out more about real estate, Hong Kong real estate, and they want to find you. What are some ways that you suggest people to reach out to you?
Simon: Just LinkedIn, LinkedIn. Or you know you could always find Darren, and you can get my number.
Darren: It’s that easy?
Simon: Yeah, LinkedIn probably be more professional if you were to talk about business. Otherwise, email I mean, yeah, LinkedIn, you have an email anyway.
Darren: Yeah. So I’ll include everything in the show notes and then description of the video. And I just want to say thank you, Simon. Thanks for sharing and I hope the audience gets something out of it. And until next time, then, thank you.
Simon: Sure. Thank you.
Darren:Alright talk to you later alright, bye.
Simon: 我想這是個很好的問題。正如我剛才所說，由於不確定性，資金流入肯定會產生影響。企業進場更為謹慎。所以流入速度肯定會變慢。從我們剛才所說的，貿易戰和社會動盪來看，我想說現在的政治色彩更大一些。有些立場，你可能知道, 所以我想，當你談論情緒的變化，對吧，COVID-19有點像全球大流行，所以與其他兩種
Simon：當然，當然。我會說覈心-覈心-他們傾向於關注的領域。所以，任何更具彈性的東西都是他們——也是任期最短的東西。所以政府租賃。所以，我的意思是，在一個較小的，我想更實際的例子可能是在香港島，你有三倍九年的租約，這些可能是比較有吸引力的地方在分散地區九龍，但當然，有一些有趣的-你知道當你談論投資的時候，它也是關於回報的。所以，如果你有租客要去九龍東這樣的地方，我們仍然會看到更多的興趣，當然，由於新興的CBD 2或已經建成的CBD 2。所以，你知道，九龍，地理位置，香港島，九龍的黃金地段，一直是投資者感興趣的東西。我要說的是，由於科維德的情况，零售業肯定是下來了。所以，現在一些利益被吸引到一些人身上，你知道，業主們正在遭受痛苦但當然，這些機會中的一些並不是暗示，或者說，在某種意義上，你仍然需要一些談判來捕捉正確的時間，所以價格差距仍然是我們一直需要關注的話題。
Darren ：我明白了，不，這很好，因為我也在學習。我不太熟悉-我住在這裡，但對這裡的房地產不太熟悉。另外，我知道你提到了CBD2，我們瞭解CBD 1、2和3的含義自去年的ULI會議，你介意向聽眾解釋一下嗎就像在香港，CBD 123，這些區域是什麼，為什麼瞭解這些不同的區域很重要。
Simon: 任何計畫或任何東西，但在一個普通的實踐方面，我想是一個規範的觀點也許會在中環區域或者銅鑼灣，我們稱之為香港島的傳統CBD，這是基於政府發佈的一項可能10至15年的倡議以前，他們計畫在啟德舊機場附近建立殖民地成為CBD 2。所以，我們通常所說的CBD 2會介於兩者之間，你知道觀塘嗎一個名為CBD2 的本地區，也是九龍灣，這些地區被劃為CBD 2。所以呢當你有CBD的時候，你當然有基礎設施投資，當然還有其他便利設施的支持傾向。所以我不太確定CBD 3是什麼是因為我們還沒有一個，你知道的，正式的分類，雖然一些房東正在尋找在某些地區聲稱自己是CBD 3。所以我
Darren ：是的。我認為CBT 2雖然是一個像鰂魚一樣的東港島，你知道，大亨區，我相信是的，我認為他們建議CBT 3，應該在靠近邊境的地方，在那裡人們可以從深圳和香港往返於港口邊界。但我相信，這些只是術語來說明房地產機會中潜在的基礎設施是什麼，也就是說，你知道，非常-我認為知道它們在哪裡很重要。所以回去做連接，對吧。所以，我確信在過去的幾年裏，很多人都在談論大灣區，談論那裡有多麼大的潜力，會有多少機會。你對此有何看法？那麼，你認為什麼會影響香港房地產市場的利益？
Darren: 有些事情很奇怪。就像房地產行業，你知道的越多，你真正知道的就越少，因為它太龐大了。所以，還要寫一些東西，你知道，不僅僅是投資總體來說，因為，你知道，我們都在房地產技術研究所 [PropTech Institute]，房地產技術協會要瞭解更多，我想知道，比如怎麼，因為房地產科技是一種你知道的東西，在一個行業中仍然是新事物，我們甚至還不知道發生了什麼。為什麼你為什麼對你來說，比如，你知道，你可以在投資上花更多的時間做其他類型的服務，獲得不同類型的許可證之類的東西，但是為什麼你會把更多的時間花在房地產科技上？
Darren : 不，你很謙虛，你很謙虛。
Darren : 真不錯。謝謝您。我想我考慮過房地產的東西，談論哲學就像，嗯，有點深奧。所以對於那些你認識的人來說，他們想瞭解更多關於房地產、香港房地產的知識，他們想找到你。你建議人們用什麼方法來接觸你？
Simon: 只是LinkedIn。或者你知道，你知道，你總是可以找到Darren ，你可以得到我的號碼。
Darren : 容易嗎？
Hope you liked this episode. You can always leave your opinions in the comments section!
See you next time!