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Turning old factories to office space in Hong Kong

Hong Kong - Asia's business centre Hong Kong Business

In Hong Kong more and more old factories and warehouses are being turned into offices to cope with the huge demand for office space in the city with the world’s second-highest rents. The Pamfleet Group and Gaw Capital Partners have bought over US$7 billion of Hong Kong’s industrial properties in the year ended June 30. The investment will create about 74,300 square meters of new office space in 2013. Hong Kong’s government has implemented policy changes since the 1980s to support the transformation of unused commercial properties after manufacturing moved to more cost-efficient locations in mainland China and Southeast Asia.