As the local COVID-19 fifth wave eases, travel restrictions are gradually relaxed with Hong Kong moving towards re-opening the border. While Hong Kong has had no new tourist attractions and entertainment facilities for some years, that will change as new retail and entertainment landmarks such as SKYCITY and 11 SKIES progressively come online. How will that context change the desire and demand of Greater Bay Area (GBA) residents to visit Hong Kong? A large-scale survey conducted by NielsonIQ found that 76% of residents in the nine Guangdong cities in the GBA interviewed want to visit Hong Kong after the border reopens, in which 95% of them are keen to visit 11 SKIES, while over 70% of them would add at least one more day to their trip to visit the new landmark. The survey also found that there is significant demand from GBA residents in the Mainland for the professional services that Hong Kong offers, with services in beauty, wealth management and medical and wellness the most sought after.
Located next to the Hong Kong International Airport (HKIA) and the Hong Kong-Zhuhai-Macao Bridge (HZMB), 11 SKIES is a large-scale one-stop landmark destination for retail, entertainment and business. Developed by New World Development (NWD) and a showpiece in the SKYCITY project, it is the most high-profile multi-purpose complex opening in Hong Kong in recent years. Spread over a total floor area of 3.8 million square feet, 11 SKIES includes over 800 shops, more than 120 dining concepts, and the largest indoor entertainment hub in Hong Kong which will redefine experiential entertainment. It also includes three Grade A office towers for finance and wealth management corporations, wellness and healthcare service providers, as well as companies to set up their GBA base. Slated to open in mid-2022, the brand-new professional services hub is set to spur local economic recovery.
NWD to host forum in late May to hear insights from industry leaders on how 11 SKIES can seize GBA market opportunities
On 26 May, NWD will be hosting an in-person/virtual hybrid forum to explore how SKYCITY and 11 SKIES can propel the Hong Kong economy towards new frontiers. Bringing together close to 20 leaders in different industries, the forum will share ideas and insights on how SKYCITY and 11 SKIES can contribute to Hong Kong’s economic recovery as well as open new market opportunities in the GBA.
11 SKIES commissioned NielsenIQ, a market research firm, to conduct a survey of potential visitors from the 9+2 cities in the GBA as well as other Mainland cities, and of potential Asian short-haul travellers to Hong Kong. The survey interviewed more than 3,600 respondents online as well as face-to-face and was completed four months ago.
The survey found that 76% of respondents in the nine Mainland cities in the GBA want to visit Hong Kong after the border reopens, with 95% of them are keen to visit 11 SKIES (see Table 1). In addition, nearly half of the respondents said 11 SKIES would be the first stop of their trip to Hong Kong. Moreover, about 95% of Asian short-haul tourists said that they would like to visit 11 SKIES. The findings show the strong appeal of 11 SKIES to Mainland and Asian visitors alike, as well as the role it can play to spur the recovery of Hong Kong’s retail and tourism sectors, which had been badly hit by the local fifth wave of the pandemic.
The survey also found that over 70% of those who are interested in 11 SKIES living in Mainland GBA cities said that they would be happy to extend their Hong Kong trip by at least a day to visit the new landmark, while over 80% of the same category of respondents said they would consider visiting Hong Kong only for Lantau Island and 11 SKIES.
High demand from GBA visitors for professional services, with strong interest in fund and Hong Kong stock investments
In addition to sightseeing, shopping and dining, Mainland respondents to the survey expressed strong demand for professional services in Hong Kong. The demand for beauty services is the greatest among survey respondents in the Mainland GBA cities (41%), Beijing (40%) and Shanghai (56%). This is followed by demand for banking and wealth management services, and for wellness and medical services.
On wealth management, respondents from Mainland GBA cities are most interested in fund and Hong Kong stock investments (77%) and insurance products (62%). On wellness and medical services, most are interested in body checks (63%), dermatology treatment (46%) and dental treatment (45%). In addition, there is also some demand for more specialised medical services such as refractive surgery and antenatal check-ups among the same category of respondents.
11 SKIES has three Grade A office towers in addition to the host of shopping, dining and entertainment facilities. The K11 ATELIER office towers will be the first to open in mid-2022, followed by the entertainment facilities in 2023, and the phased opening of the shopping mall in 2024.
The survey reflects the strong demand for retail, entertainment and professional services among residents of Mainland GBA cities. 11 SKIES will be seamlessly connected to Terminal 2 in the expanded HKIA and is conveniently served by transport links including the Tuen Mun-Chek Lap Kok Link and HZMB. With the "one-hour living circle" concept in the GBA and the fact that it can be reached from other major financial centres in Asia within four hours, 11 SKIES promises huge business opportunities. On completion, the project will become a must-visit landmark for Hong Kong people, overseas visitors and over 86 million people in the GBA, giving fresh impetus to the local post-pandemic economy.
New World Development will be hosting a forum at the end of May where nearly 20 leaders from different sectors will discuss how SKYCITY and 11 SKIES can help Hong Kong’s economic recovery. The event will be live streamed and more information can be found on the forum website.
Theme: How SKYCITY Takes Hong Kong to a New Level
Date: 26 May 2022 (Thursday)
Sign up: Free to join online. Registration open now.
Registration and forum website: https://gbaforum2022.11-skies.com/