Over past decades, the manufacturing industry has notably scaled down to a tiny fraction of Hong Kong’s economy, which has been developing with high value-added economic activity. Accordingly, the space of industrial buildings may not meet the ever-changing economic needs of society. In order to achieve the highest and best use value of industrial buildings, the Hong Kong government has implemented diverse policies including Industrial Building Revitalization Scheme and the abolition of Double Ad Valorem Stamp Duty on non-residential property, which have created development opportunities and upside potential for these industrial buildings in Hong Kong.
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Date: 24 Feb 2022 | Tags: Property Valuation