Construction in Hong Kong - Key Trends and Opportunities to 2025 (H1 2021)

Construction in Hong Kong - Key Trends and Opportunities to 2025 (H1 2021)

Summary


Hong Kong’s construction industry contracted by 4.4% in real terms in 2020, due in part to the disruptions caused by the Coronavirus (COVID-19) outbreak, subsequent lockdown measures and uncertainty following political interference from China. Prior to the COVID-19 outbreak, the industry had been struggling amid a general slowdown in residential construction and a sharp drop in transport infrastructure works, coupled with local protests in the country that impacted investor confidence in 2020. According to the Census and Statistics Department (C&SD), the country’s construction industry continued to decline in the third quarter of 2020, contracting by 10.6% year on year (YoY) in real value-add terms, marking the eighth consecutive quarterly decline on a Y-o-Y basis since the fourth quarter of 2018.

In 2021, the construction industry is expected to register growth of 1.5% in real terms, supported by a recovery in global economic conditions and government investment on infrastructure projects to revive economic growth. The ongoing development and distribution of vaccines provides some hope that the spread of COVID-19 will be contained, reducing the risk of a repeat of the severe disruption that occurred during much of the first half of 2020.

A recovery in economic activity should enable the government to expand fiscal expenditure on major infrastructure projects, supporting industry growth. According to the advanced estimates from the C&SD, in the fourth quarter of 2020, the economy performed better than expected. The Y-o-Y GDP decline slowed to 3% in Q4 2020, as compared to the Y-o-Y declines of 3.6% in Q3, 9% in Q2 and 9.1% in Q1 2020. This improvement was driven by growing domestic consumption and private investment, which was backed by the gradual easing of social distancing measures and full imposition of fiscal stimulus measures in September 2020.

Key risks associated with Hong Kong’s construction industry outlook include a worsening political crisis, following China’s decision to implement new national security laws for Hong Kong, and the subsequent decision by the US to remove Hong Kong’s special status. The US government’s trade war with China and the removal of Hong Kong’s special status is expected to decrease investment in the overall economy, as well as in the construction industry.

This report provides detailed market analysis, information, and insights into Hong Kong’s construction industry, including -
- Hong Kong’s construction industrys growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Hong Kong’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Hong Kong. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Hong Kong, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalDatas standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
 

 

1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 GlobalData Construction
 


List Of Tables

Table 1: Construction Industry Key Data
Table 2: Hong Kong, Key Economic Indicators
Table 3: Hong Kong, Commercial Construction Output by Project Type (real % change), 2016-2025
Table 4: Hong Kong, Top Commercial Construction Projects by Value
Table 5: Hong Kong, Industrial Construction Output by Project Type (real % change), 2016-2025
Table 6: Hong Kong, Top Industrial Construction Projects by Value
Table 7: Hong Kong, Infrastructure Construction Output by Project Type (real % change), 2016-2025
Table 8: Hong Kong, Top Infrastructure Construction Projects by Value
Table 9: Hong Kong, Energy and Utilities Construction Output by Project Type (real % change), 2016-2025
Table 10: Hong Kong, Top Energy and Utilities Construction Projects by Value
Table 11: Hong Kong, Institutional Construction Output by Project Type (real % change), 2016-2025
Table 12: Hong Kong, Top Institutional Construction Projects by Value
Table 13: Hong Kong, Residential Construction Output by Project Type (real % change), 2016-2025
Table 14: Hong Kong, Top Residential Construction Projects by Value
Table 15: Hong Kong, Key Contractors
Table 16: Hong Kong, Key Consultants
Table 17: Hong Kong, Construction Output Value (Real, US$ Million)
Table 18: Hong Kong, Construction Output Value (Nominal, HKD Million)
Table 19: GlobalData Construction Market Definitions
 


List Of Figures

Figure 1: North-East Asia, Construction Output (Real % Change), 2020 and 2021
Figure 2: Hong Kong, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Hong Kong, COVID-19 Confirmed Cases
Figure 4: Hong Kong, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 5: Hong Kong, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 6: Hong Kong, Construction Value-Add (HKD Million, 2018 Chained Prices)
Figure 7: Hong Kong, Gross Domestic Fixed Capital Formation in Building and Construction, (HKD Million, at 2018 Chained Prices)
Figure 8: Hong Kong, Unemployment in Construction Industry
Figure 9: Hong Kong, Total Number of Sales and Purchase Agreement of Residential and Non-Residential Building
Figure 10: Hong Kong, Construction Projects Momentum Index
Figure 11: Hong Kong, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 12: Hong Kong, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: Hong Kong, Total Tourist Arrivals (in Thousands), % Change YoY
Figure 14: Hong Kong, Retail Sales (HKD Billion), % Change YoY
Figure 15: Hong Kong, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 16: Hong Kong, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 17: Hong Kong, Manufacturing Production Index (2015=100), % Change YoY
Figure 18: Hong Kong, Manufacturing Value-Add (HKD Million, 2018 Chained Prices), % Change YoY
Figure 19: Hong Kong, Total Merchandise Export (HKD Million), % Change YoY
Figure 20: Hong Kong, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 21: Hong Kong, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 22: Hong Kong, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 23: Hong Kong, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: Hong Kong, Domestic Electricity Demand (In Terajoule)
Figure 25: Hong Kong, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 26: Hong Kong, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: Hong Kong, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 28: Hong Kong, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 29: Hong Kong, Gross Value of Building Construction Works Performed by Main Contractors (2000 Constant Prices, HKD Million)
Figure 30: Hong Kong, Real Estate Value-Add (HKD Million, 2018 Chained Prices), % Change YoY
Figure 31: Hong Kong, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 32: Hong Kong, Headquarters of Key Consultants (% of Total Project Pipeline)
 


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