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Saturday, Feb 22, 2025
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Bay holds prime-of-life appeal for graduates
Some 40 percent of Hongkongers said they intend to work, study or retire in the Greater Bay Area in 12 months once quarantine-free travel with the mainland resumes, a survey by HSBC and international consulting firm Oliver Wyman has found.
The poll took in 3,000 locals engaged in tertiary-level studies or are tertiary educated and aged from 18 to 44 this year, including business leaders, entrepreneurs, youth leaders, think tanks and academics.
That 40 percent figure rises to 72 percent when the period was prolonged to beyond 12 months.
Nearly half of those wanting a GBA opportunity would like to pursue more than one activity, such as finding a job after studying, or working, then retiring.
Additionally, 63 percent of the respondents would prefer to commute across the border rather than live in the mainland, while around 43 percent would like to commute once or twice a month, which means they would have accommodation demands on both sides.
"We see an evolving one-hour living circle in the GBA, which is made possible by world-class cross-boundary transportation networks and facilities completed in recent years," said the HSBC GBA head Daniel Chan Hing-yiu. "The choices over where to work, invest, raise a family, start or manage a business may not be confined to city borders anymore."
Of those interested in mainland GBA opportunities, more than 80 percent are considering buying properties and more than 85 percent are interested in cross-border medical insurance policies, while 70 percent have a mainland bank account.
Of those without such an account, 53 percent are not in urgent need of one, while 20 percent think opening one involves a laborious or unclear process.
Financial-services needs will be complex as 60 percent would like to hold assets in both locations.
"Increasingly more people are expecting seamless solutions across payment, financing, wealth management and insurance from financial-service providers," Chan added. "In time, harmonization of policies and regulatory frameworks across jurisdictions will give new impetus to innovation in products and services, enabling banks to provide best-in-class financial solutions to GBA people," he said.
The most outstanding concern for those keen on GBA opportunities is the living environment, followed by social security eligibility, and health-care quality.
Of the nine GBA cities, Shenzhen is the first choice for its living environment, industry prospects and economic development.
That 40 percent figure rises to 72 percent when the period was prolonged to beyond 12 months.
Nearly half of those wanting a GBA opportunity would like to pursue more than one activity, such as finding a job after studying, or working, then retiring.
Additionally, 63 percent of the respondents would prefer to commute across the border rather than live in the mainland, while around 43 percent would like to commute once or twice a month, which means they would have accommodation demands on both sides.
"We see an evolving one-hour living circle in the GBA, which is made possible by world-class cross-boundary transportation networks and facilities completed in recent years," said the HSBC GBA head Daniel Chan Hing-yiu. "The choices over where to work, invest, raise a family, start or manage a business may not be confined to city borders anymore."
Of those interested in mainland GBA opportunities, more than 80 percent are considering buying properties and more than 85 percent are interested in cross-border medical insurance policies, while 70 percent have a mainland bank account.
Of those without such an account, 53 percent are not in urgent need of one, while 20 percent think opening one involves a laborious or unclear process.
Financial-services needs will be complex as 60 percent would like to hold assets in both locations.
"Increasingly more people are expecting seamless solutions across payment, financing, wealth management and insurance from financial-service providers," Chan added. "In time, harmonization of policies and regulatory frameworks across jurisdictions will give new impetus to innovation in products and services, enabling banks to provide best-in-class financial solutions to GBA people," he said.
The most outstanding concern for those keen on GBA opportunities is the living environment, followed by social security eligibility, and health-care quality.
Of the nine GBA cities, Shenzhen is the first choice for its living environment, industry prospects and economic development.
