logo
Hong Kong seeks to turn To Kwa Wan waterfront into tourism hotspot channelling Sydney's Darling Harbour

Hong Kong seeks to turn To Kwa Wan waterfront into tourism hotspot channelling Sydney's Darling Harbour

HKFP19-05-2025
Hong Kong's urban redevelopment body is looking into redeveloping a Victoria Harbour waterfront area in eastern Kowloon into a tourism cove with restaurants and outdoor music venues.
In a blog post on Sunday, the Urban Renewal Authority (URA) managing director, Wai Chi-sing, said that the authority had begun a study on the possibility of developing To Kwa Wan into a world-class harbourfront development, which he dubbed the 'Victoria Cove Area.'
Wai said the development would be similar to Sydney's Darling Harbour, formerly an industrial harbour that was redeveloped in the 1980s. It would also draw inspiration from the Aker Brygge promenade in Oslo, a former shipyard, he added.
The official said that the URA's study, which began in March, covered an 800-hectare area of land and water, including parts of To Kwa Wan, Kowloon Bay, and Kai Tak – the site of a flagship sports park and proposed major commercial, tourism, and residential developments.
The study suggested that some idle barges on the To Kwa Wan waterfront could be converted into restaurants, concert stages, swimming pools, or floating beaches, while two breakwaters in the area could host art installations.
The neighbouring waters off the Kai Tak Sports Park, with their calm currents, would be suitable for water sports such as rowing or canoeing, or for floating platforms that could be used as performance stages.
The sports park is touted by the government as a state-of-the-art venue for large-scale events in a bid to boost tourism amid the city's slow recovery from the Covid-19 pandemic. It hosted the Hong Kong Sevens rugby tournament in March and sold-out concerts by British band Coldplay last month.
Wai added that proposals for the waterfront development would have to comply with regulatory and licensing regimes, and would require technical impact assessments and consultations with stakeholders such as the government and barge operators.
Watersports should not interfere with shipping routes, and restaurants must have the appropriate licenses, he said.
A consultant has begun discussions with various government departments and is expected to submit a preliminary report and feasibility study to the URA in the second half of the year.
Meanwhile, recent legislative amendments loosening rules for creating new land through reclamation could make the development process easier, Wai said.
On May 7, the Legislative Council passed a law making it easier for the government to create new land through reclamation in Victoria Harbour – despite objections from environmental activists.
The Development Bureau said it would allow fast-tracking smaller reclamation works measuring 0.8 hectares or less and would 'enhance harbourfront areas for public enjoyment.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Hong Kong earns HK$189 million from revived hotel tax in first quarter
Hong Kong earns HK$189 million from revived hotel tax in first quarter

South China Morning Post

time3 days ago

  • South China Morning Post

Hong Kong earns HK$189 million from revived hotel tax in first quarter

Hong Kong only received HK$189 million (US$24.1 million) in the first quarter under a reintroduced hotel accommodation tax, authorities have revealed, prompting some tourism industry leaders to raise concerns about whether the government can meet its HK$1.1 billion annual income target. Advertisement Sector veterans also called for more government support measures, telling the Post that the tax figures reflected that hotels were struggling and had been forced to reduce their prices to attract tourists. The 3 per cent tax, which applies to all patrons, was reintroduced on January 1. The government announced the policy's return last year and said the measure was expected to bring in HK$1.1 billion each year. The tax was previously waived in 2008. But in a reply to the Post in June, the Inland Revenue Department said the government had garnered HK$189 million under the tax in the first quarter of this year, while payments for the second quarter were not yet due at the time of its reply. Advertisement 'We aim to meet the government's tax target, but we are concerned we might not be able to meet the target,' said Caspar Tsui Ying-wai, executive director of the Federation of Hong Kong Hotel Owners.

Trump's new trade order is here. Will it work?
Trump's new trade order is here. Will it work?

AllAfrica

time3 days ago

  • AllAfrica

Trump's new trade order is here. Will it work?

The beginning of August marks the latest deadline for US President Donald Trump's 'Liberation Day' tariff policy. This era of chaos and uncertainty began on April 2, and the situation remains fluid. With the deadline for partners to secure a deal with Washington now passed, it's a good time to take a broader view and consider if Trump's trade gamble is paying off. The objectives of the tariff policy include raising tax revenues, delivering lower prices for American consumers, and boosting American industry while creating manufacturing jobs. The president has also vowed to get better trade deals for the US to reduce its trade deficit and to face down China's growing influence on the world stage. But recently the US Federal Reserve voted to keep interest rates unchanged at 4.25% to 4.5%, despite pressure from Trump to lower them. In his monthly press briefing, Federal Reserve chair, Jerome Powell, said they were still in the early stages of understanding how the tariff policy would affect inflation, jobs and economic growth. On tariffs, Powell did say that revenues had increased substantially to US$30 billion a month. However, only a small portion of the tariffs are being absorbed by overseas exporters, with most of the cost being borne by US import companies. In comments that will concern the Trump administration, the Fed said the cost of the tariffs was beginning to show up in consumer prices. The Fed expects inflation to increase to 3% by the end of the year, above its 2% target. US unemployment remains low, with Powell saying the economy is at or very close to full employment. While Powell's decision to hold interest rates probably irritated Trump, economic theory suggests that lowering them with the US economic cycle at full employment would be likely to increase inflation and the cost of living for US consumers. A survey by Bloomberg economists suggests that US GDP growth forecasts are lower since April 2025, specifically because of its tariff policy. In terms of boosting US employment, the US administration can point to significant wins in the pharmaceutical sector. In July, British-Swedish drugmaker AstraZeneca announced plans to spend $50 billion expanding its US research and manufacturing facilities by 2030. The announcement follows a similar pledge from Swiss pharmaceuticals firm Roche in April to invest $50 billion in the US over the next five years. The impact of tariffs on traditional US manufacturing industries is less positive. The Ford Motor Company has warned that its profits will see a sharp drop. This is largely down to a net tariff impact that the firm says will cost it $2 billion this financial year. This is despite the company making nearly all of its vehicles in the US. Firms such as Ford are seeing an increase in tariff-related costs for imports. This dents their profits as well as dividends to shareholders. In recent weeks and months, the US has announced major new trade agreements, including with the UK, Japan, South Korea and the EU. Talks on a trade deal with China continue. But rather than trade deals, these announcements should be thought of as frameworks for trade deals. No legally binding documents have been signed to date. It will take many months before a clear picture emerges of how these bilateral deals will affect the US trade deficit overall. Meanwhile, in Washington, a federal appeals court will hear a case from two companies that are suing Trump over the use of his International Emergency Economic Powers Act (IEEPA) of 1977. VOS Selections Inc, a wine and spirits importer, and Plastic Services and Products, a pipe and fittings company, are arguing that the president has 'no authority to issue across-the-board worldwide tariffs without congressional approval.' With so much in play, it is difficult to judge whether Trump's tariff policy can be viewed as a success. Higher tariff revenues from imports, as well as significant investments from the pharmaceutical industry, can be seen as clear wins. But increasing consumer costs through rising inflation, as well as tariff costs hurting US manufacturers, are clear negatives. While several framework trade deals have been announced, the real devil will, of course, be in the details. Perhaps the greatest impact of the tariff policy has been the uncertainty of this new approach to trade and diplomacy. The Trump administration views trade as a zero-sum game. If one side is winning, the other side must be losing. This view of international trade harks back to mercantilism, an economic system that predates capitalism. Adam Smith and David Riccardo, the founders of capitalist theory, advocated for free trade. They argued that if countries focused on what they were good at making, then both sides could benefit – a so-called positive-sum game. This approach has dominated global trade since the post-war period. Since then, the US has become the largest and wealthiest economy in the world. By creating the institutions of global trade (the IMF, World Bank and World Trade Organization), the US has advanced its interests – and American-based multinationals dominate, especially in areas such as technology. But China and others now threaten this US domination, and Trump is tearing up the economic rulebook. But economic theory clearly positions tariffs as the wrong policy path for the US to assert and further its economic interests in the medium to long term. That's why Trump's course of action remains such a gamble. Conor O'Kane is senior lecturer in economics, Bournemouth University This article is republished from The Conversation under a Creative Commons license. Read the original article.

US job growth weaker than expected
US job growth weaker than expected

RTHK

time3 days ago

  • RTHK

US job growth weaker than expected

US job growth weaker than expected Employment in healthcare and social assistance continues to rise, but private sector firms are adopting a wait-and-see approach before hiring. File photo: Reuters US job growth missed expectations in July, official data showed on Friday, while revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. The employment numbers point to risks in the key labour market as companies grapple with US President Donald Trump's sweeping tariffs – putting pressure on the central bank as it mulls the best time to cut interest rates. The world's biggest economy added 73,000 jobs last month, while hiring numbers were revised significantly lower for May and June, the Labor Department said. The jobless rate nudged up from 4.1 percent to 4.2 percent. Experts have warned that private sector firms appear to be in a wait-and-see mode due to heightened uncertainty over Trump's rapidly changing trade policy. With tariff levels climbing since the start of the year, both on imports from various countries and on sector-specific products such as steel, aluminium and autos, many firms have faced higher business costs. On Friday, the Department of Labor said hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. This was notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Average hourly earnings rose by 0.3 percent to US$36.44 in July, the Labor Department said. It added that employment continued rising in healthcare and in social assistance, while the federal government continued shedding jobs. The US economy has added an average of just 35,000 jobs per month since May, data showed. A sharp weakening in the labour market could push the Federal Reserve towards slashing interest rates sooner to shore up the economy. (AFP)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store