Hong Kong’s economy is expected to grow at 5% in 2006. The construction sector makes up around 3.2% of the GDP in Hong Kong. In 2004, the total gross value of construction work was HKD92.5 billion (USD12 billion). Of that amount, private sector work accounts for HKD27.8 billion (USD3.6 billion), public sector work is valued at HKD28.2 billion (USD3.6 billion) and other construction work, e.g. renovation, electrical and mechanical fitting-out work, is valued at HKD36.5 billion (USD4.7 billion).
Public awareness of environmental protection is developing as Hong Kong citizens suffer from air and water pollution resulting from manufacturing plants in the Pearl River Delta region. Also, the Hong Kong Government has put much effort into education about the importance of protecting the environment, reducing energy and reducing waste.
In the construction and building sector, usage of environmentally friendly and energy-saving products and features has increased in recent years. Developers are becoming more concerned about their “environmental image”. They also want to attract multinational corporate tenants who prefer features that will save energy, reduce waste and increase productivity in their commercial projects.
Government regulations are playing a pivotal role in shaping the design of residential buildings in Hong Kong. Balconies and sky gardens are now a feature of many new homes. They were not so common in projects completed before 2001. The government provides incentives to encourage developers to adopt green building features and construction methods to reduce waste. The incentive exempts green features from the calculation of the gross floor area of a property, which grants developers extra floor space to boost the market value of properties.
In the last five years, growth in demand has been significant in environmentally-friendly products, e.g., T5 lamps, variable speed pumps, heat recovery systems in HVAC, service-on-demand features, advanced window glazings, and motion sensors. Metal formworks have also extensively replaced timber. More pre-fabricated elements are used to allow cleaner construction sites. Use of photovoltaic panels has also increased, particularly in government buildings, though not on a big scale. The market for green building products in Hong Kong, however, is far from maturity and is therefore full of potential.
To view the full report on the Green Building Sector in Hong Kong, please visit: http://www.buyusainfo.net/docs/x_1251980.pdf