Thomas Shum is an editorial assistant at Reuters Breakingviews, having previously worked at Bloomberg News and the South China Morning Post. He has a bachelor’s degree in law from the City University of Hong Kong and a master’s degree in journalism from the University of Hong Kong. He is mainly interested in technology and politics.
After a record $1.7 bln of turnover in 2021, ructions in China cooled the city’s auction houses last year. But Art Basel is crowded with Chinese collectors this week. As Hong Kong competes with its southern rival to serve the wealthy, its art market is a potent advantage.
The carrier may struggle to hire fast enough to ramp up capacity. Higher salaries would be an obvious fix to lure back crew scarred by endless quarantine. In the meantime, Cathay will remain a globe-trotting reminder of the reopened city’s isolation for longer than anyone wants.
Global firms like Invesco are signing long leases but vacancy rates are at 12%, more than double Tokyo and Singapore. The Asian hub’s delayed reopening coincides with fresh supply hitting the market too. Hong Kong needs corporate tenants from mainland China to return fast.