“Before I kept getting asked by people, ‘why don’t you set up something in Qianhai?’ I thought it wasn't so interesting because it was small”, said Allan Zeman, Chairman of Lan Kwai Fong Group. “But now, Qianhai is very big with over 120 square kilometers. As you bring more and more people into the area, it would give Lan Kwai Fong in Qianhai an entertainment area.”
In an exclusive interview with GDToday, Allan Zeman shared his views on business opportunities as China issued a new plan for further developing the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as “the plan”).
“Now we're talking about potentially setting up some real estate, commercial buildings like we have in Hong Kong with restaurants, bars and fitness clubs,” Zeman added.
According to China Daily, the Shenzhen government is expected to issue offshore renminbi bonds in Hong Kong next month, which will make it the first municipal government on the Chinese mainland to do so, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said on September 8. Zeman comments: “It's never happened before.”
The entrepreneur sees the great potential of Qianhai in drawing domestic and foreign companies: “International companies will trust Hong Kong, so they will want to do business in Qianhai. Chinese mainland companies will also want to develop businesses in Qianhai, which is the entrée for the Guangdong-Hong Kong-Macao Greater Bay Area.”
Zeman also believes that Qianhai will present a lot of opportunities for young people. “Because Hong Kong is a small place with a lot of people, but with Qianhai, this will allow more young people to get jobs in the future.”
The plan mentioned to jointly build an international investment arbitration and mediation mechanism in the Qianhai cooperation zone. Zeman said: “There will be a center for arbitration, which is beneficial for young people from around the world who want to do business. Qianhai can become an area for arbitration, for companies who have disputes to solve problems.”
Talking about attracting talent to grow within the cooperation zone, Zeman stresses the importance of facilities such as schools and hospital, as well as a low tax base. This year, Qianhai is extending 15% Cooperate Income Tax (CIT) for qualified enterprises until end of 2025. “Qianhai is located between two powerhouse cities which are so close that it only takes 14 minutes from Hong Kong to Shenzhen via high-speed rails.”
Zeman indicates that the deepening cooperation in educational and medical industries will also facilitate the integration between Shenzhen and Hong Kong. He raises some examples: “Hong Kong has such strong education background. The University of Hong Kong will set up branches in Shenzhen.” Also, The University of Hong Kong - Shenzhen Hospital witnesses the partnership between Hong Kong and Shenzhen.
As COVID-19 is still raging across the world, Zeman hopes the plan will advance smoothly. “The world is busy trying to solve the problem of the COVID-19 pandemic. But hopefully it's getting under control now in China. I wish when borders open again, we can go back to normal and everything can start once again and very strongly.”
Reporter & Script | Hannah, Huang Yanting (intern)
Poster | Mia
Editor | Wing, Keane, Jerry
