Advanced Industry: The Driving Force Creating New Hotel Markets In China’s High-tech Zones
By Daniel J. Voellm, Managing Partner HVS Hong Kong
High-tech development zones, areas representing the cutting edge of the high-tech industry, have been a driver of the economy and a window to the outside world for many cities in mainland China. Since 1991, the State Council has approved 105 national High-tech Zones in total, most of which cater to the heavy industries. However, with the continual development of China and the appearance of China's current 'L' economy, these High-tech Zones begin a transformation process and seed new industrial clusters, with an increasing share of producer service and financial services. For example, in the Bejing Zhongguancun Science Parkthe added value of the producer service industry in 2015 was doublethat in 2005, accounting for almost 50% of GDP in Beijing Zhongguancun Science Park. Producer services normally includes financial services, information services, technology services, commercial services and distribution services.
Daniel J. Voellm
Daniel Voellm, MRICS has provided advice in many markets across Asia Pacific. Prior to heading the Hong Kong office, Daniel Voellm was Vice President at HVS’ global headquarters in New York conducting a wide range of appraisals, market studies and underwriting due diligence services in 22 states as well as Canada.More from Daniel J. Voellm