# HK pushing Tokyo off top spot... already?



## scorpion (Sep 14, 2002)

How soon before we recognise HK as member of the elite club of London/Paris-NYC-Tokyo??... 

Does HK replace Paris, or Tokyo, or both, or is there room for 5???


Wednesday, August 10, 2005
*HK to push Tokyo from top spot on office costs*

PEGGY SITO
Hong Kong will soon overtake Tokyo as the most expensive office location in Asia, with a supply shortage likely to drive rents significantly higher over the next 12 months, property analysts say. 

Hong Kong is now ranked as the second-most expensive place to rent an office in Asia, with average occupancy costs - which include rents, management fees and government rates - of US$107.26 per square foot per year in June, according to property consultant Cushman & Wakefield. This is about 10 per cent lower than Tokyo, where occupancy costs average US$119.79 per square foot a year. 

"With prime effective rents in Central projected to grow another 20 per cent in the coming 12 months, driven largely by a shortage of supply, Hong Kong will very likely overtake Tokyo as the most expensive office location in the region," the consultant said in a report. 

Alva To Yu-hung, research director at DTZ Debenham Tie Leung concurred, projecting that occupancy costs in Central could surpass that of Tokyo's core business district next year. 

DTZ estimated average occupancy costs in Tokyo at US$98 per square foot a year at the end of last year, compared with Hong Kong's US$66.6 per square foot. 

Mr To said Tokyo had seen little change in office rents since then but that Grade A office rents in Central had risen by an average 40 per cent. 

The city's commercial property sector has had an unprecedented two-year rebound. Rents at Two IFC in Central stood at an average of $25 per square foot during the Sars outbreak in 2003. The offices now fetch $70 per square foot. 

Cushman & Wakefield said that many companies facing lease expiries could expect rent increases of more than 60 per cent. 

Central's average vacancy rate fell to 7.2 per cent in June from 14.6 per cent a year earlier.


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## Dampyre (Sep 19, 2002)

Tokyo beats Hong Kong by a good margin in the importance department. Hong Kong is extremely overrated on these boards as an economic power.


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## samsonyuen (Sep 23, 2003)

Room for five.


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## zwischbl (Mar 12, 2005)

how can a 10mio- city overtake an at least as prosperous 30mio+ city?


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## _00_deathscar (Mar 16, 2005)

Hong Kong used to the most expensive city in the world till 9/11 when because the US$ crashed, so did the HK$ which is pegged to it..


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## hkskyline (Sep 13, 2002)

I don't think Hong Kong can replace Tokyo any time soon. After all, Japan is the world's 2nd largest economy and Hong Kong is 33rd. However, HK plays a much bigger role for multinationals operating in Asia whereas Tokyo is a Japanese headquarters city.

Source : http://www.worldbank.org/data/databytopic/GDP.pdf

On the other hand, HK's per capita GDP is on par with Western countries. Hong Kong's GNI per capita by PPP ($31,510 international dollars) is actually higher than the UK ($31,460), Canada ($30,660), and Japan ($30,040). 

Source : http://www.worldbank.org/data/databytopic/GNIPC.pdf

Last year, Hong Kong gobbled up US$34 billion in foreign direct investment, the 2nd largest in Asia after China. Hong Kong was also the 2nd largest stock market in the world for fund raising, after New York. The stock index capitalisation is 10th in the world and the largest in Asia outside Japan.

Source : http://www.world-exchanges.org/publications/EQU1105.pdf


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## _00_deathscar (Mar 16, 2005)

Considering Hong Kong is so tiny and stands on it's own, 33rd largest economy in the world isn't bad is it?


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## Zaqattaq (Nov 17, 2004)

Well HK has a skyline that you can associate it with, Tokyo is not organized like that


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## _00_deathscar (Mar 16, 2005)

No...Tokyo's just one of the world's major cities that's all....


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## superchan7 (Jan 21, 2004)

Tokyo is a major city because of Japan's economic importance. Ask any multinational company to set up a regional office in Asia, and they're likely to say Hong Kong or Shanghai.


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## Zaqattaq (Nov 17, 2004)

I would asume Tokyo is too expensive for such development, Shanghi is a better pick


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## shibuya_suki (Apr 24, 2005)

the price of land isnt everything
i can say hk is better said as top5 city no doubt
but surely isnt in same level with tokyo

for GDP per capita:
hk:28000USD
tokyo:60000USD

tokyo is still most expensive city in the world after economic depression of japan,the wage in tokyo is more than double in hk,while the living cost isnot too low comapre with tokyo,
tokyo stock market is larger than hk by far
the headquarter in tokyo is mainly very famous entreprise in world,like sony,which does hk has?


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## silly thing (Aug 9, 2004)

shibuya_suki said:


> the price of land isnt everything
> i can say hk is better said as top5 city no doubt
> but surely isnt in same level with tokyo
> 
> ...


ppp per capita of hk is 33000 in 2004 and definitely more than 35000 in 2005, and tokyo is about 40000


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## _00_deathscar (Mar 16, 2005)

superchan7 said:


> Tokyo is a major city because of Japan's economic importance. Ask any multinational company to set up a regional office in Asia, and they're likely to say Hong Kong or Shanghai.


Might have something to do with the fact that the Japanese market is 'closed'


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## 1822 (Nov 9, 2002)

@scorpion
just because hk might have more expensive offices than tokyo doesnt mean its more important.


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## DarkFenX (Jan 8, 2005)

I don't think HK will overtake Tokyo in importance for a while.


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## shibuya_suki (Apr 24, 2005)

silly thing;
can you give the source of GDP per capita of both cities?


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## ChinaboyUSA (May 10, 2005)

Fact: Asian Wall Street Journal is in Hong Kong!


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## scorpion (Sep 14, 2002)

^^exactly.

and while Dampyre's correct about market size, in many other (and arguably indicative) facets such as capital raised (HK pips even London in this matter as of last year, this year will continue pace) and regional HQs of companies and even venture capital firms-placement, HK is rather supreme/dominant and the premier of Asia in these important regards.

of course, we're just talking about select business terms here, but~~


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## brooklynprospect (Apr 27, 2005)

ChinaboyUSA said:


> Fact: Asian Wall Street Journal is in Hong Kong!


Fact: Tokyo stock market capitalization far higher than HK stock market capitalization.

Fact: Toyko is the headquarters of FAR more global companies than is HK.


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## fairladyZ (Nov 28, 2002)

ChinaboyUSA said:


> Generally, compare with China, Japan is a smaller country.
> 
> So Hong Kong kicks Tokyo's butt.


It's true that japan is much smaller country than china, 
but so why is it that japan is far more advanced in technology and far richer.

don't you think its amazing for such a small country with almost no natural resources,
is still the world 2nd largest economy, 2ns largest consumption market and has the world largest personal savings?


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## sylodon (Sep 5, 2004)

In terms of internationalization, I bet even Shanghai can overtake Tokyo. However, in terms of economic significance, not a single city in Asia comes close to Tokyo. Not only is Tokyo the political and economic center of Japan, it is also the world's largest metropolis of 36 million people. Add up the metropolitan populations of three major Chinese cities, HK, Beijing and Shanghai, and still Tokyo has a greater population, not to mention a far greater GRDP.

Still, like I said, in terms of internationalization, HK is way ahead. Japan, compared to China, is relatively closed to foreign direct investments to promote domestic capitalization of its industries. In other words, it's a "protected economy".

Also, if we give internationalization a different meaning, i.e. number of central HQs(not regional HQs) of global corporations, I doubt HK comes any close to Tokyo.


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## _00_deathscar (Mar 16, 2005)

But then that's because a lot of Japanese companies are successful?


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## _00_deathscar (Mar 16, 2005)

ailiton said:


> I think he's referring to Toronto.


Lol.

Seriously though - I would like to hear his opinion on how HK is culturally dead...


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## KGB (Sep 12, 2002)

"Seriously though - I would like to hear his opinion on how HK is culturally dead..."


I am refering to the breadth or dept of the cultural community...the general creative sector known as the "arts". The city has no history of it, and only has recently undertaken the basic beginings of an infant version. The city exists in this fashion only in the most pop-culture manner. The creative class is almost non-existant in HK, and few inhabitants interested in patronizing it. 

But this makes sense, as this was never a priority for the city from the time the British established it as a trading outpost, to the point where the communists took it back.

It has culture in the ethnic sense obviously (as every place has that)...but even then, it's completely dominated by one ethnicity anyway.

Beyond the pursuit of business, what's in HK to stir the soul?






KGB


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## _00_deathscar (Mar 16, 2005)

What sort of arts?

If you're looking for western arts and fashion - is Tokyo the city for it?

Ofcourse you won't find it here!

There's plenty of Chinese arts about.


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## InitialD18 (Sep 17, 2002)

I believe the thread was about property rent 
not about which is better than which ... 
we all know tokyo is much more important than hk ... 

KGB: hkg maynot have a creative industry as vibrant as barcelona or london but its far off from a cultural desert ...
that maybe true 10-20 years ago but its slowly craving 
its own distinct creative and cultural identity ... hker are slowly but surely appreciating the culture, the identity and art of the city and hk artists here are all trying very hard to bring more to the art scenes in hk ... if you live here you will understand ... read a book called hong kong style ... 

its creative industry is also not as non-existant as you say 
its one of the more demanding industry right now ... 
however there are still much problems to solve ... 
hkg also has a very good fashion school and its one of the best in asia outside of japan ... 
the city also boast a sizeable pop and indepedent film industry with some notable talents ... for a city of only 7 million it isn't bad ...


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## PakistaniSoul (Jun 28, 2005)

Psssh Tokyo Beats Honkong Anyday Economically and otherwise


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## hkskyline (Sep 13, 2002)

Hong Kong's cultural exports include a very powerful movie industry. In fact, Hong Kongers have won the best actors and actresses awards at Cannes and many Hong Kong films are featured showcasing Hong Kong life and not as a mask for being another city. Hong Kong's Maggie CHEUNG won the Best Actress award in 2004. Historically Hong Kong films have made an international mark beginning with the Bruce Lee flicks and continuing with the Jacky Chan "brand".

Movies are shot in Hong Kong to showcase Hong Kong, and not a knock-off of New York or other cities. 

The local Cantopop music industry also has a major influence in East Asia. For a city of 7 million only, the local industry is able to sustain a whole array of local artists. Contrast that to some large countries that are trying hard to fend off a larger neighbor's cultural influence, that's not the case in Hong Kong.

Hong Kongers are well aware of their identity and their distinct local culture. The people are not lost asking what is our culture, where are we going with it, and when will we be assimilated by our larger neighbor?

The arts scene is very vibrant this year, thanks to a boost from the Year of France celebrations, which began with the unveiling of Picasso's Parade at IFC last Fall. Since the multi-billion dollar West Kowloon Cultural District project was announced, many notable international museums, such as the Guggenheim and the Pompidou, have voiced interest in opening in Hong Kong. It is the success of Hong Kong's business community that is prompting a renewed call for better cultural facilities. Contrast that to some other cities that just can't cough up the money to build even one world-class large-scale project, say, an opera house, perhaps because the government isn't interested, or perhaps because the people just don't care to lobby for it. After a decade delay, something bland is finally being constructed at half the cost.

Culture is reflected by architecture. Hong Kong is a city of architectural contrasts, home to masterpieces that reflect Western and Eastern values. From the graceful canopy that Sir Norman Foster designed for West Kowloon to the bamboo shoots that I.M. Pei's Bank of China represents and Foster's space-age HSBC headquarters, Hong Kong's culture is the fusion of the West and the East. It is the acceptance of other cultures amongst a homogeneous society that illustrates just how open and international the culture is.

Having many ethnicities co-exist together alone doesn't contribute to culture. Look at how Bosnia erupted. How about the genocide in Rwanda? If people are merely practicing what they did back home, then a multicultural society doesn't foster cultural exchange and learning. Hence some sort of integration, and cross-assimilation, in the form of a melting pot will generate more results than have people live in their own enclaves in a sort of tossing salad.


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## shibuya_suki (Apr 24, 2005)

KGB:
one thing that important is hk has their own culture,ay least they sometimes are very traditional chinese,great chinese temple is an example,its not *cultural desert*,the culture is dominated by pop,or subculture,which is combine japanese pop culture and become hongkongnize...


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## ChinaboyUSA (May 10, 2005)

Colonel said:


> what does this ***** say?


I can easily tell that you are not civilized, it is a shame to you and where you come from or stand for!

The thread should be closed because of this!

It is necessary to let the moderator know about that!


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## gentlejunho (Aug 12, 2004)

Most Expensive Office Location in each country 
2005 Business Space Across the World by C&W

*I just missed the exact place since most of them were CBD.

Rank city cost(EURO)/sq 

1.London 1571 
2.Paris 945 
3.Tokyo 723
4.NewYork 680
5.HongKong 637 
6.Moscow 627
7.Milan 571
8.Stockholm 567
9.Geneva 537
10.Dublin 506

Others 

11.Frankfurt 471
12.Seoul 461
13.Brussel 441
14.Madrid 439
15.Athens 430 
16.Armsterdam 429
17.Sydney 415
18.New Delhi 368
19.Copenhagen 358
20.Kuwait city 356 

for reading the full rank list 

http://ulisses.cm-lisboa.pt/data/001/001/pdf/001.pdf


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## gentlejunho (Aug 12, 2004)

Hong Kong is the biggest riser in a ranking of the world's most expensive locations for office space, climbing 12 places to take the No. 5 slot, according to this year's edition of Business Space Across the World (BSATW) by Cushman & Wakefield Healey & Baker (C&W/H&B), the European division of global real estate firm Cushman & Wakefield.

The cost of occupying one square metre of prime office space in the Central District of the Chinese city reached the equivalent of €637 a year. Hong Kong's improved position is as a result of rents rocketing 109 per cent in local currency terms last year - rents are the biggest part of occupancy costs.

Michael Thompson, C&W's Chief Executive Officer in Asia Pacific, comments: "Banks and other financial institutions have been particularly active in the Hong Kong market, taking the opportunity of historically low rents to upgrade to better-quality office space. But we must remember that Hong Kong is traditionally a volatile market, and rents are still 42 per cent below their 1997 peak. For 2005, we forecast that rental prices will continue to grow, but at a slower rate."

In the ranking, London retains its No. 1 position, with Paris in second place. The cost of occupying one square metre of office space in London's Mayfair district is €1,571 a year, compared with €945 in Paris' central business district, the 8th arrondissement - a gap of 66 percentage points, which puts London well into the lead.

The 2005 edition of Business Space Across the World ranks the most expensive locations for occupying office space in 47 of the world's leading countries. In the year to December 2004, office rents increased or were stable in local currency terms in two-thirds of the 210 locations monitored, compared with last year's 50 per cent.

"The report shows that the revival of the world's economies is finally filtering through to the top-end of the office real estate sector, with increased demand for modern space in the right location driving up occupancy costs," says Elaine Rossall, C&W/H&B's Head of Business Space Research. "Further evidence is also emerging of a 'dual' market, as secondary properties, which don't match the needs of the modern office occupier, look set to remain in over-supply for some time"

New York's Midtown district in Manhattan retains its position at No 4. Office rents have risen year on year and with vacancy rates approaching 10 per cent in 2005, the Midtown market is expected to perform even better this year, driven by the banking and financial sectors.

About the overall affect of business sentiment on office occupancy decisions, Elaine Rossall comments: "The view out there is one of 'optimistic' caution. The business confidence shown by the financial sectors and certain professional services is yet to be mirrored to the same extent by multinational corporates; a sense of uncertainty still pervades - whether over the price of oil, the weakness of the US dollar or a stalling in export demand"

Looking ahead, Elaine Rossall says: "The cost of occupying top-quality office space in the world's key locations will continue to rise this year as a shortage of prime office space is coupled with a steady increase in demand. Much of this demand is being fuelled by forward-looking occupiers looking to cut costs and increase productivity through changing or upgrading their office space."


http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?clkNew=-1&repId=200002


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## hkskyline (Sep 13, 2002)

Hong Kong's recovery has been quite dramatic after SARS. With mainland companies rushing to Hong Kong for public offerings, financial institutions have significantly gained from increased business. The surge in tourists following the relaxation of visa restrictions have boosted the local economy and improved business sentiment. There is also little new Grade A office space following 2 IFC and AIG so prices have risen from the lack of new supply in addition to the better economy.


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## KGB (Sep 12, 2002)

"Hong Kong's cultural exports include a very powerful movie industry."


Oh yea...those actions films. LOL

Please...don't make me laugh.

And don't make yourself look any worse by making snide remarks about Toronto....HK could not even dream of having the same kind of film culture found in Toronto. In fact, few cities can match Toronto in this area.






KGB


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## ChinaboyUSA (May 10, 2005)

^ I just watched 2046 with my American friend here in NYC, Hong Kong is more famous than Toronton here in NYC


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## hkskyline (Sep 13, 2002)

Hong Kong's movie culture is far more prominently featured overseas, including Hollywood and at the Cannes film festival. What kind of Canadian film culture is being exported to the US? Hollywood flicks using Toronto as a knock-off of New York with the viewers not even knowing it's Toronto?


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## unusualer (Jul 23, 2005)

KGB said:


> "Hong Kong's cultural exports include a very powerful movie industry."
> 
> 
> Oh yea...those actions films. LOL
> ...


r u white canadian kidding me? hk movie industry has 1 of the biggest influences in the world. and canadian movies? wat da hell is that?


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## shibuya_suki (Apr 24, 2005)

hkskyline:
why developer dont want to develop more ofiice tower project??
i always think that hk will need more office space rather than very enough of apartment 
in fact its office area supply is always less than major city
the developer want to make office rent be higher?


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## Cee_em_bee (May 12, 2004)

fairladyZ said:


> It's true that japan is much smaller country than china,
> but so why is it that japan is far more advanced in technology and far richer.
> 
> don't you think its amazing for such a small country with almost no natural resources,
> is still the world 2nd largest economy, 2ns largest consumption market and has the world largest personal savings?



Because China right now is where Japan was 120 years ago, that isn't an insult either, Japan had huge advantages over China until recently, but now China is rivalling Japan in almost every aspect. PROSPERITY IN THE EAST!


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## ailiton (Apr 26, 2003)

KGB said:


> Please...don't make me laugh.


Don't you know you are person who's making everyone laughs?



> And don't make yourself look any worse by making snide remarks about Toronto


You must be referring to yourself. You are the one who makes yourself look worse by making snide remarks about Hong Kong. If you know nothing about Hong Kong, then stop making up stories to try to make Toronto look superior. Or are you actually trying to persuade other forumers that Canadian forumers are a bunch of fools? If so, you have succeeded.



> HK could not even dream of having the same kind of film culture found in Toronto. In fact, few cities can match Toronto in this area.


Quit wet-dreaming. Toronto is nothing compared with HK when it comes to film culture.


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## InitialD18 (Sep 17, 2002)

HK was once the world's third largest film industry in the world behind Hollywood(US) and Bollywood(India) producing 300+ a year ... That was before the movie industry in china opened up ...
even though it has lost its edge and only producing 60 a year now ... considering the city of 7 million ... the city has put many chinese movies and personel on the world map
go watch 2046 and infernal affairs for yourself ... hkg/chinese movies are more than just kung fu flicks ... 

shibuyasuki: i am guessing that maybe because of stricter development control on specific areas for office space in hkg and a lower return on investment when compare to luxary residential ... and also developers may not want a huge influx of office space as that would lower there potential rents on clients

theres definitely a huge demand for office space for the next 3-4 years in the central areas of hkg ... hopefully there would be some new supply so that the price would not go too high ...


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## InitialD18 (Sep 17, 2002)

post twice


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## hkskyline (Sep 13, 2002)

shibuya_suki said:


> hkskyline:
> why developer dont want to develop more ofiice tower project??
> i always think that hk will need more office space rather than very enough of apartment
> in fact its office area supply is always less than major city
> the developer want to make office rent be higher?


Developers never expected CEPA and the economic recovery to have such a dramatic effect on HK so quickly. Hence the skyscrapers weren't constructed as quickly. Back when 2 IFC was under construction, there was a lot of concern in the business community that there isn't enough business to take up the extra office space, and those fears were quite real when the developers dropped rents to lease 2 IFC. As a result, construction activity dropped in anticipation of a prolonged period for the market to absorb the IFC development.

Now that the market is booming again, perhaps the next big supply will be the Union Square commercial tower that is currently under construction.


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## ReddAlert (Nov 4, 2004)

ChinaboyUSA said:


> ^ I just watched 2046 with my American friend here in NYC, Hong Kong is more famous than Toronton here in NYC


I cant believe that. Toronto is pretty close to NYC. Its metro is also in New York state. Im sure pretty much anyone with an education knows where Toronto is.


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## ReddAlert (Nov 4, 2004)

InitialD18 said:


> hkg/chinese movies are more than just kung fu flicks ...
> 
> QUOTE]
> 
> ...


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## hkskyline (Sep 13, 2002)

Toronto is just an outsourcing place, where film-makers come to take a few shots, then go home. Do movie ideas and budget control originate from Toronto? No. The key decision-making activities are still in Hollywood.

Hong Kong's movie industry is far more powerful because the ideas come from local producers and they have control over production. Many films are also shot locally. In terms of power, Hong Kong moviemakers are able to exert much more influence on the HK genre than Toronto.

What is the Toronto genre that makes it unique in the world? The fact that Americans come to take a few shots?

Hong Kong is not only just a place where movies are shot, but also a place where movie ideas originate.

The movie industry is now diversifying beyond the typical martial arts movies that made the industry famous back in the Bruce Li days. One of the HK movies in the Cannes Festival last year was Breaking News, which discusses the implications of criminals manipulating the media.

How many Torontonians have made it to the Best Actor and Best Actress ranks at Cannes?


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## London™ (Jan 12, 2003)

Economically speaking:

Tokyo > HK > Toronto

That's the way it's been in the last 20-30 years, and it is highly improbable that it will change in any time soon. Case closed.


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## ailiton (Apr 26, 2003)

London™ said:


> Economically speaking:
> 
> Tokyo > HK > Toronto
> 
> That's the way it's been in the last 20-30 years, and it is highly improbable that it will change in any time soon. Case closed.


Not true. Toronto used to be ahead of HK but not anymore.


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## scorpion (Sep 14, 2002)

^^exactly. HK raised more money than London, yes London, in the past year, right??

to me it's:

HK > London > Tokyo

extremely accurate if you're considering fundraising/capital for past year (2005 looks awfully similar already...)


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## ReddAlert (Nov 4, 2004)

hkskyline said:


> How many Torontonians have made it to the Best Actor and Best Actress ranks at Cannes?


Mike Myers, Rick Moranis, John Candy, and Jim Carrey dont ring a bell.


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## hkskyline (Sep 13, 2002)

Are they known as Hollywood stars or movie stars representing Canadian movie culture?

Rick Moranis starred in "Splitting Heirs", which made it to Cannes as a British / American film in 1993. The movie didn't make it to the awards and Moranis didn't win Actor of the Year.


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## InitialD18 (Sep 17, 2002)

no i dont' think hkg is near the level of tokyo or london yet ... even if it raised more than the two last year ... 


jim carrey never started his film career in canada ... he was born in a suburb of GTA and moved to LA and started his film career there ... he didn't start by making toronto films ... just as most canadian stars ... most didn't start their career making films for toronto productions ...
as for toronto scenes ... 
we all know most are hollywood productions ...

not trying to disregard completely of toronto's production as the city does boast a good numbers of arthouse production and the toronto film festival is known as one of the more prestigious festival for films ...
however even for arthouse production toronto may not even be as influential as canadian french films from quebec ... 

being the world's third largest movie producer for many years the hkg's film industry should not be disregarded when compared to toronto's film industry ...


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## unusualer (Jul 23, 2005)

pls gimme a break. stop saying toronto (even canada) has its own movie industry


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## InitialD18 (Sep 17, 2002)

for commercial films canadian film industry 
prob will never have much prominence in the world 
due to similarities with the americans ... canadian films
do not do very well in its local markets ... 
however french canadian film(Quebec) does have a stand in the arthouse cinema of the world ...


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## rocky (Apr 20, 2005)

tokyio is a 36million people metro!!!!!!!!!!!!!!
tokyio gdp is probably higher than france or uk gdp


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## OtAkAw (Aug 5, 2004)

I thought this discussion was about hk topping off tokyo? 

What's this toronto vs. hk movie industry nonsense???

Oh, HK still has alot to go through before it reaches the prominence of tokyo!!!


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## tiger (Aug 21, 2004)

fairladyZ said:


> It's true that japan is much smaller country than china,
> but so why is it that japan is far more advanced in technology and far richer.
> 
> don't you think its amazing for such a small country with almost no natural resources,
> is still the world 2nd largest economy, 2ns largest consumption market and has the world largest personal savings?


hehe,what an economic 'miracle'! :eek2: 

Oh Baby,pls don't act like an ignorant,see some historic documents before annoying.


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## tiger (Aug 21, 2004)

Tokyo located big firms are mostly in Manufacture industry sector,HK located big firms are all in service sector,that's the difference.


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## hkskyline (Sep 13, 2002)

Tokyo is an all-encompassing economic powerhouse, home to not just Japan's conglomerates and manufacturers, but also a lot of banks. Japanese banks are extremely big, although somewhat overshadowed by the recent wave of mergers around the world. But Japan's savings rate is much higher than other Western countries, so there is a huge pool of money in the financial system. On the other hand, that banking system is still under severe stress from the bubble burst in the late 1980s and reforms ought to be carried out to deal with some of the bad debts.


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