AIA prefers hong Kong to Singapore

AIA Group (1299) independent non-executive chairman Edmund Tse Sze-wing said Hong Kong beats Singapore in many ways and the insurer will not relocate its Hong Kong headquarters to any other location.

The company opened its redeveloped group headquarters at 1 Stubbs Road in Wan Chai yesterday.

Described as an "urban campus," the building has 22 floors and can accommodate up to 1,800 staff. It features a continuous 80-meter atrium staircase, fully equipped gym with a running track, a canteen and a multi-purpose sports hall.

Its green building credentials including platinum ratings across LEED, WELL and BEAM+ pre-certifications, while its sustainability features include 80 electric vehicle chargers, rooftop solar panels and a biodiesel generator with self-sustaining power supply.

Tse said Hong Kong's economy has experienced many ups and downs in the past few decades but continues to grow in the long run.

He emphasized that AIA has no intention of relocating its headquarters elsewhere.

When the decision was made to redevelop the building, it was made with long-term planning in mind, with the amount of money involved being quite substantial because of the company's confidence in Hong Kong in the long term, Tse added.

At the opening event yesterday, acting Financial Secretary Michael Wong Wai-lun said Hong Kong needs to get out of its comfort zone and seek new opportunities for economic growth. New opportunities include areas such as financial technology and green finance, he added.

For the insurance industry, Wong noted several measures have been taken to promote its development, including tax concessions for certain insurance businesses and efforts to develop after-sale service centers in the mainland based on an earlier development roadmap released by the government.

Lee Yuan Siong, AIA chief executive and president, believes property investments helped diversify the group's asset portfolios.

Property investment only accounted for a single-digit percentage of its total investment, Lee said, adding that the company will continue to look for suitable properties to increase such investments.