HongBai 2023: Reflections on Resilience, Challenges, and Exciting New Horizons
Farewell to an "Interesting" Year
2023, like the every year since 2016, has been…well, "interesting" is one way to put it. While diplomatic, "interesting" doesn't fully capture the challenges the property industry and the world at large have faced. Yet, it's during these tough times that true resilience shines through, proving our mettle and pushing us to innovate and improve.
Learning from the Wine Industry: Embracing "Strain on the Vine"
The wine industry offers a valuable parallel. In 2012 California, ideal conditions led to the saying: "If you can't make money as a winemaker here, you shouldn't be making wine." It was almost too easy (and reminiscent of the London property market then too). Contrast that to Bordeaux, where harsh, gravelly soil creates constant "strain on the vine." Rainwater drains quickly, forcing roots to work harder for every drop. While challenging, this struggle produces concentrated grapes, resulting in exceptional wines.
Similarly, the "strain on the vine" we experienced in 2023 has led to remarkable growth and innovation here at PCB. We've adapted, built out the Team, refined our Services and emerged stronger and more resilient.
Speaking of wine, thanks again to everyone who made our first annual VIP event at the Wine Club 67 Pall Mall such a huge success and fun evening.
Hong Kong: A Year of Challenges and Triumphs
Hong Kong, no stranger to adversity, delivered an exciting finish... PCB supported FEC's Aspen completion event, one of London's strongest selling developments. And who could forget the launch of St Michael's (Manchester's first private residences) by Salboy, Relentless Developments, and Asia Banker's Club? This record-breaking launch has the the whole of Manchester buzzing, including rival developers, marking a landmark moment for the City.
Manchester: A Rising Star in the North
Manchester has been a shining beacon for PCB this year. The calibre of developers and projects is truly impressive. We've supported not only FEC and Salboy but also Renaker and Select Property Group, and witnessed the rapid rise of North Property Group. The sheer volume and quality of development feels like we may be heading for another California 2012.
Dubai: Where the Sun (Literally and Metaphorically) Shines
My first Dubai visit since 2019 was also invigorating. The local market is thriving, it was great to see some familiar faces (as well as some new ones) and the City's undeniable role as a gateway to the wider region makes for exciting future prospects. Like our experience with Manchester, it felt good to be where the sun was shining (only metaphorically in Manchester of course!).
Looking Ahead to 2024: New Horizons Beckon
Expect further news from PCB on both Manchester and Dubai in 2024 and in our next update we look forward to 2024 and what lies ahead.
May we live in “interesting” times.
Sam was educated at the University of Sheffield as well as Griffiths University in Brisbane, Australia. He gained professional experience in London real estate before joining PCB in 2012. His specialisations include: overseas investors purchasing new and established property, real estate finance and commercial property investment work.
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