The Hong Kong government’s recent decision to embrace a new tendering process for the sale of a prime parcel of waterfront land adjoining the Central business district marks a welcome departure from longstanding policy. In the past, such tenders were invariably awarded to the highest bidder without regard to the quality of the proposed development. Now, however, use of a “two-envelope” approach to sell the plot, known as Site 3, means that design also becomes part of the equation.

Communities around the world are racing to control the spread of the novel coronavirus and the disease that it causes, COVID-19. Increasingly, that means implementing aggressive social distancing measures, which can inhibit the spread of the virus and flatten the transmission curve. Given what is known about the virus so far, using building strategies to help slow the spread of the disease makes sense to help protect those who must work in an office or commercial setting and in multifamily settings.

A massive infrastructure program is interconnecting the cities of China’s Greater Bay Area and opening up a wealth of real estate opportunities. Attendees of the ULI Asia Pacific Leadership Convivium, held in Shenzhen in March, heard two presentations on the region, which includes the cities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing as well as the special administrative regions of Hong Kong and Macau.

We are late in the current cycle, and real estate investors are focusing on the potential risks as much as, if not more than, the rewards on offer, according to investors and investment managers discussing global capital markets at the 2018 ULI Asia Pacific Summit in Hong Kong.

Growing cities such as Hong Kong are at the epicenter of what Richard Florida has dubbed “the new urban crisis,” with the city’s success sending house prices soaring out of reach of the average resident. The author and urbanist, who is director of cities at the Martin Prosperity Institute at the University of Toronto, spoke at the 2018 ULI Asia Pacific Summit in Hong Kong.

While investment volumes in commercial real estate in Hong Kong were up strongly last year, flagship office buildings and prime development sites are beyond the reach of all but a handful of players. For most investors, more interesting opportunities lie in other, less-visible parts of the market. Rather than waiting for (and possibly missing) the next correction, investors who are willing to roll up their sleeves may find opportunities away from the spotlight.

At a recent event hosted by ULI Washington, panelists discussed how U.S. and Chinese companies are continuing to work together. After record levels of U.S. investment from China in 2016, new controls on capital outflow and investors’ changing attitudes have slowed inflows, while domestic development in China has also shifted.

On China’s southern coast, the integration of the Greater Pearl River Delta links nine cities, plus the special administrative zones of Hong Kong and Macau, to create an urban area of 21,100 square miles (55,000 sq km) and a population of up to 80 million.