As Hong Kong hosts finance, sports and arts events, some say the city is getting its groove back

On top of that, some in the business world remain wary of the increased control Beijing authorities wield over the city.

They do not believe the autonomy once granted by the decades-old “one country, two systems” style of governance still exists, especially since a national security law came into force in Hong Kong a year ago.

Also known as Article 23, the controversial legislation targets crimes including treason, theft of state secrets, espionage, sabotage, sedition and “external interference”.

Still, there is optimism.

While Hong Kong’s once red-hot property market remains trapped in a prolonged decline, its Hang Seng benchmark has seen a double-digit surge since United States President Donald Trump took office on Jan 20, making it the world’s top performer.

“Hong Kong is a global broker. It’s a place to come do business efficiently,” said Oliver Weisberg, CEO of Blue Pool Capital – a multi-strategy investment firm based in Hong Kong,

He was speaking on Monday at a panel called Is Hong Kong Back?, which focused on the city’s education sector, healthcare, job market, and access to the Greater Bay Area.

His co-panelist Goodwin Gaw said Hong Kong suffers from a false perception in Western media.

“We always joke – if we have to hold an investor conference, Hong Kong is a tough place because you cannot get people to stay focused with you,” said the chairman, managing principal and co-founder of Gaw Capital Partners – one of Asia’s largest real estate private equity firms.

Gaw lauded Hong Kong’s access to nature as much as he talked up its tax-haven status and strong connections with mainland China.

In an interview with CNA, he said: “Hong Kong is the easiest window to invest, for the world to invest into China. And for Chinese companies to access global capital, it’s also through Hong Kong.

“Maybe Hong Kong has just never left but (it just needs) a little bit of shining up, polishing.”

SOME STRIKE MORE CAUTIOUS TONE

Nevertheless, other observers struck a more cautious tone on Hong Kong’s present and future, especially with the looming impact of tariff threats and trade wars coming from the Trump administration.

Steven Okun, CEO of APAC Advisors, noted that new American tariffs imposed “explicitly applied to both China and Hong Kong”, with goods from both regions now subject to the same customs scrutiny and trade restrictions.

“Washington’s line between the two continues to blur. A recent example: Hong Kong-based CK Hutchison sold control of two Panama Canal ports to a US-led group, and President Trump celebrated it as a win over China,” Okun added.

“Businesses and investors should take this as a signal of a tougher stance to limit Chinese influence and power. If this trajectory continues, Hong Kong’s geopolitical vulnerability deepens.”