23-5-2024 (HONG KONG) In a bid to leave his tumultuous past behind, Seungri, the former member of the renowned South Korean boy band Big Bang, has reportedly set his sights on Hong Kong as the stage for his professional rebirth. The controversial figure, whose career was marred by a series of criminal charges and subsequent imprisonment, is said to be strategically positioning himself in the city for a fresh start, lured by the unique economic advantages it offers.
For a former superstar who has faced challenges in reviving his career in his home country of South Korea, where his notoriety remains a significant hurdle, Seungri’s fame still commands attention in various Southeast Asian nations. Consequently, his choice of a new base is undoubtedly a carefully calculated decision.
Seungri’s decision to embark on this journey in Hong Kong is likely driven by three key factors. Firstly, the city’s proximity to China, the largest market in Asia, presents a lucrative opportunity. With a string of scandals and his imprisonment impacting his prospects in the domestic South Korean market, focusing on the vast mainland Chinese market is a strategic move. Hong Kong’s transportation infrastructure enables convenient access to various provinces and cities in mainland China, making it an ideal base for conducting business and seizing job opportunities there.
Secondly, Hong Kong’s financial freedom allows for seamless capital flow. Establishing his base in the city enables Seungri to handle financial transactions with ease, whether it be receiving payments, transferring funds, or managing income from new business ventures or performance projects. Funds can be readily parked in Hong Kong or transferred to destinations worldwide as needed.
Thirdly, Hong Kong’s property market offers advantages for foreign investors following the relaxation of stamp duty regulations. Compared to other popular property investment destinations like Singapore, the United Kingdom, and Australia, which continue to impose stringent taxes, Hong Kong’s luxury properties have become comparatively more appealing.
If Seungri indeed invests in Hong Kong properties, this news is likely to reverberate across Southeast Asia and several European countries. Even though many people hold negative impressions of Seungri as a South Korean celebrity, his real estate moves may prompt a reevaluation of the allure of Hong Kong’s luxury properties. Combined with the government’s talent programs, this development could potentially inject new energy into the local luxury property market.
Rumors circulating among netizens indicate that Seungri has expressed interest in conducting business in the eastern part of Tsim Sha Tsui, and his recent appearances in Hong Kong’s nightlife scene suggest he may venture into the bar and entertainment industry once again.
Given Hong Kong’s current market conditions, every district is focusing on boosting its nighttime economy, and the decision to open a bar or entertainment venue can be a lucrative one. Even if Seungri faces financial setbacks, both property owners in Tsim Sha Tsui and suppliers in the nightlife industry stand to benefit. Opening a bar or entertainment venue involves at least a one-year investment period, guaranteeing stable rental income for property owners. Additionally, renovation companies can earn substantial profits through design and construction fees, while beverage suppliers can count on at least six months of steady demand.
