Friday, March 21, 2008

Never Let Your Asset Stand Idle

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For the past few weeks, worker bees like me coming to work every morning in Central have been greeted by a 27-storey tall billboard featuring Djimon Hounsou (of Gladiator and Blood Diamond fame) in all his shimmering, naked glory save for a well-stuffed pair of Calvin Klein briefs.

Up till a month ago, that building was the Ritz Carlton Hotel. However, as office towers generate far more profits than hotels, the owner decided to tear it down and rebuild.

It's a pity, since the building is only 15 years old and the hotel was doing well amidst a shortage of hotel rooms in Hong Kong. Its demolition will also generate a substantial quantity of construction waste that will have to be dumped in landfills that are close to capacity. But Money talks in this town - it's all about squeezing more and more at every opportunity.

And since demolition won't begin for some time, the owner is happily raking in the advertising dollars - why let an empty building go to waste ?

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