Hong Kong billionaire Lam Lung-on believes the city should be a part of the "double development dynamic" pattern given its geographical advantage amid the battling economy of the Asian financial hub.

"Specifically, Hong Kong should integrate itself into the development of the Greater Bay Area," Lam from Yuzhou Properties Co Ltd., told CGTN on Friday before the opening meeting of the fourth session of the 13th National People's Congress (NPC) in Beijing. Lam also serves as a deputy to the NPC.

For two consecutive years, Hong Kong economy has been in recession due to the COVID-19 pandemic and 2019's widespread protests. In late February, the government of the Hong Kong Special Administrative Region (HKSAR) announced that it will spend over $15.5 billion to recover the economy.

"Hong Kong is facing a deep hollowing of industries as it depends too much on finance, real estate and the service sector, which in turn weakens its ability of holding up to economic risks," Lam pointed out in another interview with BJ News days ago. "Another hollowing is its rapid loss of talents."

If the HKSAR integrates itself into the country's new economic development pattern – which takes domestic market as the mainstay, while continuing to expand its opening-up – it could complement its structure, while cashing in its own advantage internationally and serve the entire cycle, said the real estate developer.

(Cover: File photo of Lam in 2019 by National Business Daily of China)