Finnish lift maker Kone plans to set up its southern China headquarters in Shenzhen, which will include a research and development centre and a logistics hub, to tap growing opportunities in the Greater Bay Area.
The company on Friday signed an agreement with the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, marking the launch of its investment initiative in the Guangdong-Hong Kong-Macau Greater Bay Area.
“It’s a very significant investment for Kone,” said Joe Bao, executive vice-president of Kone Corporation and president of Kone Greater China, in an exclusive interview with the Post. “Through this partnership, we look forward to optimise resource allocation, accelerate industrial transformation and support urban renewal across the Greater Bay Area cities.”
Kone, which started operations on the mainland in 1996, has delivered more than 1.6 million lifts and escalators, making China its single biggest market, Bao said, adding that the company played an important role in the Greater Bay Area’s rapid urban expansion.
The company’s main competitors in China, the world’s largest market, include Otis, Schindler, Hitachi and Toshiba. China’s lift and escalator market was valued at US$34.8 billion in 2024 and was forecast to reach US$52.2 billion by 2030, growing at a compound annual rate of 6.8 per cent during the period, according to a report from TechSci Research.
More than 40 buildings over 180 metres in height in Shenzhen alone use Kone’s equipment, including the Ping An Finance Center, mainland China’s second-tallest building. In Hong Kong, the Pacific Place complex in Admiralty and MTR Corp’s South Island line use Kone’s lifts and escalators.
