F1 could be Hong Kong’s fast lane for economic reinvention

AdvertisementHong Kong economyOpinionHong Kong OpinionChiu Kam-kuenOpinionF1 could be Hong Kong’s fast lane for economic reinventionHong Kong can leverage F1 as a catalyst for branding, industry upgrading and global influence3-MIN READ3-MIN ListenChiu Kam-kuenPublished: 5:30am, 22 Mar 2026In October last year, Singapore’s three-day Formula One (F1) Grand Prix showcased the tremendous economic impact that world-class sporting events can bring to a city. The event attracted more than 300,000 attendees, the second highest in its history.Since Singapore began hosting F1, the races have drawn more than 720,000 international visitors and generated about S$2.2 billion (US$1.7 billion) in tourism revenue, underscoring their significant contribution to the local tourism industry.In 2022, Singapore paired the F1 event with nearly 25 international conferences, including the Forbes Global CEO Conference. It attracted a total of around 90,000 conference delegates, showcasing the synergy between sports events and business conferences. This “sports plus conventions” approach boosted economic gains and reinforced Singapore’s position as a global business hub.AdvertisementSimilarly, the economic impact of F1 in Shanghai has been significant. The 2024 race brought in around 200,000 spectators. The event delivered 1.4 billion yuan (US$203.3 million) in direct benefits and nearly 4 billion yuan in overall output. F1 continues to drive tourism, hospitality, business and consumer industries, proving itself to be a long-term economic engine.For Hong Kong, introducing F1 would not only tap into the massive demand of more than 200 million motorsport fans in mainland China, but it would also drive synergy between the city’s sports and convention industries, further elevating Hong Kong’s brand value on a global stage.McLaren drivers Lando Norris and Oscar Piastri hot on the heels of Red Bull’s Max Verstappen as he chases race leader George Russell during the Singapore Grand Prix on October 5, 2025. Photo: ReutersThe development of Hong Kong’s Northern Metropolis presents a timely opportunity to build an F1 circuit. According to the Federation Internationale de l’Automobile (FIA), an F1 track must be between 3.5km and 7km per lap, with a total race distance of at least 305km. Tracks can be either permanent circuits or temporary street circuits.AdvertisementAdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x