In Hong Kong, renovation works for large-scale projects (e.g. hotels, residential properties and shopping malls) are usually carried out by property developers and relevant main contractors. At the same time, in the relatively fragmented retail market, there are also a large number of small companies providing renovation services to the public. Most of the large fit-out service providers are fully integrated solution providers, often providing streamlined services from the design, project management, supervision and implementation phases. On the other hand, small companies are usually involved in individual renovation projects, especially residential units. The demand for renovation services stems from the construction industry, as renovation services are necessary for living and working spaces. Driven by the continuous expansion of Hong Kong’s construction market, coupled with the acceleration of land planning and the rising living standards and requirements of Hong Kong residents, the total output value of the renovation market increased at a CAGR of approximately 8.8%, from approximately HK$43.9 billion in 2014 to approximately HK$67.1 billion in 2019. As stated in the 2018-2019 Budget (“Budget”), the Government estimates that about 100,000 public housing units will be built in the next five years and about 97,000 first-hand private residential properties will be supplied in the next three to four years. In addition, the continuous urban development plan will also increase the supply of residential units and the demand for renovation services in Hong Kong, which is expected to stimulate the growth of the renovation market at a CAGR of about 9.0% and reach approximately HK$99.5 billion by the end of 2024.