Hofusan and the Limits of Asia’s Industrial Model in Mexico

During the first quarter of 2026, Hofusan recorded one of the few adjustments that break a predominantly expansionary trend: while tech firm Honor absorbed 7,000 square meters, metalworking company Seksun listed more than 22,000 square meters it was not using for lease, equivalent to half of its space in the park.

This episode is not minor. Over the past five years, the number of companies in Hofusan has multiplied nearly eightfold, with occupancy reaching 78% of developed space. Half of these firms belong to sectors such as automotive and construction, reinforcing their integration into large-scale industrial supply chains.

In that context, cases such as Seksun and Zhejiang Hapy Automotive Fasteners—the latter with 15,000 square meters released in 2025—have been the exception. Still, signs of adjustment are beginning to emerge, not only in Salinas Victoria—where Hofusan is located—whose historical net absorption reflects a market dependent on large transactions and vulnerable in their absence, with a 2026 start that suggests a loss of momentum.

Sources close to the park’s operations point to a possible easing of entry criteria, allowing non-Chinese companies to participate in future phases of development. A shift that would have been unthinkable when the project was conceived with an almost exclusive focus on capital from that country, and one that redefines the park’s role within the regional economy.

In Salinas Victoria, Nuevo León, the number of companies has quadrupled over the past five years, driven mainly by the expansion of Mexican and Chinese firms. Today, nearly 40% of companies in the region are of Chinese origin, around 30% are Mexican, while just over 10% are U.S. firms and 5% are European.

In this context, Hofusan has established itself as one of the most dynamic industrial clusters in northern Mexico for Chinese capital. Many of the companies operating there are legally incorporated as Mexican, although not always in productive terms. Between local legal entities, outsourced assembly and supply chains that cross the Pacific, the origin of production becomes increasingly difficult to trace.

According to SiiLA data, fewer than 1 in 20 companies identified in the park have no Chinese origins. Among the exceptions are 3D Pack and MedTech, two Mexican firms that entered in the past 12 months. The rest are companies with origin or strong ties to China, including manufacturers and global brands such as Hisense, Jarlin Cabinetry, Kuka Home, and Senix.

Hofusan thus reflects a broader logic in Mexico: foreign companies integrating into regional supply chains through local structures to produce and export within the USMCA framework. Documented cases in the country, such as JAC with Giant Motors Latinoamérica or LDR Solutions with Foton and Jetour, illustrate how this model operates in practice. Under that same logic, even the exceptions—such as 3D Pack or MedTech—may not be entirely outside these chains, although the degree of integration is not fully visible.

The question is not trivial: what does this mean for Mexico? A form of productive dependency, a functional simulation of origin, or the consolidation of an infrastructure that reshapes where and how production takes place?

The answer becomes clearer when stepping outside the park and observing the flows in its surroundings. More than 90% of Salinas Victoria’s exports are destined for the United States, while a significant share of its imports comes from China (25%) and the rest of Asia (35%). Between these two ends, the region operates as a transformation hub where Asian inputs are converted into exportable goods under North American rules.

Thus, rather than a single answer, the phenomenon condenses several: a structure in which Mexico functions as a platform within a global chain, where origin loses relevance relative to function, dependency is distributed between Asia and North America, and production is organized more by destination than by nationality.

This architecture now faces a point of tension.

In the context of the USMCA review and the tightening of U.S. trade policy toward China, the margin to operate under these configurations could narrow. Mexico has already imposed tariffs on certain Chinese products, and scrutiny over rules of origin has intensified. In that scenario, the model that currently links Asian inputs, local transformation, and North American destination ceases to be merely an operational advantage and becomes a negotiation framework defined outside the country, between its main customer and one of its primary suppliers.

How will this shift impact occupancy, vacancy, and overall market behavior? Explore it with SiiLA Market Analytics, or contact us at contacto@siila.com.mx.