As Hong Kong develops its competitive advantages as a creative international city, it can draw on a multifaceted heritage. While the built and intangible cultural heritage (ICH) are fairly well protected, the concept of sensory heritage is not currently addressed in official documents. Sensory heritage is constituted by culturally valued practices, rituals, and everyday activities as experienced through all the senses. It includes soundscape, the sum total of multiple sound sources as perceived and understood by individuals or communities, and the parallel concept of smellscape. In Hong Kong, current regulations on sounds and smells place limits on their negative aspects, such as noise from construction sites and malodour from sewage plants. However, there are also sounds and smells that people find valuable, likeable, and culturally relevant, and which give their city an identity. The mechanisms through which sensory heritage is created, maintained, and integrated in various sectors of the economy are little known. The present paper describes the background to a new research project that aims to make policy recommendations and have an impact on higher education and multisensory design in the local art scene and creative communities, as well as on companies that work with branding and virtual tourism.