Here's a short story:

Time is an American weekly news magazine published in New York City. It was founded in 1923 and for decades was dominated by Henry Luce, who built a highly profitable stable of magazines. 

A European edition ("Time Europe", formerly known as "Time Atlantic") is published in London and also covers the Middle East, Africa and, since 2003, Latin America. An Asian edition ("Time Asia") is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand and the Pacific Islands, is based in Sydney, Australia. In December 2008, "Time" discontinued publishing a Canadian advertiser edition. 

"Time" has the world's largest circulation for a weekly news magazine, and has a readership of 26 million, 20 million of which are based in the United States. 

In mid-2016, its circulation was 3,032,581, having fallen from 3.3 million in 2012. 

Richard Stengel was the managing editor from May 2006 to October 2013, when he joined the U.S. State Department. Nancy Gibbs has been the managing editor since October 2013. 

"Time" magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States. The two had previously worked together as chairman and managing editor respectively of the "Yale Daily News." They first called the proposed magazine "Facts". They wanted to emphasize brevity, so that a busy man could read it in an hour. They changed the name to "Time" and used the slogan "Take Time–It's Brief". Hadden was considered carefree and liked to tease Luce and saw "Time" as important but also fun, which accounted for its heavy coverage of celebrities (including politicians), the entertainment industry, and pop culture—criticized as too light for serious news. (End of story)

Provide your best guess for the following question. Give ONLY the guess, no other words or explanation.

For example:

Guess: <most likely guess, as short as possible; not a complete sentence, just the guess!>

Here are a few examples of questions and answers:

Question: Where are most of Time's readers located?
Guess: US

Question: How many are from there?
Guess: 20 million

Question: How many are there altogether?
Guess: 26 million

Question: Does any similar magazine have more?
Guess: unknown

Question: How often does it come out?
Guess: weekly

Question: What year did it begin?
Guess: 1923

Question: How many areas does the South Pacific edition include?
Guess: Three

Question: What are they?
Guess: Australia, New Zealand and the Pacific Islands

Question: Where is it based
Guess: Sydney, Australia

Question: What is the Asian edition called?
Guess: Time Asia

Now answer the following question in the same format.

Question: Where is it based?

Hong Kong