Protests drive Hongkongers toward homes in safe havens
Overseas properties and migration offer escape from instability
Rocked by demonstrations of weeks past, Hong Kong residents are fanning out toward properties from Melbourne to Vancouver, Reuters reported.
Property investors have reported human and capital flight out of Hong Kong into destinations perceived as safe havens. Meanwhile, migration agents have reported one of the biggest surges in relocation enquiries from not only affluent tycoons but also middle-class households.
Home prices in the infamously unaffordable Chinese SAR descended for a second consecutive month in July, with transaction volumes set to hit a six-month low.
Enquiries have increased sevenfold at Uni Immigration Consultancy in Hong Kong since protests began in June. “The numbers are the highest in recent years, even higher than 2014,” Peggy Lau, a sales director at the consultancy, told Reuters.
More: The rise of Hong Kong’s nano homes
Some of those enquiries are pointing to Australia. Hong Kong buyers have made a half-dozen calls to Sydney property agent Peter Wong last month—the busiest he has had in decades, he told Reuters.
Ken Dodds, sales director at Melbourne homebuilder Resimax, hosted 43 Hong Kong investors last month. “People are keen to look for a safe haven,” he said, adding that the investors bought or reserved a dozen properties: a “great” result.
“This episode has planted a seed in many Hong Kongers with Canadian ties to begin the process of moving money, assets, and family out of Hong Kong and back to Canada,” Dan Scarrow, president of Vancouver-based Macdonald Realty, told Reuters.
“This process will play out over the coming years, not over the coming weeks,” he said.
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Residential renaissance: Branded residences shine bright amidst pandemic property plight
Branded residences saw an upsurge in interest during the pandemic with investors lured by access to luxury hotel amenities and services
Conversational AI, the brains behind intelligent virtual assistants
Nick Myers, CEO of RedFox AI, and Tina Ryan, podcast and events host, chat about chatbots and conversational AI, an ethical innovation for the people