Protests Impacting HK Property Market
Hong Kong protesters held their biggest rally in months following China’s dramatic move to crack down on dissent in the city to oppose new national security legislation from China. Hong Kong’s financial markets have long provided global companies, entrepreneurs and the Chinese elite with a lucrative refuge from the mainland’s high taxes, and capital controls. The world’s priciest property market has now lost its most important source of inbound investment. Mainland Chinese buyers are shying away from real estate in Hong Kong as the coronavirus pandemic clouds the economic outlook and protests are keeping investors from traveling to the city. Also, a lot of international buyers are taking a step back because of the economic outlook and the conflicts that made them feel unwelcome.
Tags : INTERNATIONAL Real Estate China Hong Kong property market high taxes global companies Mainland Chinese buyers