HK Realty Loses Chinese Buyers
Mainland Chinese buyers are shying away from real estate in Hong Kong as the coronavirus pandemic clouds the economic outlook and keeps investors from traveling to the city. No commercial property transactions in the first quarter involved a buyer from mainland China, the first time that’s happened since 2009.
It’s in stark contrast to a few years ago when Chinese investors were snapping up offices and retail space for eye-popping prices. While Hong Kong has won plaudits for keeping the spread of Covid-19 under control, the virus hit just as the city was starting to recover from months-long pro-democracy protests that sparked pitched street battles and violent clashes between mainland Chinese and Hong Kong.