Foreign Property News | Posted by Hnin Ei Khin
Recent demonstrations encourage investors to pour capital in more stable destinations.
Cities such as Toronto, Vancouver and London have emerged as attractive destinations for investors eager to escape the unstable political situation in Hong Kong.
Real estate brokers tell Bloomberg that they have been receiving enquiries for suitable property investments in Canada and the UK.
“People are shocked, given that Hong Kong was always branded as a stable, rule-of-law financial hub, and now want to move their capital to other cities to mitigate the risk and also to look for other homes,” commented David Ho, a CBRE broker specialising in Asian investments.
Similarly, Chinese agents of the Macdonald Real Estate Group in Vancouver registered an upswing of interest from property buyers and tenants based in Hong Kong.
While HongKongers are looking at the price correction in Vancouver as an opportunity to get back on the market, some are gravitating toward Toronto, with its booming technology and financial industries, Robert Veerman, a CBRE sales representative under Ho, told Bloomberg.
The demonstrations have had an impact on London purchases, with potential buyers from the Chinese SAR making offers. “We have suddenly had a lot interest from our clients in Hong Kong,” Joe Bond, an FX Counsellor at Citigroup in London, told Bloomberg.
Ref: Propertyreport
