With property prices at record highs, the Hong Kong government is trying to turn mainland Chinese buyers away. But other investment destinations are quickly stepping into the breach – and luring the cash-rich mainlanders from Hong Kong.
Sansiri, a Thai property developer, launched a road show last month in a luxury Hong Kong hotel for a beach apartment project in Phuket, with flat prices ranging from HK$1.75m to $13.24m.
“We see the trend of Chinese buying overseas property,” Apichart Chutrakul, CEO of Sansiri said, “2.7m Chinese tourists visited Thailand last year, and it will be much more this year. Hopefully some affluent Chinese will buy a flat here in Phuket, just like many Hong Kongers did.”
Chutrakul is not alone. Many UK property projects are promoted in Hong Kong every weekend in five-star hotels. Those who cannot afford a luxury roadshow find cheaper alternatives.
Robert Fruechtl, director of SilkRoad Invest, a small consulting company in Hong Kong, is trying to build up a network of local agents to find wealthy mainlanders to invest in German property. “Chinese investors are under-represented in Germany,” Fruechtl said.
Is There a Silver lining amid COVID-19?
Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.
The time is ripe to embrace Industry 4.0
Traditional brick-and-mortar retail has suffered tremendously, as countries have been implementing effective stay-at-home and social distancing policies to mitigate virus spread, while those worst hit have enacted strict draconian lockdowns
We have entered a time where, seemingly, interconnectedness is the new enemy, staying in is the new going out, and antisocial is the new social. COVID-19 has brought us on the cusp of growing accustomed to new norms and sounded a wake-up call in terms of how we live.
Covid-19 puts flexible space markets under strain
In the wake of operator defaults, landlords will be forced to re-evaluate the role of flexible space in their portfolios.
The global Covid-19 outbreak has had serious negative effects on commercial real estate, including flexible space. Of late, many operators have experienced the flexible nature of the business working against them, as many occupiers have opted to surrender desks and implement work-from-home plans.
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