Developers in Europe target investors in Hong Kong

PUBLISHED : Wednesday, 22 June, 2005, 12:00am
UPDATED : Wednesday, 22 June, 2005, 12:00am

European real estate developers are showing more interest in Hong Kong investors as the economy recovers.

Developers from nine European countries attended a property show in Hong Kong at the weekend, compared with four for a similar event last year, according to the organiser.

'Property prices in Hong Kong are stabilising and many investors are again looking overseas to invest, just like during the pre-1997 period,' said Hoi Cheung, director of event organiser Corporate Consumer Communications. 'Real estate companies in Spain, Cyprus and a few others have mostly concentrated on Europe, but now they are looking at the Asia-Pacific region.'

Sixty-two real estate companies from 12 countries took part in the show, offering about 200 developments. Last year only 27 companies took part, offering 40 developments. The number of visitors to the show also almost doubled to 1,500 from 800 last year.

Mr Cheung said he saw an obvious growth in the local community investing in international projects, a market previously dependent largely on the expatriate community in Hong Kong.

The two-day show featured luxury apartments, condominiums, detached town houses and resort villas.

The developers offered off-plan as well as completed projects in Britain, Australia, New Zealand, the United States, Spain, Cyprus, Bulgaria, Dubai, Thailand, Bali and Malaysia. However, Mr Cheung said Hong Kong investors continued to show the most interest in Malaysia, Thailand and Australia.

Twenty-eight seminars were held at the show on market overviews, financing options, investment advice, tax and legal issues, education and immigration opportunities.

Mr Cheung said his company was planning another show at the end of the year.