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International Property
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Developers target Hong Kong buyers for overseas property, as local dollar becomes Asia’s strongest currency amid coronavirus pandemic

  • The Hong Kong dollar was the only gainer in Asia this year through April 6
  • One new Australian project marketed in Hong Kong almost every month, which ‘never happened before’: Centaline

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A man jogs in front of newly constructed residential and commercial projects in Sydney. Overseas properties have become cheaper as regional currencies weakened against Hong Kong’s pegged dollar. Photo: AFP
Pearl Liu
Property developers are targeting buyers from Hong Kong for their overseas projects from Sydney to London, hoping to garner sales in the city with the best performing currency in Asia amid the coronavirus pandemic.

Revenue from overseas home listings increased by 50 per cent in the first quarter from a year ago, according to Hong Kong-based online property portal Spacious. Such listings have risen by 15 per cent to 20 per cent every month on its website, it said.

The Hong Kong dollar has traded on the stronger end of its US dollar peg as the coronavirus pandemic fuels market routs amid fears of a global recession. It was the only gainer in the region this year through April 6, with a 0.5 per cent gain versus the US dollar.

“One clear trend is an accelerated listing of inquiries from developers launching their overseas projects. [They are] approaching us to reach potential buyers in Hong Kong,” said Asif Ghafoor, chief executive of Spacious. “Developers are eager to seize this market.”

Home sales in most foreign countries are being interrupted amid city or nationwide lockdowns, which have shut businesses and kept people indoors to help contain the pandemic.

While Covid-19 cases are rising in Hong Kong as well, early pre-emptive efforts have kept the count relatively lower than in the United States and Europe. The strength of its currency has given Hongkongers an added impetus to scour for bargains online.

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