Bitter unrest in Hong Kong prompts city’s ultra rich to look into relocating their families to the US
- New York agent says inquiries have shot up from Hong Kong about buying luxury homes, relocating businesses
- Interest has shifted from mere investment to becoming US residents
Hong Kong’s super rich are increasingly looking to buy homes in the United States and relocate there, having grown tired of local protests, moderating growth in the region, and escalating US-China tensions, according to Edward Mermelstein, a wealth management consultant based in New York.
His firm, One & Only Realty, handles relocation and related business including luxury property investment starting at US$10 million.
Over the past two weeks, his company has received four inquiries from Hong Kong clients about relocating their families to the US, with the intention of investing between US$10 million to US$100 million, he said.
Mermelstein said it was “an extremely unusual situation”.
“Hong Kong residents were typically just investors and had no interest in becoming US residents. But today, the conversations are definitely about relocating families and businesses,” he said.