Hong Kong developers, real estate agencies put on alert as Wuhan virus threatens to inflict more retail losses after protests
- Hang Lung, CK Asset among developers and property agencies taking precautionary steps to prevent any spread of Wuhan virus
- Hang Lung is monitoring its Heartland 66 project in Wuhan while the new strain of virus is detected in more countries
Hong Kong developers and property agencies are beginning to step up efforts to defend against the Wuhan virus amid heightened concerns that the outbreak could have a long-lasting impact on home and retail sales.
The Wuhan virus comes as the latest challenge to the industry that has yet to recover from the effects of eight months of anti-government protests and the US-China trade war. The virus, now proven to be transmittable among humans, has claimed four lives thus far, with cases reported in Hong Kong, Japan and South Korea.
While it is still early to assess the potential damage, the health menace brings a grim reminder of the far-reaching fallout during the SARS (severe acute respiratory syndrome) outbreak in 2003. That epidemic afflicted 8,098 people in 37 countries and killed 299 in Hong Kong after the first carrier travelled to the city from southern China’s Guangdong province.
Hang Lung Properties has doubled the cleaning frequency in all its assets, including those in mainland China and Hong Kong, chief executive Weber Lo said at a media briefing on Tuesday. Staffers are also required to tell the company if they or their family members are sick, he added.
“Since mid-November, across the company, we have urged staff to take vaccination, including those who need to travel from Hong Kong to mainland or stationed in mainland and Wuhan,” Lo added. So far, there has been no signs of retail sales losing momentum as a result, he added.