Protests may prompt more Hongkongers to seek properties abroad
More and more Hongkongers will be looking for exit strategies to invest offshore if politi-cal instability in the city continues, say agents selling overseas properties.
More and more Hongkongers will be looking for exit strategies to invest offshore if politi-cal instability in the city continues, say agents selling overseas properties.
They expect to see an increase in overseas property sales but some exhibitions on projects abroad scheduled in the districts affected by the democracy protests had to be cancelled.
Located between London's Tower Bridge and City Hall on the South Bank, One Tower Bridge, which is being developed by British developer Berkeley Homes, was scheduled to showcase its wares at Edinburgh Tower in The Landmark this weekend. But Colliers International, the designated agent marketing the 365-unit project, said the exhibition had been cancelled due to the protests.
"[The instability in the city] may prompt people to plan ahead again," said Neil Jenson, head of Asian operations at British property agency Fraser & Co.
Jenson said the company launched a number of exhibitions last week and the next had been scheduled in a few weeks' time but it was too early to say if these would be affected.
"We have always seen a high level of interest in our projects from Hong Kong as Britain has always been a desirable overseas investment destination," said Julie Harvey, a director of British developer Pinnacle MC Global.
Pinnacle MC Global is marketing a 344-unit residential development, Angelgate, in Manchester.
Kingston Lai, chief executive of The Asia Bankers Club, which offers its members overseas property investments, said that while the company had not scheduled any exhibitions this week "political instability is always a factor that investors" took into consideration.
