There’s no such thing as an uneventful year in Asia, and 2019 has been no exception to that rule. Indeed, the seismic shifts, headline-grabbing events and often gruesome atrocities committed around the region have impacted greatly on property sectors and investor confidence.
In Hong Kong it’s been five months since protests against the Hong Kong Government’s perceived pro-China stances. And with no sign of unrest abating, property buyers are looking for safer places to invest.
June marked the start of one of the biggest challenges to China’s power as the first of a wave of protests was sparked by a planned bill to allow extradition to mainland China.
Nearly two million people took to the streets in the days following the proposal to express their anger over what they perceived was another bid from China to exert greater control over their rights and freedoms.
Buckling under pressure, Carrie Lam, Hong Kong’s beleaguered chief executive, scrapped the bill, but protesters have broadened their demands to call for widespread democratic change and an improvement in the average standard of living.
A major grievance is the inflated prices of Hong Kong real estate, among the most expensive in the world. At the end of 2018, the average selling price of a 40 square metre unit was between HKD130,000 (USD16,500) and HKD175,000.
But since June, property sales in Hong Kong have plummeted, with developers forced to offer discounts on new projects and cut office rents.
A significant shift in demand has come from mainland Chinese buyers. Buffeted by the economic headwinds caused by the US-China trade war, Chinese buyers have been looking to Singapore as a safer place to invest.
Denne historien er fra December 2019 - January 2020-utgaven av Property Report.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 2019 - January 2020-utgaven av Property Report.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Singapore Starts To Swings
Generous stimulus has saved the Lion City’s economy from disaster, and a percolating post-pandemic boom looks set to send the residential sector into overdrive
Natural Highs
With people seeking safe ways of re-engaging with the outside world, the pandemic has steered investment in key ski markets back on-piste
It's In Hua Hin
A long-time favorite of Thai royalty and weekenders travelling from Bangkok, the famous beach town is adding some alluring new strings to its bow
Blues In The Blood
As China’s cities explode, its built heritage is often neglected. Hangzhou-based Bluetown Architects aims to redress that balance through its striking but functional work
Little Joy Soldiers
Real estate sales offices are reopening in Yangon, but banking problems, low confidence and oversupply mean a bleak outlook as the army seeks to entrench rule
Youth Movement
Young members of a storied family shift property development in Cebu forward with a smart, green commercial tower, rising tall above an heirloom estate
Gift From Above
Source Global is tapping into a renewable source— the sky—to supply drinking water to residential communities and commercial properties in Asia
Proptech Is Enhancing Efficiency And Human Experience
The pandemic has forced the real estate industry into a more meaningful embrace with technology after years of flirting with innovation
Legacy Of Handy, Individualistic Inventions
The global crisis has caused unprecedented pain, but its extraordinary nature has seen it spawn a legacy of handy, individualistic inventions
Wave Of Mutilation
Lockdown disruption, evolving working conditions and an exodus by offshore gaming operators have sent the vital office space sector in the Philippines into freefall
