Hong Kong’s industrial property segment is seeing a pick up in demand, with the likes of Microsoft committing to long-term leases for data centre facilities, property consultancy JLL said.
Investment in Hong Kong property fell by 28 per cent to HK$37 billion (US$4.73 billion) last year, its lowest level since the 2008 financial crisis, but is expected to rise to HK$50 billion in 2024, Colliers says.
Hong Kong’s decade-long property bull run, stopped in its tracks during the pandemic, plunged into negative territory after the local monetary authority raised interest rates in lockstep with the US Federal Reserve.
The falling visitor numbers, increase in Hongkongers heading to the mainland and a patchy economic recovery call for a clear-eyed recognition of the changed environment. The government must think hard about what sort of city Hong Kong will become in 10 to 20 years’ time.
After a lull of two years, Chinese buyers appear to be stepping up their home purchases in Australia again. That has kept Sydney real property agent Peter Li super busy over the recent Christmas and New Year holidays.