CBRE retains its forecast of a global recession in 2020, with a sharp downturn in second quarter 2020 and the start of a rebound in the third quarter 2020. In May, Asia Pacific GDP growth forecasts were revised down to –1.4 percent from the previous forecast of 4.2 percent made in January.
Regional travel in Asia Pacific remains at a standstill owing to tight restrictions by authorities, significantly reduced air traffic and risk aversion by travelers. In April, visitors to Hong Kong fell nearly 100 percent from the same month in 2019.
Overall occupancy in Asia Pacific remains low at less than 30 percent. Room rates are close to 50 percent of what they were a year ago.
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