More mainland Chinese want to buy Hong Kong property
Hong Kong is the most favorable offshore residential real estate market for mainland Chinese, despite an escalation in U.S.-China trade tensions and concerns over a controversial extradition law that will extend Beijing’s power over the city, reported Reuters, sourcing a UBS survey.
Around 12 percent of respondents in the latest UBS survey said they intended to purchase a Hong Kong property in the next two years, up from 7 percent in a September survey. The percentage was also the highest since the first survey conducted in 2015. The latest survey polled around 3,500 respondents.
The ongoing trade dispute between the United States and China could put further pressure on China’s yuan, but it may drive more Chinese to invest money in Hong Kong property to ward off capital depreciation, reported Reuters.