Hong Kong businessman Peter Ng bought a condominium on the Malaysian island of Penang – which has a substantial ethnic Chinese population and is popular among Hong Kongers – after the protests erupted.
Hong Kong's property market is one of the least affordable in the world with sky-high prices fueled, in part, by wealthy mainlanders snapping up investments in a city which has failed for years to build enough flats to meet demand. "The protests in Hong Kong have made some of the [mainland Chinese] based there...[more concerned] about investing in Hong Kong real estate, so they carry that investment to Singapore," said Alan Cheong, executive director of the research and consultancy team at Savills.
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