LONDON: Forecasts for the Hong Kong property market this time last year were as gloomy as the view from the Peak overlooking the territory on one of its more polluted days.
READ: Commentary: Keeping public housing in prime locations like Greater Southern Waterfront affordable and fairIt had been expected that the property market would be affected by a UK decision to allow a favourable path to citizenship for the 3 million residents of the territory who hold or are eligible for BNO passports.Some 153,300 Hong Kong people are forecast to settle in the UK this year, according to a British Home Office study.
Moreover, its prime residential property provides one of the lowest rental yields globally, at 1.8 per cent. That compares with the average in London of 3.8 per cent yield at the end of last year.The best commentaries and analysis to better help you see beyond today’s news headlines. Subscribe to CNA’s Commentary newsletter.This service is not intended for persons residing in the EU.
Residential property purchases in Hong Kong by mainland Chinese buyers rose 40 per cent in the first two months of this year. A recent push from Beijing to launch a wealth management connection between the mainland and Hong Kong should push demand higher. On a closer look, however, profits from surging rent and property prices in their portfolio of assets in mainland China have offset weak retail rents and empty hotels in Hong Kong.
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