From luxury Singapore apartments to Malaysian seafront condos, Hong Kong investors are shifting cash into Southeast Asian property, demoralised by increasingly violent protests as well as the China-US trade war.
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 least affordable in the world with sky-high prices fuelled, 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 based there... 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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