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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Mainland buyers disappear from HK real estate
    2020-05-06  08:53    Shenzhen Daily

THE world’s priciest property market has lost its most important source of inbound investment.

Mainland buyers are shying away from real estate in Hong Kong as the coronavirus pandemic clouds the economic outlook and keeps investors from traveling to the city.

No commercial property transactions in the first quarter involved a buyer from the mainland, the first time that’s happened since 2009, according to CBRE Group Inc., which tracks deals more than HK$77 million (US$10 million).

It’s in stark contrast to a few years ago when mainland investors were snapping up offices and retail space for eye-popping prices.

While Hong Kong has won plaudits for keeping the spread of COVID-19 under control, the virus hit just as the city was starting to recover from months-long protests.

“A lot of mainland buyers are taking a step back because of the economic outlook and the conflicts that made them feel unwelcome,” said Reeves Yan, head of capital markets at property services company CBRE.

Capital controls imposed by the Central Government on money flowing out of the mainland are also hurting real estate in Hong Kong, Yan said.

The absence of mainland investors has contributed to lower prices, considering how aggressively some used to bid. In 2019, little-known mainland company Henglilong Investments Ltd. teamed with Hong Kong-based Gaw Capital to buy a pair of office towers from Swire Properties Ltd. for US$1.9 billion, the biggest office transaction that year. (SD-Agencies)

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