Hong Kong investors shun Singapore homes for cheaper property in Malaysia, Taiwan.
SINGAPORE (BLOOMBERG) - Singapore's housing market isn't turning out to be the beneficiary of Hong Kong's increasingly fraught protests as many may have thought. Instead, investors are looking to cheaper property markets like Malaysia, Thailand and Taiwan.
"People here tend to think there are only two cities in the world - Hong Kong and Singapore," said Mr Alan Cheong, a Singapore-based executive director of research and consultancy at Savills. "They think if people flee Hong Kong, they'll all automatically come to Singapore. But everyone isn't Li Ka Shing. Most are just ordinary salaried workers," he said, referring to Hong Kong's richest billionaire.
As anti-government demonstrations approach their fourth month, many people with the means in Hong Kong have been looking at contingency plans. They can range from shifting funds abroad to physically moving from the city. Hong Kong has held the title of the world's least affordable real estate for nine years in a row now, and unhappiness over property prices is one factor fuelling the unrest.
Adapted from The Straits Times 28 August 2019