Home ownership on far horizon

City Talk | Siu Sai-wo 13 Jun 2018

The United States is raising its interest rate, though levels remain low globally and people remain keen to buy property to hedge against inflation.

In Hong Kong, many talk about the sale of a parking space for a staggering HK$6 million. Indeed, many locals consider the entrance barrier to the local property market so high that more are turning their interest to real estate overseas.

Last weekend, Sing Tao Daily and Headline Daily staged the Overseas Property Expo, which included many seminars. I went during a lunch break and found the event was very well attended.

A colleague told me the intention was to present as many overseas projects as possible at the expo, but regrettably there was no exhibitor from Australia.

Many visitors came prepared, with specific seminars and target markets in mind.

One of the most popular seminars was on the 2018 global economic development trend hosted by Terence Chong Tai-leung, executive director of the Chinese University's Lau Chor Tak Institute of Global Economics and Finance.

Global economic growth this year has been rather positive, except for the shadow of US President Donald Trump's unilateralism. If the trade wars he is threatening escalate no one wins.

In the past, Hongkongers mainly purchased properties in English-speaking markets like Britain, Canada and Australia. Now they are also showing interest in Southeast Asian properties because they are closer to home.

I observed that many expo visitors were attracted by projects in the Greater Bay Area and Bangkok.

Japan exhibitors also drew much interest. That was hardly surprising given the interest of Hong Kong people in that country.

Also, Japan has recently adjusted its policy on bed and breakfast accommodation, and people want to learn more about that development.

But those are just some of the countries and areas currently attracting interest. My colleague quipped that Hong Kong people love property so much that they are buying in almost every place in the world.

Siu Sai-wo is publisher of Sing Tao Daily

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