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Home investors look overseas

Business | Watson Tan and Koey Yip Apr 21, 2017
Since the government tightened rules over buying multiple units in one contract last week, there have been 20 to 30 percent more inquiries on investing in overseas properties, says Neo Cheung Wing Tat, chief executive of Convoy International Property Consulting.

Amid curbs and rising home prices in Hong Kong, local investors find England and Australia most attractive, he said, citing his firm's recent survey.

A total of 1,029 people across a range of industries and incomes responded to the online survey. More than half of respondents said they invested in the mainland, but as home prices in top tier cities kept rising, demand has been reduced.

Meanwhile, Henderson Land (0012) named its new projects as Novum West in Sai Wan, and Novum East in North Point.

The projects will provide a total of 1,000 units, with presales at Novum West expected to kick off in May.

Cheung Kong Property (1113) said it will keep the last 25 percent of units at its Harbour Glory project in North Point until the fourth quarter.

The Buildings Department gave approval to the former Central Liaison office in Kowloon Tong to be developed into two low rise buildings, with 6,311 square feet of gross floor area.



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