【Bloomberg】Hong Kong Property Market Proves Resilient as Crises Mount

“When the political system and economy are unstable, cash depreciates quickly,” said a woman named Li, who joined the line in the Tsim Sha Tsui neighborhood. Li only wanted her surname used discussing the security law as the matter is sensitive. “I want to use up the money for an apartment to preserve value.”

On the surface, it doesn’t seem like the best time to buy a property in Hong Kong. The future of the former British colony is clouded by China’s introduction of the security bill, prompting the U.S. to threaten removal of Hong Kong’s special status.

The legislation is triggering concerns about capital outflow, sparking renewed pro-democracy protests and increasing tensions in a city trying to recover from the pandemic. The economy is expected to see a record 7% contraction this year.

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