Hong Kong businessman Peter Ng bought a condominium on the Malaysian island of Penang – which has a substantial ethnic Chinese population and is popular among Hong Kongers – after the protests erupted. Adding to the allure of Malaysia is its relative affordability and prices much lower than Hong Kong. And analysts warned there was little hope of Hong Kong’s property market recovering soon. “Hong Kong property share prices have corrected by about 15 to 25 per cent since July,” said Raymond Cheng, head of Hong Kong and China property at CGS-CIMB Securities International. But despite the unrest, businessman Ng – who will rent hisPenang property and has no plans to move there permanently for now – was still hopeful about Hong Kong’s long-term prospects.

Source: New Strait Times October 13, 2019 03:11 UTC