The mass street protests in Hong Kong by pro-democracy campaigners are likely to have little or no impact on the domestic and overseas markets, says a Knight Frank chief
The student protests are continuing in Hong Kong – but one leading agent believes there will be little or no impact on the domestic or overseas property sectors.
Hong Kong leader CY Leung has urged pro-democracy protesters to stop their campaign “immediately”, as huge crowds continue to bring parts of the territory to a standstill, the BBC reports.
The ‘umbrella revolution’ protests by Occupy Central have seen tens of thousands of students take to the streets to try and pressure Beijing to give Hong Kong a free vote in its leadership elections.
Some property industry specialists have warned the Hong Kong property market could suffer as a result, but Thomas Lam, Senior Director, Head of Valuation & Consultancy at Knight Frank, tells OPP Connect that the impact is likely be minimal.
Regarding the Hong Kong market he says, “There won’t be material impact. It might affect the market if it stays long, as it will increase the costs for investors.”
He takes a similar view about the overseas property sector. “There won’t be material impact; buyers are still looking for attractive investment opportunities.”
When asked if the protests are unlikely to significant reduce Hong Kong real estate agent business, Mr Lam says. “I don’t think so, although there may be a little slow down in short term.”
The protestors are demanding more say in the direct elections that are scheduled for 2017 and do not want the Chinese government to choose the candidates.
Crowds were expected set to swell ahead of Chinese National Day tomorrow (Wednesday 1 October), which is a national holiday marking the founding of Communist China.
At the weekend police used tear gas and pepper spray – which led to the ‘umbrella revolution’ label, as protestors defended themselves using umbrellas – but riot police have since been withdrawn and protesters remain calm.
Key parts of the city are being blocked by protesters, with some schools and banks closed. The protesters want Chief Executive Mr Leung to step down.
The photo of the protests is taken from Wikipedia.
Property prices in Hong Kong in the first half of the year grew 3.7%, according to global agent, Savills, 15% lower than the same time in 2013 and, along with government market cooling measures, some commentators say the market is set to fall.
By Adrian Bishop, Editor, OPP Connect