A government decision to allow foreign investors to seek residency through investments in residential properties worth more than $50m is expected to spice up Hong Kong’s struggling office sector.
Thomas Chak, head of Capital Markets and Investment Services at Colliers Hong Kong, said the policy could spur global players to expand their offices in Hong Kong, driving demand for office and retail spaces, as well as accommodations. “With more M&A (mergers and acquisitions) activities and better liquidity in overall capital markets, we'll be seeing growing opportunities for professionals like bankers, accountants, lawyers and surveyors. This would actually attract more talents into Hong Kong in the long term, making the city more appealing for global players to set up and expand their offices here,” he added.
Antonio Wu, head of Capital Markets for Greater China at Knight Frank, said the policy would draw more family offices to Hong Kong, which could push demand in the office sector. “If we’re having all these [high-net worth] individuals or businessmen in Hong Kong, naturally they will open up their family office here to look after their investment,” Chak said. “Hong Kong is one of the major gateway cities in Asia so it will be ideal for them to open a family office here.”
Darren Bowdern, head of Alternative Investments for Asia-Pacific at KPMG China, said the policy would “help promote Hong Kong as a destination for entrepreneurial talent and investment.”
