HONG KONG: The world’s priciest property market has lost its most important source of inbound investment.
It is in stark contrast to a few years ago when Chinese investors were snapping up offices and retail space for eye-popping prices. “A lot of mainland buyers are taking a step back because of the economic outlook and the conflicts that made them feel unwelcome,” said Reeves Yan, head of capital markets at property services company CBRE.
In 2019, little-known Chinese company Henglilong Investments Ltd teamed with Hong Kong-based Gaw Capital to buy a pair of office towers from Swire Properties Ltd for $1.9 billion, the biggest office transaction that year.
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