Hong Kong property market to remain resilient even in the midst of exodus, Reda chief Keith Kerr says

Name: BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control
Uploaded: 2021-06-29T00:30:13.000Z
Duration: 6 min 15 s
Description: BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control

Positive uptrend in the property market to continue for the rest of the year, barring any unforeseen circumstances, says Keith Kerr, president of Reda

Property prices, which have increased 3.1 per cent so far this year, could clock gains of between 5 and 10 per cent for the full year, JLL’s Joseph Tsang says

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Aerial view of buildings near Fortress Hill, on Hong Kong Island. Photo: May Tse

Lam Ka-singandBobo Chan

Published: 8:30am, 29 Jun 2021Updated: 7:16pm, 29 Jun 2021

Hong Kong is unlikely to see a significant impact on housing demand from the growing emigration wave, according to the president of the Real Estate Developers Association of Hong Kong (Reda), joining a chorus of market observers who expect prices to continue rising this year.

“I know some people are leaving, but some people are moving here to Hong Kong,” said Keith Kerr, president of Reda and a former chairman and chief executive at Swire Properties. “For every person moving out, there’s probably at least the same number, if not more people coming in, so I don’t think that really is going to affect demand in the medium to longer term.”

There would be “a positive uptrend for the rest of the year, barring any unforeseen circumstances” as the market is relatively strong at the moment, said Kerr, who set up his boutique property firm known as The Development Studio (TDS) after he retired from Swire in 2009.

“The economy is picking up, stock market is active, and I think the demand for residential accommodation will remain strong,” he added.

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BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control

Since the introduction of the national security law in June last year, many Hongkongers have been looking to move overseas to escape what they perceive to be the erosion of certain freedoms by an increasingly bold and assertive Beijing. The number of applications for certificates required for visas, and withdrawals of Mandatory Provident Fund savings on the grounds of permanent departure from Hong Kong has risen in recent months.