My Take | Are pan-democrats ‘calling the top’ of Hong Kong property market?
- Many pan-dems have sold their homes, and a few have even fled the city to escape what they claim is rising tyranny. They may be right, at least inadvertently, about exiting a real estate market after a super-bull run that has made local properties the most expensive in the world
Sometimes, the best contrarian investment indicators are those that people neglect or use for other purposes.
What if a large number of well-known people suddenly decide to sell their homes at about the same time? Shouldn’t that say something about the local real estate market as some people are taking a bearish view of it, or even the city’s future as a whole?
But we are ignoring their “signal” because many of them are heavily involved in anti-government protests.
Psychologically, in light of the heavy crackdowns they face, they should also be the most pessimistic about the current state and future of Hong Kong. Could they be right?
It’s quite extraordinary the number of well-known pan-democrats and anti-government activists who have sold their homes in recent months. Among them are former lawmakers Lam Cheuk-ting, Alan Leong Kah-kit and Lee Cheuk-yan as well as actor and internet influencer Chapman To Man-chat and the parents of jailed protest leader Joshua Wong Chi-fung.
