China’s clampdown on the island sparks wave of inquiries from dual citizens
Ashley Lum sighs impatiently when asked why, despite the looming threat of greater Chinese control over Hong Kong, she’s choosing to remain in the city-state for the foreseeable future.
The decision to uproot and move to Canada, even in the face of this sovereignty issue, is a risky one Dan Scarrow, president of Macdonald Real Estate Group in Vancouver, says that his company has definitely seen an increase in inquiries from Hong Kong focused on pre-construction units in Vancouver. “Developers will see success from what’s going on in Hong Kong because they are selling pre-sale units. But you are not going to see it in the data because those units aren’t going to close for another three to four years.
“But I do know that some folks in Hong Kong who are Canadian citizens or have family in Canada are on high alert, and are preparing to come back in a moment’s notice. I suspect you’re going to see more of this trend if China continues to be oppressive, and especially if they bring troops in,” said Goldberg, who has studied the impact of globalization on real estate markets in both Asia and North America for decades.
“One developer told me that they sold 19 units last weekend, and of those 19, 16 were Hong Kong-based people with the intent of coming to live in Vancouver. So it’s not the rent-it, flip-it kind of thing. These were two bedroom and three bedroom units,” Quattrin said. But Quattrin noted on the flip side, none of the big Hong Kong players have “pulled the trigger in Vancouver” in the last little while, after the 15 per cent foreign investor tax was imposed two years ago. CBRE data points towards large institutional capital for commercial real estate going into Europe, more than North America. “The residential side still has an interest in Canada, but I would say a lot of the high net worth money is going to commercial investments in London.
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