Hong Kong landlords will watch retail rents drop this year, while those in the Lion City will enjoy a modest increase as it lifts Covid-19 restrictions and welcomes vaccinated visitors without quarantine.
Luxury home rents may fall by as much as 15 per cent this year as expatriates keen to escape the city’s strict zero-Covid-19 policy continue to leave in droves, said analysts.
The Hong Kong government has ordered mandatory COVID-19 testing for all citizens in March as the Omicron variant continues to drive one of its worst outbreaks of the pandemic.
U.S. businesses say lobbying Hong Kong’s government about reopening its borders with the rest of the world has been fruitless, a sign of frustration with the city’s “Covid Zero” strategy that could undermine the city’s future as a global financial hub.