Hongkongers pursue overseas passports and sell homes at huge discounts to fund move as city's protests rage on

By Lam Ka-sing kasing.lam@scmp.com / https://www.scmp.com/business/money/wealth/article/3033263/hongkongers-get-serious-pursuing-overseas-passports-they-sell?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | October 21, 2019 9:32 AM SGT
Hongkongers' interest in emigrating has jumped fourteen fold as the four-month long anti-government protests show no signs of ending, and many are selling their property before the housing market deteriorates further to finance their move, according to Midland Immigration Consultancy.
The consultancy said that inquiries have skyrocketed from some 20 in May before the controversy over the now-abandoned extradition bill erupted to about 300 in September when the protests started taking an increasingly violent turn.
"Part of the reason is the recent situation," said Tina Cheng, director of strategy at the consultancy. "The vast majority [of them] want to have a better living environment and better education for their children."
Cheng said that the more recent inquiries have largely been from professionals, such as doctors and lawyers, and those in the middle to high income category, compared to July, when it was mainly people in their 30s.
She said that as a lot of clients did not have ready cash amounting to millions of Hong Kong dollars for the golden visas, they were considering selling their homes to finance their move.
On Tuesday, the owner of a 549 sq ft flat at South Hillcrest in Tuen Mun sold it for HK$5.56 million (US$709,000) after slashing the price by HK$940,000.
"As the society continues to be under unrest, the owner slashed the price by about HK$1 million to move overseas," said Ryan Ku, senior account manager at Many Wells Property Agent, adding the price per sq ft at HK$10,128 was 25 per cent below market price.
Last week, a 795 sq ft flat at Double Cove in Ma On Shan sold for HK$10.7 million after the price was slashed by HK$1.3 million.
"The original owner wanted to offload stock to cash in and emigrate in light of market volatility," said Christy Chan, chief senior sales manager at Midland Realty.
The findings come as data from the Rating and Valuation Department showed Hong Kong's home prices declined 1.4 per cent in August, the fastest rate this year. The...