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Hong Kongers fleeing protests, national security law boost overseas property markets

HONG KONG: Hong Kongers moving abroad have bought at least US$100 million worth of property since 2019, a year marked by unprecedented social unrest, according to a Hong Kong-based law firm.

The Harvey Law Group (HLG) found that Hong Kongers’ preferred destinations are the United States, United Kingdom, Australia, New Zealand and Canada. Their interest in finding a residency overseas or a scheme that paves the way to citizenship through investment has increased fourfold in the last two years.

“From our clients worldwide, since 2019, they have bought about US$1 billion worth of properties under various residency or citizenship-by-investment programmes, and Hong Kong contributed about 10% of that,” said Jean-Francois Harvey, global managing partner and founder of the firm. Since 1992, HLG, which has 18 offices worldwide, has served about 12,000 clients and families who sought mobility via residency or citizenship schemes.

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