HONG KONG: On the seventh floor of a luxury hotel in the heart of Hong Kong, a Chinese couple listens carefully as an agent takes them on a virtual tour of an upmarket property development for sale not in the former British colony, but in London.
Cash-rich mainland Chinese, who some in Hong Kong blame for pushing property prices to record highs, have fled the city’s real estate market, scared off by cooling measures that have sent them scouring overseas for better options. For many, the search starts in the ballrooms of Hong Kong’s luxury hotels which host overseas property fairs nearly every weekend, offering prospective buyers a glimpse of homes abroad while providing refreshments such as sparkling water and the bite-sized Cantonese snack dim sum.
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