Record number of homebuyers walk away from Hong Kong property purchases amid rising jobless rate, pay cuts due to Covid-19

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The number of homebuyers reneging on flat purchases this year has reached an all-time high as the Covid-19 pandemic casts a shadow on the city’s economy, pushing the unemployment rate up and forcing many companies to implement pay cuts as they struggle to stay in business.They have walked away from 47 deals this month alone, taking the total so far this year to 380, the highest since 2013 when record-keeping first started. Last year’s cancellations stood at 335 versus 160 seven years ago.“The…

A Global Asset Management Seoul Korea Magazine

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