Hong Kong sees $270 billion property wipeout since 2019.
The five-year property downturn is emblematic of a steady loss of faith in the city’s status as Asia’s premier financial hub.
Xi Jinping’s crackdown on freedoms in the former British colony — which began in the wake of the 2019 pro-democracy protests and expanded with the passing of a security law in March — have fueled a retreat by expats and international companies that once fueled demand for real estate.
Tensions between Beijing and Washington have thrown into doubt Hong Kong's role as a connector of Western capital with Chinese firms, while also heightening the threat of American sanctions over Taiwanese sovereignty and financial links with Russia.
Bloomberg 11 June 2024
China seals Hong Kong’s failed-state fate
https://englundmacro.blogspot.com/2024/03/china-seals-hong-kongs-failed-state-fate.html
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