By Raine Fung
HONG KONG, Aug 16: Far East Consortium International (0035) chairman and chief executive David Chiu Tat-cheong has encouraged Hongkongers to start businesses in Malaysia, but advised against investing in Malaysian properties, stating that investing in Hong Kong properties is much easier, The Standard reported.
Having moved to Kuala Lumpur in the mid-1980s to build his real estate business, Chiu owns and operates several listed companies in Malaysia, Hong Kong, and Japan. He is the founder and the Chairman of Malaysia Land Properties.
In an interview in Malaysia, Chiu said mainland China buyers accounted for 40 per cent of Hong Kong’s property market purchasing power following the recent tightening of capital outflow measures by mainland China.
He said that restrictions on mainland buyers are sure to affect the market, maintaining his forecast of a 15 per cent increase in property prices over the next two years.
Meanwhile, The Standard also reported that Gold Peak Technology’s (0040) new generation of nickel-zinc battery production facilities and R&D centres in the Johor-Singapore Special Economic Zone, where nickel-zinc batteries used for backup power in data centres are expected to become a new growth engine for the company.
The company said the data centres are consuming a great amount of energy, with a robust demand driven by AI.
Source URL: Mainland buyers are 40 pc of HK property market’s purchasing power: Far East chairman | The Standard