Hong Kong’s commercial property could re-rate downwards
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HONG Kong’s gross domestic product fell 4 per cent year-on-year (yoy) in Q1 2022, advance estimates released by the government showed. Retail sales in the territory suffered double-digit declines from a year ago in each of February and March.
Earlier this year, the territory was hit hard by the Omicron-driven wave of the Covid-pandemic, which led to the health system being stretched to its limits and a spike in the number of deaths.
The territory’s pursuit of eliminating Covid with tough border restrictions have led to some people and businesses leaving Hong Kong.
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