What is the National Security Law?
On July 1st 2020, the Chinese government implemented a National Security Law in Hong Kong. The law is likely to usher in a new era for Hong Kong, experts say, in which civil liberties are tightly constrained and loyalty to the party is paramount. “All in all, this is a takeover of Hong Kong,” said Jerome A. Cohen, a New York University law professor who specializes in the Chinese legal system (New York Times, July 2020).
Click to read our blog written in June when the Law was first introduced.
The U.K. is granting the most travel documents to Hong Kong residents since the 1997 handover, bolstering predictions of a mass exodus as China tightens its grip over the former British colony. Some 216,398 Hong Kong residents received British National Overseas (BNO) passports during the first 10 months of the year, higher than any annual figure stretching back to 1997, according to data provided by the U.K.’s Passport Office under the Freedom of Information Act (Bloomberg, December 2020).
In October alone, the office issued 59,798 Hongkongers with BNOs, or 52% higher than in the same period last year, and the highest monthly figure since the Passport Office began readily compiling them in 2015 (Bloomberg, December 2020).
What have we seen since July?
Macgregor has seen an increased demand from investors looking to purchase property in the UK since the introduction of the National Security Law. Buyers are a mix of ex-pats with a link to the UK and Hong Kong Nationals.
What are buyers purchasing?
We have a range of properties to purchase, from 2-bedroom New Build apartments at Canonmills Garden, Edinburgh (from £315,000 – £380,000), to traditional Georgian Properties in the New Town and West End of Edinburgh at George Street (£425,000 –£550,000) and Melville Street (£550,000 – £600,000).
We also have a block of 9 apartments for sale at Chambers Street (offers over £2.65m), and are have several off market larger blocks (£5m+) for sale which have seen interest from HK based family offices.
Webinar with British Chamber of Commerce in Hong Kong: How did UK Property fare over COVID-19?
Please let us know if you would like to arrange a call to discuss any property investment you are thinking about – we are very happy to help.
+44 (0) 131 283 2833