Australia Offering Millionaires-Only Visas For Hong Kong Real Estate Investors as Protests Paralyze City

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Wealthy Hongkongers are increasingly eyeing luxury-range real estate properties in Australia to obtain visas as escalating pro-democracy protests have paralyzed one of the largest Asian economic hubs in the region.

 

A Reuters report found that real estate agencies in Australia were getting more than a 30 percent increase in Hongkongers interested in purchasing luxury-end properties in the $3 million range.

Under an Australian millionaires-only visa program, investors can receive a provisional visa if they invest at least $3.4 million in Australia.

“Hong Kong demonstrations have accelerated the motivation for investors to move their money,” said Jamie Mi, an agent at Austrailia-based Kat Burton Real Estate.

Data from China real estate platform Juwai.com also found a 50 percent increase in traffic from Hongkongers interested in Australian properties in the second quarter.

Hong Kong police denied permits to protest organizers in what was to be one of the biggest pro-democracy rallies on Saturday.

 

Police are still on guard for protesters to disobey orders and continue the more than 13-week long pro-democracy protests.

“Although organizers said they will cancel the event, we anticipate people will come out,” stated the police at a press conference on Saturday.

“If they come out we will see how they act. If they do it in a peaceful manner, police will exercise proportionate action to prevent major confrontation,” added the Hong Kong police official.

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