While no one can accurately predict when the COVID-19 outbreak will be contained, the pandemic has firmly stalled and reversed rising property trends across Hong Kong, Shanghai, and Singapore. AIRINC spoke to industry experts across Asia’s most dynamic business hubs to understand the unique characteristics of each market and what changes and opportunities lie ahead.
At the onset of the outbreak in Wuhan, the Coronavirus epicenter, China moved swiftly to lock down Hubei province and applied very strict social distancing laws across China. We interviewed Adam McWhirter, the Managing Director of Maxxelli Consulting, in the middle of April. He said everything came to a screeching halt before the Chinese New Year holiday when the outbreak was confirmed and his colleagues have only recently resumed showing properties.
Based on his observations and exchanges, Adam found that landlords in Shanghai have lowered rents. They are wary that demand may have weakened since China temporarily closed its border to foreigners.