Three years is a long time for Hong Kong’s hoteliers to keep hoping visitors will return as the city maintains a zero-Covid policy. A series of recent sales suggests some are giving up, says JennHughes13
At least five Hong Kong hotels have been sold in the past six months to buyers who intend to convert them for so-called co-living, in which tenants such as young professionals pay for a room plus shared kitchens and lounges.
The five deals since November have totalled $690 million, according to data from JLL and property news specialist Mingtiandi. PGIM, the investment arm of U.S. insurer Prudential Financial, has been heavily involved, per Mingtiandi, as has Warburg Pincus-backed Weave Living, a Hong Kong-based residential conversion specialist.A common area is seen inside the newly opened Weave on Baker co-living space in Kowloon, Hong Kong, China January 24, 2020. Picture taken January 24, 2020. REUTERS/Clare Jim - RC2BDG9OGXPD