Hong Kong hotel operators mull converting their properties to residential buildings as home prices defy the economic downturn
South China Morning Post
Excerpt
Mar 1, 2021
Some Hong Kong hotel operators are considering converting their properties into residential buildings as the tourism industry shows no sign of recovery and home prices start to rebound.
The applications for conversion of two hotels – the Horizon Suite Hotel in Ma On Shan, and the Novotel Nathan Road Kowloon – to residential use were approved by the Town Planning Board on Friday.
The approvals will add more than 1,000 new flats at a time when home seekers are regaining confidence in anticipation that the Covid-19 vaccination will help revive the economy, according to property agents. Sales of new and used homes saw something of a mini-boom in January.
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Hotels may become apartment blocks as Hong Kong owners pivot amid downturn