Two months of unrest in Hong Kong are driving investment money out of the city and into Thailand’s ultra-luxury condominiums, according to one of the biggest developers in the Southeast Asian country.
Some 40% of the condos in a 52-story Bangkok tower that opened last week have already been sold to buyers from mainland China, Hong Kong, Taiwan and Singapore, according to Keerin Chutumstid, an executive at Bangkok-based Magnolia Quality Development Corp., which owns a quarter of the property.
The circumstance may add another tailwind to the luxury market in Bangkok, where a tourism boom has put the city on the map for investors, especially mainland Chinese who have come in droves. Bangkok in 2016 surpassed London to become the world’s most-visited city.
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