Southeast Asian Buyers Emerge as Top Non-Local Investors in Hong Kong Commercial Property

Southeast Asian investors have emerged as the largest group of non-local buyers in Hong Kong’s commercial property market, with Singapore-based capital leading the regional push into the city.

Data compiled by property consultancy Savills showed that local and non-local investors, including mainland Chinese buyers, were behind about HK$30.36 billion in commercial property transactions worth more than HK$50 million during the first part of 2026.

Southeast Asian investors accounted for HK$3.37 billion of those transactions, representing more than 11 per cent of the total value. The figures make the region the largest source of non-local commercial property investment in Hong Kong so far this year.

Singapore has been particularly prominent among the buyers, as investors take advantage of opportunities created by the prolonged downturn in Hong Kong’s commercial property sector.

The market has faced significant pressure in recent years, with weaker demand, elevated financing costs and falling property values weighing on offices, retail properties and other commercial assets.

The decline in prices has also created opportunities for investors with access to capital. Some Southeast Asian buyers have been able to pursue properties at valuations that are considerably lower than during the market’s previous peak.

The increased presence of regional investors comes as mainland Chinese buyers, who have traditionally been an important source of cross-border capital for Hong Kong property, face a more challenging economic environment.

Hong Kong’s commercial property market has recorded a series of major transactions as owners seek to restructure their portfolios and investors look for assets that could benefit from a future recovery.

The latest investment pattern highlights the changing composition of overseas capital entering Hong Kong. While mainland Chinese investors remain active, Southeast Asian buyers have taken a more prominent position in the commercial sector this year.

Market conditions will remain important to the pace of investment. Further changes in property prices, interest rates, financing conditions and business activity could influence whether the flow of Southeast Asian capital continues to grow through the remainder of 2026.