CDL’s Kwek on the hunt for property bargains post-Brexit

Hong Leong Group and City Developments Limited executive chairman Mr Kwek Leng Beng said yesterday that he is poised for a buying spree in the United Kingdom and Europe following a slump in the pound post-Brexit.

“If the pound keeps falling, there will be lots of people going to London for shopping … If someone is selling a hotel, I will buy. I will want to buy properties in London and Europe. In fact, I am looking at it and hopefully I can find something cheap… I am a long-term investor,” said Mr Kwek.

“I am not bothered much about the current situation (post-Brexit). Crisis situations like these come and go. We saw the Lehman Brothers crisis, the World Trade Centre (attacks), Sars. We faced these situations and survived. What is important is not being overleveraged,” he added.

The outlook for the hotel industry, he said, may not look favourable at this juncture given the big supply of hotel rooms coming in. However, the brighter side is that hotel room occupancies in the Republic still continue to be high, over around 80 per cent.

Rumi Hardasmalani