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Hong Kong's regulatory system has remained efficient and cautious, Yam added. "Hong Kong will of course be affected (by external volatility) but will not see the systemic influence."

Homebuyers such as Xu and Wang belong to an urban demographic who are deciding to buy houses in their hometown or other smaller cities around, of whom 62 percent are born after 1990.

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor told China Daily in an exclusive interview on Wednesday that Washington's so-called sanctions have made her and others whom the United States have targeted even more determined to protect the country and the people of Hong Kong.

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His responsibility back then was to buy agricultural produce from the villagers and carrying the goods on a shoulder pole to the nearest town, Shicheng, 17 kilometers away. There he sold the produce to the government-run supply and marketing cooperative's branch in the town and bought daily necessities for the villagers.

His unity government plan was rejected by Anwar's camp.

Hong Kong's Center for Health Protection reported 128 new cases of COVID-19 on Sunday, the fifth straight day when the daily additional cases surpassed 100.

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Hong Kong was a British colony for more than 150 years, and part of it, Hong Kong Island, was ceded to the United Kingdom after a war in 1842. In 1898, China also leased the rest of Hong Kong－the New Territories－to the British for 99 years.

Holden Chow Ho-ding, who is the DAB's vice-chairman and also a legislator, said the proposed act aims to pressure both the government of the Hong Kong special administrative region and the central government, which could lead to the escalation of tension between China and the US and harm both countries and the rest of the world.

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Hong Kong has the least affordable home prices in the world, according to the Demographia 2019 International Housing Affordability Survey. The ratio of the median property price to the median household income, was 20.9 times in Hong Kong, with the home price HK.169 million (6,195) and the household income HK3,000. That means that it would take an average household 20.9 years to be able to afford an apartment in Hong Kong if there were no other expenses.

His challenger, Home Affairs Minister Peter Dutton, resigned from Cabinet after the vote but the amount of support he gained a day after downplaying the possibility of a challenge surprised many commentators.