Veteran investors in Hong Kong property, anticipating a deeper correction in prices amid dwindling buying activity, the coronavirus pandemic and worsening US-China relations, are rapidly cashing out of their holdings.

Albert Wong Kam-hong, the former deputy chairman of real estate company Midland Holdings, for instance, sold his adjoining flats in The Coronation Tower near Kowloon Station for HK$22 million (US$2.8 million) last month. The 1,206 sq ft property, which he had bought eight years ago, netted him a profit of HK$4.85 million.