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In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it fell short of market expectations. An initial boom in tourism and consumption fizzled out within months after its reopening.
Hong Kong’s government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes. Finance minister Paul Chan announced the move in a ...
Instead, the company offered details on "preliminary restructuring principles" for its offshore debt; Evergrande added that it aimed for "a specific offshore restructuring plan within 2022." On 2 September 2022, a Hong Kong High Court judge rescheduled to 7 November 2022 legal proceedings to wind up China Evergrande Group, in order to give the ...
While Hong Kong's property market remains red-hot, the city's international economic prestige has come under pressure after prolonged pro-democracy protests in 2019 and sweeping new national ...
Hong Kong falls into the grading of ‘Severely Unaffordable’, with the highest recorded index of 17.0 since the report commenced 11 years ago. Second on the list was Vancouver with an index of 10.6, still significantly lower than HK. [19] A CBRE report from 2019 lists Hong Kong as having the highest average property price in the world. [20]
In the early 1990s large urbanization in Hong Kong, Singapore, Thailand, Philippines and other Southeast Asia countries brought about a large housing price appreciation. Asia attracted global economic interest up until the economic crash of 1997. A decade later, the Asian economy has been stabilized, and has allowed the property market to advance.
With Hong Kong's housing market struggling, interest rates soaring and buying power faltering amid a slowing economy, the worrisome debt levels of property developers are in the spotlight. The ...
In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the Great Recession. [33] By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World Trade Organization. [34]