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The housing market is shaping up for some interesting changes. Although no one has a crystal ball, experts are sharing predictions about what could happen. Read Next: 25 Places To Buy a Home If You...
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 ...
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]
Mortgage loans account for 25-30% of bank loans in Hong Kong. [1] Land ownership and land restrictions by the government risk inefficiencies with housing supply and demand. In 1998 there was a property price collapse; from 1997 to 2003 Hong Kong residential property prices fell by 61% [5] following the Asian economic crisis.
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]
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 ...
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 ...