Hong Kong's leader on Wednesday outlined new steps to cool the world's hottest property market, including a halt to automatic residency for rich buyers, in the face of simmering public anger. The residency measure will particularly hit wealthy investors from mainland China, whose buying spree in high-end apartments has done much to stoke fears of a new bubble in the Hong Kong economy. Chief Executive...
Hong Kong Property Market
05:55 AM Sep 11, 2010 Hong Kong home prices have risen to their highest levels since December 1997, according to Centaline Property Agency, defying government efforts to rein in speculation and prevent an asset bubble. The Centa-City Leading Index rose 1.11 per cent to 84.54 in the week ended Sept 5, from 83.61 a week earlier, according to a press release by one of Hong Kong's biggest property...
Property prices in Hong Kong are expected to stay on an uptrend, according to analysts. They noted that despite government measures to cool the sector, home sales rose to its highest level in almost 3 years last month, and the latest land auction also exceeded estimates. Residential sales in Hong Kong rose by 33 per cent in value last month, underscoring strong demand fuelled by a record low interest...
Sun Hung Kai may put up another 50 apartments for sale this week Sun Hung Kai Properties Ltd, the world's biggest developer by market value, will put another 50 luxury apartments up for sale in Hong Kong after buyers snapped up all 92 flats in a first batch put up for sale over the weekend. The company sold the apartments at its Larvotto project at an average of about HK$40 million (S$7.1 million) per...
The Hong Kong government pledged to boost land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors' estimates. "We hope the market will be stable," Financial Secretary John Tsang said. "There will be land auctions in June and July." Hong Kong has limited corporate purchases of apartments and it may raise the stamp...