February 26, 2019 7:30 AM Residential buildings stand in the Tseung Kwan O district of Hong Kong. HONG KONG: Real estate is the main game in Hong Kong, and as the drop in housing prices nears correction territory, concern is mounting about the toll the downturn will exact on the city’s economy. Home values in the world’s most expensive property market have fallen about 9% from their August peak as the US-China trade war and potential rate hikes hurt consumer confidence.
When the SARS outbreak crushed Hong Kong’s property market in 2003-04 – slashing the revenue contribution from land sales to just 3% – the budget deficit came in at more than HK$40 billion . With land-sales revenue at a two-decade high, it’s unlikely the good times will last. The property downturn could also weigh on the broader economy by making homeowners and borrowers feel poorer, as the value of their house declines.
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