Many home buyers in Hong Kong are feeling the heat: downward spiral in property prices leaves residents facing default and possible legal action
Article Abstract:
The sudden crash of real estate prices in Hong Kong has caused a series of problems for buyers of unfinished apartments trying to find mortgages and avoid defaulting on sales agreements with developers. Prices of properties, which have dropped by as much as 40%, have also caused alarm in the development industry who face customer back outs. The Democratic Party has shown its support for protesting home buyers in announcing its proposal for the creation of a HK$3 billion mortgage fund to ease buyers' payments.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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In Hong Kong, sector's views unaffected by Tung speech
Article Abstract:
Hong Kong Chief Executive Tung Chee Hwa's policy speech has left property analysts still divided over the future of real estate prices in the country. Mr. Tung announced plans of instituting reforms that would regulate the excessive prices in local markets. Residential prices, which have increased by about 70% in the past 18 months ending June 1997, are expected by some to rise again in the following months, while other analysts predict a continuation in its current decline.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1997
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Demand strong, bids modest for Le Palais Townhouses compass detects motives to set up shop in Hong Kong
Article Abstract:
Sun Hung Kai Properties Ltd has been enjoying a profitable performance in the market, despite the declining value of real property in Asia. Sun Hung's highly successful performance was bolstered by the company's Le Palais Townhouse project, through which it sold 22 units in Tai Tam area, Hong Kong. Although the properties were sold at 10% to 17% less than other offers, the project's prospects appear to be promising due to the continuing increase in market demand.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Comment about this article or add new information about this topic:
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