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Hong Kong’s 2024 property slump feels like it’s 1997 all over again – or is it?

SCMP LogoSCMP9h ago

Hong Kong’s 2024 property slump feels like it’s 1997 all over again – or is it? - SCMP

Quick Summary:

Major developers like CK Asset had lavished discounts since the start of the year, driving prices down by about 25 per cent from their September 2021 peak.

The veteran investor and chairman of Asia Property Holdings, best known for his part in the HK$40.2 billion (US$5.2 billion) takeover of the world’s most expensive office tower, lost HK$4 million in 1998 when he sold sell two flats at half their purchase price because of collapsing asset prices during the Asian Financial Crisis.

Some analysts do see signs of a pause in the price war.“Major developers are no longer reducing prices [or] chasing their targets because they have generated enough cash” through the sales tactics in the first half, said Mark Leung, UBS’ greater China property research analyst.


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Article Details

Author / Journalist: Salina Li

Category: Business

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-27 @ 11:00:09 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 1773 words

Reading Time: 10 minutes read

Sentences: 51 lines

Sentence Length: 35 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21788283

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About SCMP

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Main Topics: Business

Official Website: scmp.com

Update Frequency: 15 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 12 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #42

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