The forex business taking place between mainland China and Hong Kong is certainly responsible for this calamitous decline.
“The newspapers keep on saying the market is going down and buyers think they can get a cheaper house half a year later or one year later so are waiting,” said Thomas Fok, a property agent at Centaline Property Agency in Hong Kong’s upscale Mid-levels West district where he hasn’t made one sale this year.
Sure, blame it on the newspapers.
Property prices have declined 10 percent from their September highs amid uncertainty over the economy at home and in China, possible interest-rate increases and plans by the government to boost housing supply in the next five years. Senior Hong Kong government officials have ruled out relaxing property curbs, which include extra stamp duties and caps on mortgage levels
Rumors of Hong Kong’s real estate decline have not been wildly exaggerated.
S&P futures are down 8.
If you enjoy the content at iBankCoin, please follow us on Twitter
Good thing this a soft landing.
They are just moving across the water to HongCouver
If so, I can understand that. I live not far from there. Gorgeous place, if you can afford it.
Nobody can afford it. Last week a house went 1 million over asking, and it was a teardown.
I just put your name into Google translator and told it to detect the language. It told me anjing bau means “Dogs smell” in Indonesian. Interesting.
I suppose many names or combinations of letters mean something irrelevant in some language. No offense, Anjing, if that is your real name. Just noting what Google translate said when I typed it in.
http://www.bloomberg.com/news/features/2016-03-01/death-and-despair-in-china-s-rustbelt
…and as they wait to buy real estate, they pass the time watching William Hung perform “She Bangs”.