Hong Kong’s New Metropolis Unlikely to Tame Prices for Now
- Plans to increase land supply will take years to realize
- Developers are set to benefit from policy shift to city north
Residential buildings in Hong Kong, China.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Hong Kong’s latest ambitious policies to increase land supply are unlikely to make a dent in the city’s home prices for now.
That’s the conclusion of analysts after Chief Executive Carrie Lam on Wednesday proposed a slew of measures to boost the number of homes in the world’s most expensive residential market. They include an aggressive target to turn the remote northern part of the city into a “metropolis” for 2.5 million people -- a project that’s likely to take decades to come to fruition.