Hong Kong's Property Market Is Tumbling as Unsold Homes Pile Up
- Rising rates add to slump caused by Covid curbs, brain drain
- Home prices, down 8% already this year, poised to dip further
Despite falling prices, affordability isn’t getting any better. In fact, Hong Kong apartments are on track to become the least accessible to buyers in 24 years due to a tightening monetary environment.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
On a recent Saturday, more than 100 salespeople swarmed the floors of a luxury shopping mall in Hong Kong, haranguing shoppers to check out deals at one of the city’s latest residential projects.
One Innovale - Bellevue, built by Henderson Land Development Co., priced its first batch of apartments 9% lower than the nearby second-hand homes in New Territories, about 25 miles from the Central financial district. But the response has been below par since its launch last month: about a third remained unsold as of the first week of October.