Andrew Lawrence News
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Hong Kong property shares fell the most in seven months after the government imposed a tax on overseas homebuyers to deter capital inflows and reduce the risk of a bubble in the world’s most expensive housing market.
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The six richest property developers in Hong Kong lost a combined $2.2 billion in net worth today as shares in their companies dived after the government imposed a property tax on overseas buyers.
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Hong Kong’s new leader is taking up the battle his predecessor failed to win, seeking to overcome record low mortgage rates and an influx of Chinese buyers to make housing in the world’s most expensive city more affordable.
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A mile-high skyscraper? That may indeed be possible as soon as 2025, Bloomberg News reported this week. You may view this as a sign of architectural evolution -- of mankind reaching for the stars and of the promise of emerging nations that are sure to compete to build the world’s tallest tower. I tend to wonder if we'll all be homeless 13 years from now.
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The Year of the Dragon, representing wealth and power in China, is shaping up to be the opposite for the world’s costliest housing market, Hong Kong.
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Hong Kong banks expect to continue raising mortgage rates for the rest of this year, signaling the market won’t be rescued by cheap debt as occurred in 2008, Barclays Capital said.
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Derek Ma and his family in May sold two of their eight properties in Hong Kong, doubling their money in four years. They’re struggling to sell the other six.
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Hong Kong banks may have succeeded where the government failed as rising mortgage rates curb home price gains and cut sales to the lowest level in two years, signaling the property market may have peaked.
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Sun Hung Kai Properties Ltd. declined in Hong Kong trading after its billionaire co-chairmen were charged with bribery by the city’s anti-graft agency last week.
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Hong Kong builders are accelerating home sales to raise cash and may issue new shares to help finance projects as credit costs rise amid tightening liquidity at the city’s lenders, according to Barclays Capital Research.
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