New World Development chairman Cheng Yu-tung (centre) says he expects the overall value of property in Hong Kong to increase by 10 per cent next year, as improving retail sales and benefits from individual travellers from the mainland filter through to the general economy.

Speaking after the group's annual general meeting yesterday, Mr Cheng said New World would continue to expand its land bank to cope with expected demand, adding that the driver of next year's growth would mainly come from the luxury residential sector.

Separately, Mr Cheng said he had no plans to set up his own private investment firm or invest in the Link Reit, the city's first real estate investment trust.