Update | Billionaire Li Ka-shing confident in future of Hong Kong housing market
“If you can afford to buy for own use, you can enter the market anytime,” said Li.
Hong Kong billionaire Li Ka-shing voiced strong confidence on Wednesday in the prospects of the city’s real estate market, one of the most expensive in the world.
“If you can afford to buy (a flat) for self-use through instalment payment, you can enter the market anytime,” Li told reporters at Cheung Kong Centre at the debut in the Hong Kong stock market of his property company, CK Property Holdings.
“It is difficult for the current property prices to fall because the construction costs and labour costs in Hong Kong are on the rise.”
The iconic billionaire who was at one time Asia’s richest man is chairman of both CK Hutchison and Cheung Kong Property (Holdings) (CK Property ), one of the city’s biggest congolomerates.
He said Hong Kong’s construction costs were twice those in the United States and Canada. However, he advised Hong Kong people not to participate in property speculation.
Hong Kong is the world’s third-most “luxurious” city in terms of prime property – based on top sales prices, high average prices per square foot and the number of luxury sales – according to a survey released on Monday.