Jake's View | Developers misread market for flats
I have often said here that in matters of housing our politicians and bureaucrats are three to four years behind the times. They flood the market with supply at the peak, only to make the subsequent collapse worse and they choke it off at the bottom, only to make the subsequent shortage worse.
[Sun Hung Kai Properties] co-chairman Thomas Kwok Ping-kwong said: "We will definitely follow the market trend. Most of our new projects to be released for sale will be small- to medium-sized flats. Our acquisition targets will be mass residential sites."
I have often said here that in matters of housing our politicians and bureaucrats are three to four years behind the times. They flood the market with supply at the peak, only to make the subsequent collapse worse and they choke it off at the bottom, only to make the subsequent shortage worse.
The record, however, shows that private developers are not much better at timing. SHK Properties' timing calls were certainly spot on the money in the 1980s.
But this latest talk from Thomas Kwok has too much of the ring of a dedicated follower of fashion.