Hong Kong property prices won't 'fall a lot', says Sun Hung Kai Properties chief
Meanwhile, city's largest developer to continue seeking sites in mainland's first-tier cities
Unlike some analysts, Hong Kong’s biggest developer does not expect home prices in the city to fall drastically.
Thomas Kwok Ping-kwong, joint chairman and managing director of Sun Hung Kai Properties, said he thinks Hong Kong home prices will be stable.
Speaking after the company’s annual general meeting on Thursday, Kwok said: “Home prices go up and down. [They] will not go up forever. [They] will not fall a lot either.”
Banks have recently predicted slumps of as much as 25-30 per cent in residential property prices within the next year or two.
SHKP surprised the market when it released 181 flats for sale at its luxury project The Cullinan last month at about 21 per cent below prices in the secondary market, once discounts and rebates on stamp duties were factored in.
Home prices go up and down. [They] will not go up forever. [They] will not fall a lot either
But Victor Lui Ting, the company’s deputy managing director, said on Thursday the local market is being supported by low mortage rates, real demand and high construction costs.