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Letters | It’s time Hong Kong landlords woke up from their illusions
- Readers discuss the likelihood of a property market correction, and how hard it is for a non-local to rent a flat
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I refer to “Hong Kong mortgage relaxation yet to lift secondary market out of interest rate hike gloom” (July 18).
First the property market got a shock from the 2019 protests, then we had the pandemic, and now interest rates have risen. We will eventually have excess supply and this could cause the greatest correction in Hong Kong’s history.
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People seem blinded by the historical performance of the real estate market over the past 20 years. Nobody seems to believe prices can actually crash when there is hope of investors coming in from the mainland and helping prices rebound. We need to realise that even the mainland buyers would want to see their home prices stabilise before coming to Hong Kong.
Hong Kong landlords seem to be under the illusion that they will sell for higher prices. They need to realise their assets are illiquid and they are facing their toughest reality check since the 1980s, when interest rates peaked. It’s time to wake up from the property dream so prices can come back to earth.
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Rishi Teckchandani, Mid-Levels
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