Hong Kong’s property bubble is unlikely to burst anytime soon.
Bloomberg reports that prices have climbed 11 percent this year, defying skeptics waiting for the bubble to burst and government attempts to rein in the world’s most expensive housing market through a raft of taxes and mortgage curbs.
“Now it is very hot, because of the hot money rushing in. There is more record-breaking coming,” said Raymond Ho, deputy senior director of residential development and investment at Savills Plc.
Runaway growth has put the city in bubble risk territory, according to the UBS Global Real Estate Bubble Index. Even so, mass-market home prices will rise 8 percent to 10 percent next year, according to property consultancy Colliers International Group Inc.
Here’s more from Bloomberg:
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