Bloomberg on Nostr: Hong Kong’s Identity Crisis Fuels $270 Billion Property Wipeout ========== Hong ...
Hong Kong’s Identity Crisis Fuels $270 Billion Property Wipeout
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Hong Kong's property market has suffered a significant downturn over the past five years, erasing at least HK$2.1 trillion ($270 billion) in real estate value since 2019. This slump, the longest since the SARS crisis, is driven by rising interest rates, financial-sector job losses, and geopolitical tensions. Despite efforts by Chinese authorities to restore confidence, the city's role as Asia's premier financial hub is under threat. Factors such as the 2019 pro-democracy protests, Beijing's crackdown, and the impact of Covid-19 have exacerbated the decline. Property tycoons have seen their net worth shrink, and homeowners face the prospect of selling at a loss. The commercial real estate sector is also struggling, with office vacancies and falling rents. Hong Kong's government is attempting to revive the market through policy adjustments and talent programs, but significant challenges remain. The article highlights personal stories, market statistics, and expert opinions on the ongoing crisis.
https://www.bloomberg.com/news/features/2024-06-11/hong-kong-property-downturn-erases-270-billion-as-rout-drags-on-5-years?embedded-checkout=true
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Hong Kong's property market has suffered a significant downturn over the past five years, erasing at least HK$2.1 trillion ($270 billion) in real estate value since 2019. This slump, the longest since the SARS crisis, is driven by rising interest rates, financial-sector job losses, and geopolitical tensions. Despite efforts by Chinese authorities to restore confidence, the city's role as Asia's premier financial hub is under threat. Factors such as the 2019 pro-democracy protests, Beijing's crackdown, and the impact of Covid-19 have exacerbated the decline. Property tycoons have seen their net worth shrink, and homeowners face the prospect of selling at a loss. The commercial real estate sector is also struggling, with office vacancies and falling rents. Hong Kong's government is attempting to revive the market through policy adjustments and talent programs, but significant challenges remain. The article highlights personal stories, market statistics, and expert opinions on the ongoing crisis.
https://www.bloomberg.com/news/features/2024-06-11/hong-kong-property-downturn-erases-270-billion-as-rout-drags-on-5-years?embedded-checkout=true