The financial crisis from which the entire world has to suffer, didn’t give the Hong Kong real estate market a break. At the real estate agencies around the city, prices have dropped 20 percent in November 2008 and this will continue in 2009 furthermore. Growing p
ublic expectations of a repeat of a 2003 slump, when the outbreak of severe acute respiratory syndrome (also known as SARS), ravaged the entire Hong Kong economy, prompted Sun Hung Kai Properties to predict last week that prices would rebound 5 percent in 2009.
Lee Shau-kee, the chairman of the Henderson Land has a different opinion as he stated that the bad times have past for the Hong Kong real estate market and he also added that the worst of the world economic slowdown was yet to come.
On the contrary, Stephen Riady who is the president of Lippo Group stated: “I think Hong Kong will probably go down much more. It’s a very volatile market. It’ll go down more than Singapore”.