Stay updated with breaking news from Yoho West. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Sun Hung Kai Properties reported 9 per cent growth in profit for the six months to the end of December on Wednesday, the same day that Hong Kong removed all curbs on its property market.
Hong Kong’s decade-long property bull run, stopped in its tracks during the pandemic, plunged into negative territory after the local monetary authority raised interest rates in lockstep with the US Federal Reserve.
Some analysts believe it is the right time to buy as the market is close to bottom, and the 20 per cent decline in property prices from an all-time high offsets the higher mortgage rates. Others see leasing as a viable option.
Transactions in 2023 fell 2.7 per cent year on year to 58,023, while value fell 13.9 per cent to HK$477.6 billion (US$61 billion), Centaline says. Property agents see growth ahead given positive December figures and anticipated rate cuts.
Sun Hung Kai Properties (SHKP) topped the city’s home sales table in 2023, accounting for over a quarter of the deal volume for residential flats in one of the world’s most expensive property markets.