Two developers have injected a note of optimism into the city's residential market, saying that it has reached a bottom and is set to turn around.
Kerry Properties said the sales and leasing markets have shown signs of stabilising in the past month, while Henderson Land Development said the housing market would continue to improve, helped by low interest rates and improved market liquidity.
'New flat supply in Hong Kong is scarce, with 12,000 units this year and 16,000 next year,' said Chu Ip-pui, an executive director of Kerry Real Estate Agency, a subsidiary of Kerry Properties. 'This is against an annual take-up of about 20,000 units in the past decade.'
South China Morning Post