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Hong Kong’s home prices are no longer among the fastest growing on the planet according to a new report by Shanghai-based Hurun.
Investment in Hong Kong office and retail properties plunged by 52% last year to HK$$68.9 billion (US$8.9 billion), the largest decline in a single year since 2011.
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According to Citibank, Hong Kong residents predicting a drop in home prices doubled to 56 percent from 28 percent last quarter.
Lee Shau Kee, the city’s second-richest man, announced his plans to step down as chairman of Henderson Land Development Co. Tuesday.
Residential property prices and sales in Hong Kong are expected to slow over the next year as buyer demand falls, according to the latest market survey.