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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.
Hong Kong’s Central area has taken the prize for the world’s most expensive premium office rents for a fourth year running, according to global real estate consultant JLL.
Hong Kong is showing signs of a housing correction, compounded by the US-China trade dispute and the first interest-rate increases for the city in over a decade.
The opening of the high-speed railway between Hong Kong and Guangzhou may assuage the housing crisis in the Chinese SAR.
Hong Kong private home prices fell for the first time in 29 months in August and are expected to soften further.