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A group of developers in Hong Kong are disputing suspicion that they are hoarding flats, an act anathema to the government’s efforts to address the housing affordability crisis.
Sources say the Hong Kong government has decided to impose a vacancy tax on property developers that hold on to completed units, RTHK reports.
Hong Kong's private home prices rose for 25 consecutive months.
The International Monetary Fund said homes in Hong Kong are overvalued, but ruled out a crash in prices despite expected hikes in interest rates, saying demand remains high and supply limited.
Forever 21 is retreating from its Causeway Bay flagship store next August after its lease ends, with American lingerie chain Victoria's Secret rumored to be taking over the prime location.
Development firms in Hong Kong are seeking to unload their recent land purchases quicker, signifying that home price growth could slow down.