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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.
Speculative demand over Hong Kong’s shoebox flats appears to be over as quickly as it sprouted, following the decline in the city’s median home price.
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.