Tycoon Li Ka-shing sees Hong Kong property prices rising amid curbs

Hong Kong

HONG KONG'S richest man Li Ka-shing expects property prices in the city will rise "a little bit" this year, even as the government takes steps to cool the world's costliest real estate market.

The government in November increased the stamp duty to 15 per cent for all residential purchases, excluding first-time buyers who are permanent residents. The curbs initially sent developer stocks tumbling - including shares of Mr Li's Cheung Kong Property Holdings Ltd - as investors assessed the effect the new rules would have on turnover and value.