New World Development Co sees gradual recovery ahead for HK property market

THE worst has likely passed for Hong Kong’s Covid-curbed property market, according to New World Development Company chief executive officer Adrian Cheng, who remains cautiously optimistic and anticipates a slow recovery as the city gradually re-opens.

In a recent interview with The Business Times, he said: “Hong Kong still has strong fundamentals – there’s still salary growth, the unemployment rate is not as high as other places. There’s wealth. There’s still young people getting married who need apartments. Supply (is lagging) demand.”

After over 2 years of stringent restrictions, the Hong Kong government has started to relax some Covid-linked measures. It recently slashed hotel quarantine for inbound travellers to 3 days, down from as many as 21 days at one point. This comes ahead of an international banking conference by Hong Kong’s central bank as well as the Rugby Sevens tournament, both of which are slated to take place in November.