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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...

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