New World Development Co sees gradual recovery ahead for HK property market
Add BT as a preferred source
Nisha Ramchandani
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.
TRENDING NOW
Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
Singapore to establish over-the-counter gold clearing system, central bank vaulting by end-2026
Singapore public sector commands highest AI salary premium as job postings surge: PwC study
