HK homes affordability crisis grows as prices soar to record high

Hong Kong

HONG Kong home prices surged to a record last year, making Chief Executive Leung Chun-ying's task of addressing the city's affordability crisis even harder.

The price index compiled by the government advanced 12 per cent for the first 11 months of 2014 to a record in November, led by smaller-sized units. Existing home prices tracked by Centaline Property Agency Ltd, the city's largest realtor, gained 11 per cent last year and reached an all-time high last month.