Efforts to chill Hong Kong’s resi market aren’t working

Chief executive Carrie Lam says “it’s impossible” for government to curb pricing

New York /
Dec.December 24, 2017 01:00 PM

Carrie Lam and Hong Kong

Hong Kong’s chief executive said government efforts to temper the world’s most expensive property market have failed.

“It’s impossible for the government to curb property prices,” chief executive Carrie Lam said during an interview with Radio Television Hong Kong, Bloomberg reported. “Despite the several rounds of cooling measures by the government, prices didn’t drop. Some even suggested that those measures had pushed up prices instead.”

Prices in Hong Kong’s resale market rose 14 percent this year, pushed upward by inexpensive money and demand from mainland buyers.

The number of new residential units coming to market in Hong Kong can’t keep pace with the number of mainland Chinese who become residents each year.

Lam restated her goal of resolving the housing shortage but didn’t offer any specific policies that would curb prices. [Bloomberg]Rich Bockmann


Related Articles

arrow_forward_ios
Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
Rhinebeck farm once owned by mob boss lists for $1.5M
Rhinebeck farm once owned by mob boss lists for $1.5M
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Some 40 million US homes at risk from extreme 2022 weather
Some 40 million US homes at risk from extreme 2022 weather
One of the pools at the Brooklyn Tower. (TheBrooklynTower.com)
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
The U.S. housing market sets new record for home sales and prices in July 2020. (iStock)
Moody’s chief economist says housing correction — but not crash — is on the way
Moody’s chief economist says housing correction — but not crash — is on the way
Brokerages take different approaches to social media ads
To automate or customize? Brokerages split on social media ad formulas
To automate or customize? Brokerages split on social media ad formulas
Skyline Tower in Hunters Point, Queens, and Downtown Brooklyn’s 11 Hoyt are the two largest condo developments in their boroughs. (Skyline Tower, 11 Hoyt, iStock)
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
(IStock, photo-illustration by Steven Dilakian/The Real Deal)
On the front lines in Texas’ Ranch wars
On the front lines in Texas’ Ranch wars
Richard C. Perry with 1 Sutton Place South (Tal, Wikipedia)
Former Barney’s chair relists Manhattan penthouse with $7.5M price cut
Former Barney’s chair relists Manhattan penthouse with $7.5M price cut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...