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04-08-2017, 03:51 PM
Hong Kong's Tiny Flats Pile Up Unsold
By Wai Yi Shawna Kwan
August 3, 2017, 3:07 PM GMT+8
Tiny flats are flooding Hong Kong as developers rush to target first-time buyers struggling to get into the world’s priciest market.
Inventories of new flats smaller than 431 square feet (40 square meters) rose to about 1,400 at the end of June, according to Centaline Property Agency. Wong Leung-Sing, an associate director of research, said the number may rise to about 2,000 by year end, the highest in data that started in 2014. The figures include dwellings yet to be completed.
The wave of smaller flats is testimony to the price surge that has put bigger homes beyond the reach of many buyers and triggered warnings from analysts and officials that the city is at risk of a property crash. Financial Secretary Paul Chan has cautioned of a “dangerous situation” after repeated efforts to cool the market.
More details in https://www.bloomberg.com/news/articles/...ngers-grow
By Wai Yi Shawna Kwan
August 3, 2017, 3:07 PM GMT+8
Tiny flats are flooding Hong Kong as developers rush to target first-time buyers struggling to get into the world’s priciest market.
Inventories of new flats smaller than 431 square feet (40 square meters) rose to about 1,400 at the end of June, according to Centaline Property Agency. Wong Leung-Sing, an associate director of research, said the number may rise to about 2,000 by year end, the highest in data that started in 2014. The figures include dwellings yet to be completed.
The wave of smaller flats is testimony to the price surge that has put bigger homes beyond the reach of many buyers and triggered warnings from analysts and officials that the city is at risk of a property crash. Financial Secretary Paul Chan has cautioned of a “dangerous situation” after repeated efforts to cool the market.
More details in https://www.bloomberg.com/news/articles/...ngers-grow
Specuvestor: Asset - Business - Structure.