The prospects for Hong Kong's residential property market look bleak investors are put off by the decrease in rents and homeowners have lost confidence due to rocketing levels of unemployment. Wednesday's budget might have provided a minor positive, but there is little chance of a rebound in the near term.
Key indicators, such as transaction levels and rent prices, are down. According to property agent Ricacorp, there were just 561 transactions in the 50 housing estates that it tracks in the first half of February, a reduction of 21.9% from the same period in January. A research note from Citi gives the example of monthly rents in a Kowloon East development falling as low as...
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