Yeah, yeah, we have heard this one before. The supposed crash and crisis of the property market that has been forecasted by doomsayers for the last five years, which never materialised.
Well, here it is again—forecasters are now saying that, no, it really is going to happen: with the U.S. economy picking up, interest rates will soar. Combined with an influx of housing by developers and the government, the Hong Kong property market will hit a crisis with prices set to drop 25 percent to 30 percent by next April or May, eventually bottoming out at 50 percent.
Source: The Sun
Photo: Shih-Chi Chiang, Flickr
