Monday , May 25 2020

Hong Kong’s property shows signs of bubble

Bloomberg

Noted economist and Harvard professor Carmen Reinhart has become the latest person to sound the alarm about Hong Kong, saying the city’s property market is showing signs of
a bubble.
“There are elements in the Hong Kong picture that are very reminiscent of Ireland, Spain, Iceland” before their crises, she told the Nomura Investment Forum Asia 2019 in Singapore.
House prices in the former British colony are within a whisker of their record high. UBS Group AG said that values are set to rise for another decade, making it look as though a slide in prices from August through January was a temporary blip.
Nomura Holdings in September expressed its concern about runaway price growth in the world’s least-affordable housing market, saying prices could slump 13 percent after a 15-year bull run.

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