— Hong Kong property is coming back. After declining about 10 percent since August, home prices have started rising again. The world’s least affordable housing market may even be prepping for another boom.
So what’s changed? A reprieve from the U.S. Federal Reserve, broader stock-market gains and the strengthening of China’s currency. The Fed turned dovish in December, signaling less likelihood of further rate increases this year. That’s a boon for Hong Kong, which tracks changes in U.S. rates because of the city’s currency peg to the dollar. The Hang Seng Index has climbed 17 percent since the end of October.
The shortage is so acute that the government will build on part of the Hong Kong Golf Club’s site and is considering developing private agricultural land. These won’t move the needle much. Meanwhile, an ambitious plan to reclaim 1,000 hectares from the sea and build a man-made island is at least a decade away.
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