© Reuters. FILE PHOTO: A residential development, in which Evergrande, according to sources, has transferred unsold units to its joint-venture partner VMS Group, is pictured among other buildings in Hong Kong, China, November 27, 2021. REUTERS/Lam Yik/File photo
Speaking a day before he was due to present policy plans to the legislature, Hong Kong Chief Executive John Lee said the focus would be on stimulating the economy and improving people's livelihoods. The business community and home-owners want the government to roll back decade-long cooling measures that aimed to curb speculative activities in one of the world's priciest markets.
Transaction volumes have shrunk in both the luxury and broader markets, reflecting weak sentiment, with the number of residential mortgage loans in negative equity cases expected to rise above 10,000 in September, approaching an 18-year high recorded in the fourth quarter of last year.