Hong Kong CEO Carrie Lam speaks during a media conference in Hong Kong, China, October 6 2021. Picture: PAUL YEUNG/BLOOMBERG
“It isn’t something that can happen instantly,” said Patrick Wong, a property analyst with Bloomberg Intelligence. He estimates Hong Kong’s home values will rise 5% to 10% this year. In a bid to tackle excessive red tape, Lam proposed initiatives to streamline the development process, obtain land from indigenous villagers and make redevelopment of old buildings easier for developers. “The policy address focuses on the medium- to long-term planning,” said Ricacorp Properties CEO Willy Liu. “There isn’t any measure that targets the property market in the short term, therefore it won’t have much impact on the property market and prices in the next few years.
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