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Hong Kong, hard times for the building sector

Oct 25, 2002
Hong Kong, hard times for the building sectorModena, 25 October 2002 - Analysts forecast hard times for the building sector in Hong Kong. Unemployment, deflation and property market inflation will continue to push down prices, which are already 50-60% lower than the peak figure of 1997. According to the Italian Trade Commission (ICE) in Hong Kong, Standard and Poors (one of the world's most important rating companies) has downgraded several important companies in the building sector including Cheung Kong Holdings and Wharf Holdings, while the index for the building sector has fallen by a third this year. According to the rating company, the selling prices of residential property and commercial rents will fall by 5-10% and 10-20% respectively over the next 12 months.

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