Weak demand, tighter lenders: Hong Kong property developers face tough 2024 [Globe and Mail, The (Toronto, Canada)]
HONG KONG&CHINA GAS S/ADR (HOKCY)
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Source: Globe and Mail, The
They are cautious about the outlook, with the Hang Seng Property Index having plunged 30 per cent in 2023, and off 60 per cent from its all-time peak in April 2019. House prices are forecast to continue their downward spiral this year, with UBS and Citi predicting a drop of 10 per cent, following a 20 per cent decline since the 2021 peak, while vacancy rates of Grade A office space stand at an all-time high of 16.4 per cent. “Whether some weaker Hong Kong developers have enough of a cash buffer will depend on the speed of the local economic recovery, and when rates will start dropping,” said UBS analyst Mark Leung, who expects rate cuts no earlier than the second half. SERIES OF CRISES Hong Kong developers enjoyed decades of lucrative growth until the property market stumbled from one crisis to another, including anti-government protests in 2019, COVID-19 and a slow economic recovery at home and in mainland China. Developers' squeezed margins are also the result of surging
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