Empty Homes Are Forcing Hong Kong Developers to Cut Home Prices
Real estate companies are cutting new home prices, pummeled by a weak economy and rising interest rates. Buyer hesitancy is so strong that even deeply-discounted foreclosure auctions attract few bidders. Data from Centaline show that 20,483 newproperties were vacant in the third quarter — the most in nearly two decades.
https://www.bloomberg.com/news/artic...sure#xj4y7vzkg
- Vacant new properties at highest number in two decades
- New home sales to drop to second lowest in almost a decade
Real estate companies are cutting new home prices, pummeled by a weak economy and rising interest rates. Buyer hesitancy is so strong that even deeply-discounted foreclosure auctions attract few bidders. Data from Centaline show that 20,483 newproperties were vacant in the third quarter — the most in nearly two decades.
https://www.bloomberg.com/news/artic...sure#xj4y7vzkg
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