Hong Kong’s property market can rebound next year if interest rates have peaked, Chinachem chief executive Donald Choi Wun-hing says.
This year’s market still faces challenges including a slower-than-expected economy and elevated interest rates, Choi said at an event organized by the developer.
Commenting on the withdrawn Tung Chung East Station phase one tender, Choi said the site essentially has great development potential as it is near the airport and the Hong Kong-Zhuhai-Macau Bridge.
But developers have their own strategies and thus prefer the sites they regard as superior, Choi told attendees at the Chinachem Group Sustainability Conference 2023 yesterday.
Organized with the Hong Kong Green Building Council, the event was held under the theme of “Pioneering an Inclusive Net-Zero Future for Hong Kong. It attracted more than 3,000 participants online and offline estimated to be an increase of over 50 percent from last year.
Secretary for Development Bernadette Linn Hon-ho said at the event that when pushing forward two major projects – the Northern Metropolis and the Kau Yi Chau artificial islands – there will be measures on planning and urban design, infrastructure and smart mobility to build a livable and sustainable carbon-neutral communities.
Staff reporter
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