Market updates on July 16
Welcome to Tuesday!
Hong Kong home prices ascend to fresh highs
In June, Hong Kong's red-hot home prices managed to extend their record-breaking run. However, the pace of surge slowed, thus underscoring the challenges the city's new leader experiences in taming prices in one of the most expensive property markets in the world.
In the ex-British colony, an apartment of less than 200 square feet costs $500,000, making the prospect of owning a home a chimerical dream for most residents.
In June, Hong Kong's home prices rallied 0.69% from May. That’s the smallest ascend since December 2016, according to data published by the Rating and Valuation Department on Monday. Evidently, from 2016 prices went up 21.6%.
The record prices emerged notwithstanding in May Hong Kong's Monetary Authority declared an eighth round of mortgage tightening measures to suppress sky-rocketing prices. Experts tell the given curbs could push more folks to non-bank lenders.
Carrie Lam, Hong Kong's new leader, has promised to drop home prices, which grew 9.3% from January to June in 2017.
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