Tycoon Li Ka-shing expects property prices in Hong Kong to edge up slightly this year even as the government takes steps to cool the market.
“I believe it will rise a little bit, but it won’t be outrageous,” Li told reporters Thursday, Bloomberg reports.
Hong Kong’s property market still has some room for price growth, the city’s richest man was quoted as saying before the start of the annual dinner for his group of companies.
Hong Kong authorities in November increased the stamp duty to 15 percent for all residential purchases, excluding first-time buyers who are permanent residents, in a bid to cool the world’s costliest real estate market.
Despite the government move, private housing prices in November surged to the highest since data was first made available in 1979, the report noted.
Li said on Thursday that he expects the recurring income of his property flagship, CK Property, to increase 50 percent in the next two to three years, although he isn’t too optimistic about the economy in 2017.
“It won’t be an easy market amid rising interest rates and political tensions, but I personally still have confidence,” he said.
– Contact us at [email protected]