Translated by: MOS Finance Team – Xia

[The Wall Street Journal] reported on September 21: Beijing’s recent call for “common prosperity” may soon reverberate in Hong Kong, a free financial center. Hong Kong real estate developers will also become targets of regulation by the regulatory authorities like China Evergrande Group.

The share prices of several of Hong Kong’s largest real estate developers plummeted on Monday. Among them, Li Ka-Shing’s Cheung Kong Holdings Co., Ltd. fell 9.3%, and Henderson Land Development Co., Ltd. fell 13.2%.

The direct fuse seems to be a report by [Reuters] last Friday. The report said that Chinese officials told Hong Kong’s real estate tycoons to be more patriotic and support the Chinese Communist Party’s (CCP) policies in Hong Kong, including solving the serious housing shortage in Hong Kong.

The Wall Street Journal] reported in March that the CCP is planning to take measures against Hong Kong’s wealth gap and out-of-control housing prices, and put forward proposals to expand Hong Kong’s tax base and increase land supply.

According to an index compiled by the real estate brokerage company Centaline, Hong Kong’s house prices have more than tripled in the past 15 years. According to data provided by the research company Demographia, the median house price in Hong Kong is 20.7 times the median household income, making it the most unaffordable housing market in the world for the 11th consecutive year in 2020.

Posted by: Ivy


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