Rising interest rates, a slowing economy and a depreciating renminbi are starting to cool Hong Kong’s residential property market, the world’s least affordable housing sector.
Property developers have been selling new residential homes below market value in a sign that demand is drying up, according to market data.
The average price for a new flat from Nan Fung Development at its LP6 project in Tseung Kwan O is HK$15,304 per square foot, which represents more than a 10 per cent discount on new units sold nearby, according to real estate information site Dataelements.
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