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Bloomberg Television

Hong Kong’s Real Estate Market Is Hurting ❀️‍πŸ”₯

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this used to be the most sought after address for Hong Kong’s home buyers the district promised abundant Greenery a mono rail a state-of-the-art stadium and a bustling Cruise terminal but what sits in its place is a starkly different reality it now epitomizes the city’s property downturn it’s newest flats are being sold at the lowest price in the district since 2016 due to development hiccups if you look at the luxury apartments behind me property developers used to send in record-breaking bids to build these Flats which were popular among Hong Kong’s upper middle class but many residents are now left disappointed with how the area is developed take this public housing just across the road for example landlords complain it has pushed down the value of the property while residents say it is an eyesore other developments in the area have also fallen through like the kayak Cru terminal which promised to bring hundreds of thousands of visitors to Hong Kong but now sits mostly deserted the future of the area depends on further infrastructural developments but for now kitech has lost its aure

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