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Hong Kong: High on property

Posted on 27 April 2012

Hong Kong did not learn from the property crash and economic collapse of 1998. Instead, it has tried hard to reinflate the bubble. After squeezing supply for over a decade and with the help of the US Federal Reserve’s zero interest rate, the bubble is back. But it is a Pyrrhic victory.

Hong Kong’s economy is suffering. Between 1997 and 2011, nominal gross domestic product grew by 2.6per cent, per capita income by 2per cent, and the average salary by nearly 2per cent every year. Over the same period, the cost of living shot up - oil prices quintupled and food prices doubled - while China’s labour costs tripled. It’s easy to see why Hong Kong people are not happy………………………………………..Full Article: Source


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Laxman - who has written 28515 posts on Opalesque Real Estate Briefing.


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