07.02.2013 - Hong Kong: Housing oversupply worries grow
Hang Lung Properties chairman Ronnie Chan Chi-chung yesterday warned the property market could be oversupplied as the government considers multiple measures to boost housing amid global uncertainties. Chan, who is a strong supporter of Chief Executive Leung Chun-ying, said fears are rising that a similar situation to 1997 will arise again. At the start of that year, the then-chief executive Tung Chee-hwa put forward a target to build 85,000 units annually. But in the second half of 1997, the property market crashed due to fears of oversupply and the Asian financial crisis...............................................Full Article: Source
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