While months of Hong Kong protests have scared away tourists, sent jitters acros...
HONG KONG - While months of Hong Kong protests have scared away tourists, sent jitters across the financial center and cast a dark cloud over the local economy, there’s one thing residents of the city are confident they can bank on - sky-high property prices.
Lily Chow, a 32-year-old clerk, is among the lucky ones. She and her husband recently snapped up a two-bedroom apartment off the plans for HK$7.5 million in the New Territories. Hundreds of prospective buyers queued on Thursday in a sales office in the gleaming International Commerce Centre skyscraper for a development near Mong Kok district, the site of some of the most violent protests in recent months.
One reason for the smaller-than-expected drop was low transaction volumes during July, caused by a mismatch of price expectations between sellers and buyers. Tiny living spaces have become increasingly common in the world’s most expensive property market where some of the city’s poorest people live in cage homes - wire mesh hutches stacked on top of each other.
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