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In Hong Kong, a $56.5 Million Apartment
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Money from the mainland is fueling a real estate bbubble in Hong Kong. One 5 bedroom apartment with 6000 square feet sold for 56.5 million dollars or 439 million HK dollars. Hong Kong pegs its currency to the dollar and links interest rates to the dollar, With the money pouring into Hong Kong banks mortgages areavailable for 2.05%, with interest rates going up in the USA this would change making payments much higher. Hong Kong plans to release some of the manufacturing space that it has reserved for developing new industries in new fields and technologies- these are areas used by plants that shifted to China for lowwage labor in the 1990's. In Hong Kong the government owns all the land and leases it to developers for 99 year leases.
The Shift from Housing and Factory Construction to Government Infrastructure Spending as support for the Chinese Economy.
03/27/2009
The economy is off-balance and is likely to get more so. Consumption spending at 35% is still too low to support manufacturing, housing construction is declining, foreign investment and investment from Hong Kong and Taiwan in manufacturing is declining, and infrastructure spending is the only support for the Chinese economy. This means that the 5 million small and midsized businesses like Mr Yu's GenTech that provided the 90% of the new jobs in recent years are going to be struggling. Lot more bridges and rail will be built but where will these new jobs in factory and offices come from?
Grouped Articles
China Slowdown Stunts Entrepreneurs
Wall Street Journal 03/27/2009
China Officials: Long Live Investment
Wall Street Journal 03/27/2009
France, Unlike U.S., Is Deep Into Stimulus Projects
New York Times 07/07/2009
In Hong Kong, a $56.5 Million Apartment
New York Times 10/15/2009
Hong Kong's Currency Inflicts Plenty of Pain
BusinessWeek 09/29/2011
As China’s economy slows, real estate bubble looms - The Washington Post
Washington Post 10/03/2012
Hong Kong real estate and developing bubble in late 2009.
08/28/2009
One 6000 square foot aprtment in Conduit 99 building overlooking the harbor sold for $56.5 million.
Grouped Articles
Hong Kong's New Leader Is Sworn In
Wall Street Journal 07/01/2012
Global property markets: Boom and gloom
Economist 05/27/2013
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
In Hong Kong, One-Bedroom Apartments That Could Fit in a Bedroom
New York Times 11/18/2014
Hong Kong Mood Is Dour as President Hu Jintao Returns
New York Times 06/30/2012
In Hong Kong, the Apartments Are Fit for a Mosquito
Wall Street Journal 06/03/2015
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