20 Mar '14, 7am

#China #Bubble update - Chinese in rush to sell off Hong Kong homes:

A growing number of wealthy Chinese are rushing to sell their luxury homes in Hong Kong, with some even offering big discounts for a quick sale, on the back of a looming liquidity crunch on the mainland, stated media reports. These same cash-strapped sellers were blamed for the skyrocketing property prices in Hong Kong, where they accounted for 43 percent of new luxury home sales in Q3 2012, prior to the introduction of a tax hike on foreign buyers. The selling frenzy emerged after property prices were predicted to decline by 10 percent this year as rising borrowing costs and higher tax dampen demand. In addition, China also saw tighter credit conditions. Concerns of a growing financial risk heightened following reports that a Chinese developer, which owes 3.5 billion yuan, is at risk of bankruptcy. “Some of the mainland sellers have liquidity issues - say, their companies...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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