Sino Land chairman Daryl Ng sees positive signs for Hong Kong’s property market
It is heartening to see strong sales performance for new developments across various districts, Daryl Ng says
Hong Kong developer Sino Land’s chairman, Daryl Ng Win Kong, is confident about the outlook for the city’s property market next year, noting multiple positive signals have emerged boosting the market.
Chief among the factors were the start of a lower interest-rate cut cycle and a robust initial public offering market, Ng said after the company’s annual general meeting on Wednesday, his first since being appointed chairman in August.
The Hong Kong Monetary Authority reduced rates in September for the first time this year in line with the US Federal Reserve, which cited growing weakness in the US labour market. Analysts saw this as the start of a rate-cut cycle that was likely to extend into next year.
“Over the past nine months, it has been heartening to see strong sales performance for new developments across various districts among [the city’s] developers,” Ng said.
Moreover, the government’s implementation of multiple talent schemes has not only attracted professionals to Hong Kong but also encouraged students to study here, driving demand for residential property and rents, he added.