(A residential construction site in Hong Kong. Photo by James Lee/EYEPRESS)
Hong Kong’s residential property prices fell by 3.12% y-o-y in Q1 2020, in contrast to an annual rise of 0.28% a year earlier. On a quarterly basis, house prices fell by 0.94% in Q1 2020, according to Global Property Guide.
Months of violent protests and the US-China trade war forced HK’s economy into its first recession in a decade last year, contracting by 1.2%. Now the coronavirus outbreak threatens to make things worse, after the economy declined by 8.9% in Q1 2020 from a year earlier – its worst drop since records began in 1974. The IMF forecasts that the HK economy will shrink by 5.8% this year.