Li Ka Shing is wrong
Here’s what Li Ka Shing said in his press conference yesterday.
“Hong Kong’s richest man signaled that the property rebound that’s been pushing up prices in the world’s most expensive housing market could persist for as long as two years as growing demand outweighs government curbs.
“I cannot see how property prices would fall in the coming one to two years,” Li Ka-shing, the 88-year-old head of Cheung Kong Property Holdings Ltd. and CK Hutchison Holdings Ltd., said during his annual earnings press conference on Wednesday. “The force from buyers is very strong.””
However, interest rate rise will dampen demand and throw a spanner in his prediction.
Entry filed under: Watch your step.