Hong Kong's housing market will take a rapid downturn in the next few months , according to Citibank . The credit rating agency estimates that house prices and sales will drop 15% over the next few months , mirroring the predictions of investment bank CLSA, as well as Moody's Investors Service and Moody's Investors Service . The forecast is based on emerging data from the secondary market of 15-20% price cuts which could eventually trigger similar discounts in the primary market. The expensive property market is a pillar of Hong Kong's economy, but the latest statistics put it in its worst shape in the next few months .
Hong Kong's housing market will take a rapid downturn in the next few months, according to Moody's Investors Service. The credit rating agency estimates that house prices and sales will drop 15% over the next 12-18 months, mirroring the predictions of investment bank CLSA, as well as Citibank and UBS. The forecast is based on emerging data from the secondary market of 15-20% price cuts which could eventually trigger similar discounts in the primary market. The expensive property market is a pillar of Hong Kong's economy, but the latest statistics put it in its worst shape in 15 years.