‘Pandemic is temporary’, Hong Kong developer Wheelock says, remains optimistic about housing market, price recovery after record year
- Developer sold a record HK$35 billion worth of properties last year
- Home prices may recover as buying power is accumulating in the market, executive says
“When the pandemic fades, I believe home prices may recover gradually from the bottom, because buying power is accumulating in the market,” Ricky Wong, the developer’s managing director, told the Post on Thursday.
He attributed the recent correction in home prices to homeowners in a rush to sell, and expected prices to “recover to normal levels”. “The pandemic is temporary,” Wong said. “But in long term, I believe the structure of the housing market remains unchanged. [Which] means we continue to keep selling whatever we have.”
The developer sold a record HK$35 billion (US$4.5 billion) worth of properties – 2,197 homes – last year. And Wheelock will continue to bet on the Hong Kong housing market – it might offer more than 2,000 homes in five projects in 2022, subject to government approval.
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