Word: recessional
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All this led investors to believe a bottom had been reached, says Curran. Many investors may wrongly think the housing sector will see the normal trajectory off the bottom, but that isn't the case, he says. "We still have high foreclosures that will persist into next year, high inventory...
See 10 perfect jobs for the recession - and after.
The luxury residential market, however, is getting a special boost. Local property agents say prices are being driven higher by buyers from the Chinese mainland. Wealthy Chinese have ample cash and easy access to low-interest loans because of the government's loose monetary and fiscal policies, which were implemented...
Soaring prices for posh abodes does not mean Hong Kong's economy has escaped the recession. The unemployment rate remains high - for Hong Kong at least - at 5.4%; retail sales dropped 5.5% year-on-year in July, the most recent data available. Though average prices for non-luxury housing has...
High-end residential real estate around the world has been hit hard by the recession. Prices for luxury flats in London are still a fifth lower than they were in March 2008. But confidence in Hong Kong's luxury market, driven by surprisingly strong economic growth in China, is recovering...