The recovery of Hong Kong’s retail market is likely to be slow and uncertain, as surging Covid-19 infections in mainland China and a huge supply glut limit any boost from the reopening of the border, according to industry leaders.
With unsold stock of between 16,000 and 18,000 units, and new supply in the pipeline, about 45,000 new flats are likely to become available this year, says CBRE, roughly four times the number that sold in 2022.
As soon as China reopened its border on January 8, business of Vietnam and China turned busy again after a nearly three-year disruption due to the COVID-19 pandemic.