HK rate hikes to drive down housing prices

Costly space: Rising interest rates in Hong Kong are playing a part in cooling what was a ‘very hot property market’ back in 2021. — Bloomberg

HONG KONG: Rising interest rates in Hong Kong are pushing up costs for homeowners and threatening to drive down prices in the world’s most expensive housing market.

With the US Federal Reserve (Fed) hiking rates aggressively and Hong Kong forced to follow, consumers are being saddled with higher debt, another drag on an economy that’s struggling to rebound.