Hong Kong's real-estate bubble bursts

Article Abstract:

The real estate industry of Hong Kong has finally collapsed after the banking industry was forced to increase interest rates to compensate for the high cost of borrowing local dollars. Prices for prime residential and office spaces have decreased by some 40% after experiencing a high in the first quarter of 1998. Prices are expected to fall another 20% in the coming months. The failure of the industry is also expected to significantly affect the general economy with increases in unemployment rates and lower liquidity.

Real Estate, Real Estate and Rental and Leasing, Economic aspects, Finance, Interest rates, Hong Kong

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Pacific Century's deal may signal a rebound in Japan

Article Abstract:

Pacific Century Group has increased its investment in the property market of Tokyo, Japan, indicating that Japan's seven-year property setback is thru. The company embarked on a joint venture with an unidentified partner to develop an office tower near the Imperial Palace. The company also conducted a successful sale of its two prime central sites in Tokyo, Japan.

Land Subdivision and Land Development, Subdividers & Developers, Subdividers and Developers, Japan, Investments, Pacific Century Group

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