Property prices in Hong Kong could tumble (猛跌) by up to 20 percent if the general global sentiment remains negative (悲觀), CB Richard Ellis warned yesterday.
"We expect to see a correction (調整) of 5-10 percent in residential prices over the next 6-12 months. If sentiment continues to weaken, a correction of up to 20 percent would not be surprising," said Edward Farrelly, head of Hong Kong Research at the property consultancy (諮詢服務公司).
The US Federal Reserve has vowed (承諾) to maintain ultra-low (note 2) interest rates until 2013, but this is unlikely to help boost home buyers' sentiment as the market remains vulnerable (脆弱的) to credit risks, Farrelly said. However, he noted Hong Kong's property market is still in a "relatively good position" (還不錯) as growth of the territory is not expected to weaken like developed Western economies.
Also, the market is not oversupplied (note 3) and investors tend to turn their investments to emerging markets, including Hong Kong, during global downturns (向下).
Another property consultancy, Midland Realty, expects property prices to remain flat (note 4) or drop slightly for the rest of the year, after rising about 10 percent in the first seven months of the year from the same period in 2010.
Developers, meanwhile, are continuing to put new flats on (note 5) the market. The Wings, a Tseung Kwan O residential project co-developed by Sun Hung Kai Properties (0016) and MTR Corp (0066), is expected to be available for sale soon.
Sun Hung Kai said it has not yet figured out (note 6) when to introduce (推出) the flats to the market. The pricing is expected to set a new benchmark (指標) for the district. The Wings will comprise 1,028 units, mainly between 1,000-1,400 square feet. Some larger units are more than 2,500 sq ft.
From good to better English:
(note 1) experts see=專家估計。See=看出；看破；明白；領會；領悟；認為。I see you=我明白你的意思。Well, I'll see what I can do=好的，我想想辦法看。Julian will never see twenty again=Julian已經二十(歲)出頭了。You shall see=你不久就會明白的。see justice done=設法使事情處理得公平合理。
(note 2) ultra-low=過度低。Ultra=過激的，極端的 (extreme)。Ultraist=極端主義者 (extremist)。extremist的同義詞有 fanatic, radical, revolutionary, revolutionist, zealot等
(note 3) oversupplied=供應過量。Oversupply (名詞) 的同義詞有excess, fat, glut, overflow, overrun, overstock, superfluity, surplus等。
(note 4) remain flat=保持平穩。A flat rate of 3%=一律百分之三。A flat denial=斷然否認[拒絕]。The market is flat=市道蕭條。Victor’s singing falls flat on the audience=Victor的歌唱毫不動人。
(note 5) put new flats on the market=把新房子推出市場。Put on=穿上。例句: I put on my red socks=我穿上紅襪子。Put on =扮。Mo Mo put on a British accent=Mo Mo假扮有濃重的英國口音。
(note 6) figure out=決定、想好 (Discover or determine)。例句: Let's figure out a way to help Bo Bo= 容我們想辦法幫助Bo Bo。Figure out= 解決 (Solve or decipher)。例句: Can you figure out this puzzle?=你可以解釋這個迷嗎?
Victor’s View: What goes up must come down. This is the law of the market place. Investors usually know the drill. If you think the kitchen is too hot, get out of it. Never get burned, folks!
(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 4 books on English-enhancement [the latest, titled <<學會演說、改變你的人生>>, was published on July 18] and plans to write 6 more by the end of 2012. Write to him: deanfungenglish@gmail.com)
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