Hong Kong’s largest developers have shed a fifth of their market value this year, as the city’s dollar peg forces it to match the Federal Reserve’s “higher for longer” approach to interest rates.
Shares in the Asian financial hub’s five largest builders had surged in December and January as local home prices rose and global investors bet on a robust rebound in Chinese growth.
But rate rises enacted by the Hong Kong Monetary Authority to match those of the Fed, which are necessary to maintain the city’s US dollar peg, have undermined an already anaemic recovery for the local economy.
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