HONG KONG -- Hong Kong's second richest man Lee Shau-kee said the city is already halfway through the property downturn, as his flagship conglomerate Henderson Land Development announced on Monday a near-12% jump in core earnings.
"Home prices will fall 30% at most from their peaks. Now they have already fallen 15%," Lee, chairman of Henderson Land told reporters, adding that prices would not fall indefinitely due to high construction costs.
