President Joe Biden's first 100 days and the impact on Hong Kong's real estate market
As the global economy looks set for a rebound after COVID-19, all eyes are on the recovery in the U.S. With the passing of the US$1.9 trillion COVID-19 Stimulus and Relief Package, the economy is set to go into overdrive. As demand for products and services strengthens, there are questions around the recovery of disrupted supply-chains and the sustainability of the Chinese economy.
Highlights
- The Biden administration’s U.S. COVID-19 Stimulus and Relief Package should drive a surge in US GDP growth to 7.7% in 2021
- Sharp economic recovery paired with the American Jobs Plan should drive the strongest absolute employment growth in U.S. history in 2021 - some eight million new jobs
- Rising U.S. interest rates have implications for Asia and Asian property – not least in Hong Kong due to the U.S. dollar peg – including the direction of the cap rates used in property valuations
