South China Morning Post was recognised in the best property reporting category at the 2024 Business Journalism Awards hosted by the Hang Seng University of Hong Kong (HSUHK).
Salina Li, who joined the Post in 2022 as a graduate trainee, received the Gold Award in the real estate category for her feature story that compared Hong Kong’s 2024 property slump with the city’s worst crash almost three decades earlier, a spectre that had been seared in the consciousness of an entire generation of Hongkongers.
The story cited Raymond Tsoi, the chairman of Asia Property Holdings, as saying that history from almost three decades ago might be repeating in Hong Kong’s topsy turvy market. Major developers like CK Asset Holdings had lavished discounts since the start of last year, driving prices down by about 25 per cent from their September 2021 peak.
“This is a very insightful article [that] deftly juxtaposes Hong Kong’s 2024 property downturn with the 1997 crisis, blending veteran investor perspectives and expert analysis,” said Hong Kong Gold Exchange chairman Haywood Cheung, who is also a judge of the awards. “It navigates complex dynamics – price wars, supply surges and policy shifts – while probing parallels and distinctions. A balanced, timely exploration of market resilience and uncertainty, offering depth for stakeholders navigating cyclical volatility.”
The discount war is still ravaging the city’s residential property market. Prices weakened 7.13 per cent last year, following a 15 per cent drop in 2023 and a 7 per cent loss in 2022. The 27 per cent cumulative drop over the past three years is the second-longest slump since official monthly records began in 1993.
