New Market Report: Hong Kong Infrastructure Report Q4 2013
Construction activity in Hong Kong decelerated in H113, as we had expected. We believe this is owing to high-base effects, a near-term decline in the project pipeline and a slowdown in China's economic activity. As such, we maintain our view that construction growth in 2013 is unlikely to surpass previous highs, and will be lower than growth witnessed in 2012. We are forecasting construction real growth in Hong Kong to decelerate from 11.3% in 2012 to 2.0% in 2013. However,...
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