Poor Hong Kong property sales rates causes price drops
Hong Kong property sales have dropped to the lowest levels in 17 months due to low market confidence after recent Chinese stock market crashes and subsequent economic uncertainty. Slow sales are expected to continue, spurring developers and homeowners to drop property prices by 5 to 10 percent; investors who suffered in the crashes may also rush to panic sell properties in a bid to recuperate their losses.
Residential transactions plunged 27.8 per cent to 3,896, according to the Land Registry. Photo: Thomas Yau