HK’s top housing estates see zero deals at holiday
HONG KONG: Hong Kong’s top 10 private housing estates had no sales during the Lunar New Year holiday for the first time since records began in 2010, according to data from Midland Realty.

There were no transactions at the sites over the four-day weekend, Midland said.

Buyers are waiting for more government measures to aid the property market in the city’s annual budget due later this month, the real estate agency added.

The report added to signs that Hong Kong’s housing slump is set to linger, as rising interest rates and an economic slowdown in China take a toll.

Second-hand residential sales tumbled to a 28-year low in 2023. Used home values declined 1.15% in the week ended Feb 4, the biggest weekly drop in almost three months, according to data from Centaline. Prices are now at the lowest since 2017.

Shares of a majority of Hong Kong’s property developers fell on the first trading day after the holiday. Henderson Land Development Co and New World Development Co dipped as much as 4.76% and 4.26% yesterday.

The private estates are large housing complexes often used by Hong Kong agents to gauge activity in the second-hand market. — Bloomberg
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Hong Kong’s top 10 private housing estates had no sales during the Lunar New Year holiday for the first time since records began in 2010, according to data from Midland Realty.