Sales of used homes in several of Hong Kong’s largest private housing estates dropped for a fourth week, as Cheung Kong Ltd launched its newest project, diverting home buyers away from the secondary market.
Centaline Property Agency Ltd, HK’s largest privately held property broker, said in a press release that the number of housing deals dropped 12 percent to 59 transactions on November 13 and 14 at projects like Mei Foo Sun Chuen in Kowloon and Tai Koo Shing in the Island East district, compared to 67 transactions recorded in the previous week.
Recently, the Hong Kong government tightened marketing rules and raised mortgage down payments after housing prices jumped more than 50 percent since early last year.