Home sales in Hong Kong dropped for the 10th consecutive month in October, falling 50 percent year-on-year as buyers delay purchases.
Transactions in October fell to HK$22.5 billion (S$3.7 billion), while sales of residential units declined 2.2 percent from September, according to the city’s government.
“It slowed down quite significantly particularly in the secondary market,” said Buggle Lau, analyst at Midland Holdings Ltd, the largest publicly listed realtor in Hong Kong. He added that while transactions in the primary market increased last month, it was not sufficient to compensate for the decline in the secondary market.
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