Following a significant slump in property transactions in Q2, about 5,500 real estate agents and industry watchers in Hong Kong gathered at a rally asking the government to remove the curbs aimed at cooling the housing market, according to media reports.
Denys Kwan, former President of the Society of Hong Kong Real Estate Agents said the measures are “affecting everybody, not just the agents, it’s affecting the economy”.
Property deals in Hong Kong last quarter plummeted to a two-decade low due to tighter regulations on building materials and higher stamp duties for buyers and sellers.
Should the measures remain over the next few years, over 30 percent of agents will be in danger of losing their jobs, according to Midland Holdings. As of May 2013, there were 37,016 individual property agents and salesperson license holders in the country, based on government data.
Image Source: Bloomberg –
Lam Yik Fei
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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