Hong Kong new home sales plummet in January

Property agencies are estimating a substantial drop in Hong Kong’s property market in January, South China Morning Post reported. Centaline Property Agency estimated total property transactions likely fell to 3,000 for the month, with only 394 units sold in the first 27 days of January, compared ot 2,127 for all of December; sales of used homes fell by around 20% to 1,276. Recacorp Properties registered 2,908 deals lodged with Hong Kong’s Land Registry in the first 28 days of the year. Owners of existing homes have cut prices by more than 10% throughout Hong Kong from a peak in September.