[HONG KONG] Home prices in Hong Kong posted the best returns in Asia last quarter, while those in China had the biggest declines, according to Knight Frank's Global House Price Index.
Residential prices climbed 21 per cent in Hong Kong in the second quarter from a year earlier despite the government maintaining measures to cool the market. In contrast, prices in China declined the most in Asia, dropping 6 per cent, the data showed.
"With markets increasingly interconnected throughout the region, economic concerns in China will continue to cause jitters throughout Asia-Pacific," Nicholas Holt, head of research for the Asia-Pacific region, said in the statement.
Home prices rose seven per cent in Australia, making it the third-best performer in the region, while Indonesia recorded a gain of six per cent, the data showed. Prices in Singapore slid three per cent, the worst performer after China.