Hong Kong's August home sales hit 17-month low

Hong Kong

HONG KONG monthly home sales were the weakest in 17 months in August, as a deepening stock market rout that began in China hurt sentiment among homebuyers.

The city sold 3,896 residential units last month, about one-third fewer than a year earlier, according to government data on Wednesday. The value of sales dropped by 26 per cent to HK$31.1 billion (S$5.7 billion) from a year earlier.