HK home prices fall to 7-month low in Jan

[HONG KONG] Hong Kong's private home prices dropped to a seven-month low in January, the government said yesterday, as official market-tightening measures drove developers to offer discounts to attract buyers.

Hong Kong's January overall home prices edged down 0.2 per cent from a month earlier to their lowest since June 2013, according to the city's Rating and Valuation Department.

Overall, home prices in one of the world's most expensive property markets have now fallen 0.7 per cent from last August's high point, according to government data. The 0.7 per cent figure comes at a time when many industry watchers are expecting a 10 per cent drop in Hong Kong's home prices this year.