Hong Kong property sales fall 9% month-on-month in July

[HONG KONG] Sales of property in Hong Kong fell 9 per cent in July compared with June, government data released on Tuesday showed.

Sale and purchase agreements in July totaled HK$36.1 billion (S$6.32 billion), down 9 per cent from June and 34.8 per cent less than in the month of July a year ago, Land Registry data showed.

There were 5,354 agreements signed during the month, 11.3 per cent less than in June and 27 per cent less than in July 2015.

Residential sales accounted for more than 80 per cent of the value of the agreements. These value of these transactions slipped to HK$29.7 billion, down 8.8 per cent from June and 33.3 per cent from July a year ago.

Residential volume fell 8.2 per cent and 21.3 per cent on a month-to-month and year-to-year basis, respectively.

REUTERS