Hong Kong’s top housing estates saw zero deals during holiday

HONG Kong’s top 10 private housing estates had no sales during the Chinese New Year holiday for the first time since records began in 2010, according to data from Midland Realty.

There were no transactions at the sites over the four-day weekend, Midland said. Buyers are waiting for more government measures to aid the property market in the city’s annual budget due later this month, the real estate agency added.

The report adds to signs that Hong Kong’s housing slump is set to linger, as rising interest rates and an economic slowdown in China take a toll. Second-hand residential sales tumbled to a 28-year low in 2023 and prices dropped to the lowest since 2017.

The private estates are large housing complexes often used by Hong Kong agents to gauge activity in the second-hand market. BLOOMBERG