Developers are being driven into fire sales, which will result in price reductions of at least 10% this year.
Not one single new apartment was sold last week at a marquee 800-flat project in Hong Kong in a sign of the sagging real estate market that is forcing some of the city’s tycoons to do property fire sales.
Private home prices plummeted to the lowest level since February 2019, according to the latest government data. The value for resale flats fell more than 10 per cent in a year, according to Hong Kong property agency Centaline.
Analysts and insiders are expecting home prices to drop 10 per cent or more this year, despite the Chinese territory finally scrapping tough mandatory hotel quarantine requirements last month.
