A sharp reversal in Hong Kong home sales. Condos down 20%. Some panic selling (South China Morning Post).
Further, the local Centaline Property Agency estimates that total Hong Kong property transactions in January were the worst month since 1991, when it started compiling monthly figures. In other words, the biggest drop in recorded history!
A sale of a big condo project site in Hong Kong last week shows what is going on. The site sold for HK$1,848 per square foot (that is around $328 per square foot Canadian).
“I think most surveyors dropped their eye glasses after reading the sales outcome,” Victor Lai Kin-fai, chief executive of consultancy Centaline Professionals of HK told the South China Morning Post.
The price tag means the land value dropped 60% in five months from when the HK Lands Department sold a similar residential site in Pak Shek Kok, for HK$4,567 per square foot in September 2015.
Nothing goes up forever!!
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