Hong Kong’s February property sales fall to 5-month low as US-China tension spooks buyers

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Hong Kong real-estate sales fell to their lowest point in five months in February, reflecting caution among homebuyers and investors amid increasing tensions between Washington and Beijing, according to property agencies.

Sales of homes, office units, shops, car parking spaces and industrial spaces declined by about 13 per cent to 4,307 deals from a month earlier, according to Land Registry data released on Tuesday, as their total value dropped 23 per cent to about HK$28.29 billion (US$3.64 billion). In September, 3,843 deals were recorded with a value of HK$27.66 billion.

February property sales rose by 35 per cent from a year earlier, while the sales value increased 25.3 per cent, the data showed.

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“This reflects the wait-and-see mood in the property market before US President Trump took office in January,” said Yeung Ming-yee, a senior associate director in the research department at Centaline Property Agency. “In addition, many citizens travelled abroad during the long Lunar New Year holiday and postponed entering the market.”

Centaline had expected that 4,295 property deals would be completed in February with a total value of HK$28.24 billion.

Midland Realty projected that 4,303 units changed hands in February. Data from its website also showed that transaction value would likely be HK$27.52 billion, the lowest in a year.

February was the third consecutive month in which property deals have fallen since hitting a seven-month high of 7,689 transactions and a total value of HK$64.1 billion in November.

Source: SCMP