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Hong Kong realtors hurting from record-low home sales
September sales are the lowest since 1996.
Bloomberg’s reported that the three-month average of residential transactions in plummeted to 3,693 units in September, the lowest since at least 1996.
Residential sales have dropped as government taxes and the prospect of rising interest rates deter buyers.
Shares of Midland Holdings Ltd, Hong Kong’s largest listed realtor, have fallen 67% since April 2010. One analyst said this year will likely be loss-making for Midland and that will eat into cash flow and the company’s ability to pay dividends.
The number of Midland employees in Hong Kong has fallen by double digits this year. Midland has had to cut jobs and close shops.
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