Published:
Hong Kong real estate agents going out of business
Property cooling measures badly hurt sales.
Hong Kong agents are closing branches across Hong Kong because sales continue to fall due to a February 22 measure that doubled the stamp duty on residential and non-residential properties valued above $HK2 million.
The Hong Kong Association Real Estate Agencies General Association said an estimated 10% to 20% of agency firms could go out of business if the situation persists.
Ms Chu Kin-lan warned that up to 40,000 individual agents could lose their jobs if low sales continue. Seven agents associations have joined forces to ask the government to help revive the industry.
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