This is definitely related to the spreads between mainland yuan and offshore. Nevertheless, the boiling hot real estate market in Hong Kong just got tossed into sub-zero temperatures.
New and and secondary homes sales fell to just 3,000 units–the lowest figure since 1991. The lowest number in recent times was back in November of 2008, when 3,786 unit sales were recorded.
As you can see, real estate prices have been booming in Hong Kong, sans 2008, for quite some time.
“The Hong Kong residential market is all about sentiment,” said Joanne Lee, senior manager of the Hong Kong research and advisory team at Colliers International Group Inc. “Falling stock-market prices, the economy weakening, China’s economy weakening and increases in the interest rate will all have an impact,” she said.
The Hang Seng is off by 0.3% and the Shanghai is off by 0.9%.
If you enjoy the content at iBankCoin, please follow us on Twitter
Just a little gully…
Weve never had a decline in housing prices on a nationwide basis – BB