Hong Kong's cooling property market is starting to ripple through the local economy, with major real estate agency Ricacorp planning to slash a tenth of its staff amid slowing home sales.
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New-home sales are expected to show little growth in the city this year, despite projections that the number coming onto the market will be the highest for three years.
Housing estates in Island East and the New Territories outperformed all other districts in Hong Kong to record the strongest growth in capital values this year.
Surge in new home sales predicted for next year
Sales of homes in Hong Kong's secondary market rose for a second week as pent-up demand from genuine buyers triggered a big rebound in transactions, property agents say.
The number of homes completed in the city in the first seven months has plunged 43 per cent from a year earlier, Ricacorp Properties says. But housing construction starts were up.
Industrial and commercial property sales in Hong Kong are expected to fall in the second half of this year as banks tighten lending but prices will continue to rise, agents say.
Home sales in Hong Kong last week were the lowest in more than five years due to the government's new limits on mortgages and proposals to resume building Home Ownership Scheme flats.
Hong Kong luxury home sales dropped sharply last month as measures to cool the sector began to weigh on buying sentiment.