People walk past at residential property advertisements displayed in the window of an estate agency in Taikoo Shing on October 11, 2022. Property transactions are expected to hit a 32-year low of 64,000 this year. Photo: Dickson Lee
People walk past at residential property advertisements displayed in the window of an estate agency in Taikoo Shing on October 11, 2022. Property transactions are expected to hit a 32-year low of 64,000 this year. Photo: Dickson Lee

Hong Kong’s top property agencies to cut more than 3,000 jobs, close branches to slash costs as sales slump endures

  • The city’s four major residential property agencies will let 3,100 people go through the beginning of 2023
  • Property transactions are expected to hit a 32-year low of 64,000 in 2022, meaning meagre commissions for many of the city’s more than 41,000 agents

People walk past at residential property advertisements displayed in the window of an estate agency in Taikoo Shing on October 11, 2022. Property transactions are expected to hit a 32-year low of 64,000 this year. Photo: Dickson Lee
People walk past at residential property advertisements displayed in the window of an estate agency in Taikoo Shing on October 11, 2022. Property transactions are expected to hit a 32-year low of 64,000 this year. Photo: Dickson Lee
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