Hong Kong real estate agents hit as policies to cool property prices dent deal volume

Hong Kong real estate agents are united. On Sunday morning, agents from big and small firms will march to government headquarters at Tamar in Admiralty to protest against measures designed to cool the property market which, they say, have affected their livelihoods.

The protest is supported by industry leaders Centaline Property Agency and Midland Realty as well as associations representing smaller agencies. The industry is calling on the government to scrap the measures.

"The entire industry, both big and small agents, is suffering," said Centaline founder Shih Wing-ching.

Shih blames a decline in transaction volumes on measures introduced by Chief Executive Leung Chun-ying after he took office a year ago. The policies aim to curb soaring residential and non-residential property prices.

Centaline Property Agency said its agents recorded 11 secondary market transactions in the top 10 estates over the June 29-July 1 long weekend, down 31 per cent from the previous two-day weekend.

About 200 primary units have been sold in the seven new projects put on sale since the new Residential Properties (First-hand Sales) Ordinance came into effect just over two months ago.