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Hong Kong home prices ease slightly in April, seen showing resilience

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05/29/2020 | 12:28am EDT
FILE PHOTO: Residential flats are seen in Tung Chung on Hong Kong's Lantau Island

Hong Kong private home prices edged down 0.1% in April on concerns over COVID-19, but with those fears subsiding realtors in one of the world's most expensive property markets expect prices to rise despite a weak economy and political tensions.

The fall last month compared to March's revised 0.7% rise, government data showed on Friday.

Property agents said strong pent-up demand which had been suppressed during the COVID-19 outbreak now helped to support the market, with the transaction volume expected to rise to a six-month high in May.

While China's plan to impose national security laws in Hong Kong has sparked a fresh outbreak of political unrest, the local home market has so far been largely resilient to concerns raised by mass protests that have rocked the city since mid-2019.

Major property developer Sun Hung Kai Properties said it has sold 95% of its 200 new flats situated in the New Territories on the first day of launch last Saturday, and received subscriptions that were 22 times more than the 298 news units put on sale this weekend.

Still, diplomats and analysts said the new security legislation could jeopardise Hong Kong's autonomy and freedoms, leading to a flight of capital and pressure on property prices.

(Reporting by Clare Jim; Editing by Simon Cameron-Moore)

Stocks mentioned in the article
ChangeLast1st jan.
RISE, INC. -3.70% 26 End-of-day quote.-13.33%
SUN HUNG KAI & CO. LIMITED -0.98% 3.02 End-of-day quote.-18.60%
SUN HUNG KAI PROPERTIES LIMITED 2.07% 98.5 End-of-day quote.-17.44%
WORLD CO., LTD. 0.15% 1355 End-of-day quote.-49.65%
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