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Hong Kong Home Sales Tumble After HKMA Raises Down Payments

Sales at 10 of Hong Kong’s biggest private residential developments fell 58 percent at the weekend from a week earlier after the government raised minimum down payments and deposits for foreign buyers.

Seventeen transactions took place, according to Centaline Property Agency Ltd., the city’s biggest privately held realtor, after the Hong Kong Monetary Authority on June 10 said buyers of homes costing more than HK$6 million ($770,000) will have to increase up-front payments. Foreign buyers must deposit an additional 10 percent.