Record-Low H.K. Home Sales Spur Realtor Loss: Chart of the Day
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The tumble in Hong Kong’s home sales to a record low signals further declines in Midland Holdings Ltd., the city’s largest listed realtor, according to Bocom International Holdings Co.
The CHART OF THE DAY shows the three-month average of residential transactions in Hong Kong fell to 3,693 units in September, the lowest since at least 1996, according to government data compiled by Bloomberg. Sales have plunged even as Centaline Property Agency Ltd.’s housing-price gauge holds within 3.1 percent of a record high. The lower panel shows Midland had 9,576 employees at the end of June, according to the latest company statement, the most ever and triple the amount a decade ago, alongside the company’s stock price.