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Hong Kong's Frenzied Home Buyers Just Can't Be Stopped

  • Prices keep climbing despite new 15% tax measure in November
  • Lack of secondary apartments for sale increases demand for new
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Hong Kong Property Prices Rise Despite New Tax

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To see the unintended consequences of the Hong Kong government’s efforts to tame property prices, take a look at the latest batch of newly built apartments to go on sale.

At least 800 bids for 105 new units flooded developers of a remote new housing complex, and nearly all of them sold out in a single day last week. Such sellout crowds are becoming the norm at new projects this year as distortions caused by government attempts to cool property prices have nearly halted the supply of older, existing homes for sale. That’s driving demand for new ones offered by developers.