Hong Kong Home Prices Drop to Erase Gains After Property Tax Cut
Residential buildings in Kowloon, Hong Kong.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Hong Kong’s secondhand residential prices fell for the fourth week to the lowest in more than two months, erasing the gains in values after the government removed property curbs in February.
The values for used homes dropped 1.4% in the week ended May 19 compared with a week earlier, according to data from Centaline Property Agency Ltd. The decline also means that home prices are now lower than they were the when the government scrapped the extra property taxes.