HK Weekend Home Sales Fall to Eight-Week Low Despite Rate Cut
- Transactions declined 53% over the weekend, Centaline says
- Market lacks demand from mainland Chinese buyers and investors
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Lower interest rates have yet to spur a recovery in Hong Kong’s property market as weekend sales dropped to the lowest in two months, days after banks in the city reduced borrowing costs.
Sales fell 53% in the 10 biggest housing estates over the weekend from the previous week to seven deals, the smallest in eight weeks, according to Centaline Property Agency Ltd., which tracked the projects to gauge market performance.