Home prices decline to seven-month low

Karen Ng

Private home prices in Hong Kong declined for two consecutive months by 1.2 percent in November from October, the lowest in seven months after reaching a record high in September, according to government data.

Meanwhile, the Hong Kong Monetary Authority said it is considering that money will not be kept by law firms anymore for home sales in the secondary market. This came after the shutdown of Wong, Fung & Co, a law firm specializing in property transactions, which led to over HK$100 million being frozen in the firm's bank account in January.

In the secondary market secretary for food and health Sophia Chan Siu-chee bought a 906-square-foot two-bedroom apartment at Baguio Villa in Pok Fu Lam, South District in November, for HK$17.8 million. Chan had to pay a 15 percent double stamp duty of HK$2.67 million since she holds multiple properties in Hong Kong and the United Kingdom.

This came as the family of former Ocean Grand Holdings (1220) founder Michael Yip Kim-po sold a unit at Leighton Hill in Happy Valley for HK$169 million this month, which earned them a fourfold gain of HK$137.7 million.

Meanwhile, Centaline's data showed an increasing number of large transactions in the Peak and South District, one of the most luxurious neighborhoods in Hong Kong.

The firm recorded 200 primary and secondary transactions amounting to HK$26.1 million in the area, which surged 34.2 and 46.9 percent in terms of the number and amount of transactions.

It is expected that the number of transactions will rise 20 to 30 percent in 2022.