Cushman turns negative on property prices

Cushman & Wakefield cut its full-year estimate for Hong Kong's property prices, expecting them to drop up to 5 percent this year as prices of residential properties accelerated decline in the third quarter.

The real estate service firm had earlier expected local home prices to rise by 3 to 7 percent for the whole year.

The total number of residential property transactions in the third quarter was less than 9,200, down 25 percent quarter-on-quarter and 21 percent year-on-year, it said.

Meanwhile, Hysan Development (0014) expects the administration will roll out measures to support the property market, said chief operating officer Ricky Lui Kon-wai.

In other news, property prices fell more sharply in the secondary market, with a 266-square-foot two-bedroom at Ho Shun Yee Building in Yuen Long sold for HK$3.65 million after being put up for sale at HK$4.2 million at the end of last year.

Staff reporter