Hong Kong home sales surge to 5-month high as easier mortgage rules take effect

Quick Summary:

A total of 4,697 new and lived-in homes changed hands in October, reversing a two-month decline.

In addition to cutting its benchmark rate last month, the Hong Kong Monetary Authority also eased its mortgage-financing requirements, raising the loan borrowing limit and increasing the debt servicing ratio to 50 per cent from 40 per cent for all properties.“Given the strong sales in October, we believe overall residential transactions could reach 56,000 this year, higher than the 45,900 and 46,200 units in 2022 and 2023, respectively,” he said.

In the year-earlier period, there were 2,938 transactions.

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Article Details

Author / Journalist: Cheryl Arcibal

Category: Business

Markets: Hong Kong

Topics: Units Value October Hong Year 2022 Billion Cent Property Transactions Sales

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-04 @ 19:15:07 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 335 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 34 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23460642

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