"Hong Kong Home Sales Climb in May, most in 15 months | AboutHK.Com - more information about HK"
| 
Hong Kong sales jumped 42 percent in volume in May, the biggest increase since February 2008, after the Land Registry.
The number of residential units changing to 11,788 last month from a year earlier, the government said today on the website. With the value of transactions rose 50 percent to HK $ 39.4 billion.
Home prices in the city are rising amid hopes that the worst may be over for the world’s biggest economies. The property market may also benefit because the banks are lending rates to lower home prices and stimulate demand.
“Low interest rates have given the property market a psychological boost,” said Wong Leung-sing, an associate director at Centaline Property Agency Ltd. “Gains in the stock market also is bringing a lot of confidence to investors.”
Billionaire Li Ka-shing, the richest man in the city, said last month that real estate investors are sure to make money "in the next three to four years. Li is also chairman of Cheung Kong Holdings Ltd., the city's second largest builder by market value.
Savings banks cut rates as cash into the financial system grew, what the three-month interbank lending costs or Hibor, more than halve to 0.3518 percent from 0.8979 percent today, the end of March.
Hong Kong's benchmark Hang Seng index rose by 62 percent from four months low on 9 March. Aline cents-mass index of home prices may be increased by 10.5 percent by the end of May, two months earlier, it said. |
Comments