Hong Kong Pre-owned Property Prices Hit Eight-Year Low

Hong Kong’s pre-owned home prices plummeted to their lowest in nearly eight years, with June’s private property index dropping 1.24% from May and a sharp 13.1% year-on-year decline, despite a brief rise after the government lifted property controls.

After the Hong Kong government canceled property market controls at the end of February, the city’s property market experienced a brief resurgence in March and April, with the pre-owned private residential price index rising 1.06% and 0.29%, respectively.