8000 Property Agents Face Elimination



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ORIGINAL POST

Posted by Ed 3 mths ago
Some 8,000 agents face ‘elimination’ as transactions shrink in Hong Kong’s rapidly deteriorating property market
 
  • Analysts say Hong Kong’s property market this year will see the least number of deals since the Sars outbreak in 2003
  • Homeowners are cutting prices by at least 10 per cent in the hope of making a sale

 

Some 8,000 agents face “elimination” as the prolonged protests and US-China trade war hasten the decline in Hong Kong’s property prices and shrink transactions amid a lack of buying interest.
  

“In the last two weeks, the extent of decline has sped up,” said Sammy Po, chief executive of the residential division at Midland Realty, adding that some homeowners were willing to slash prices by 10 per cent or more in the hope of finding buyers quickly.

 

Po said as transactions shrink in the second half, keener competition for the limited number of deals could lead to the “elimination” of about 20 per cent of agents in the city.

 

The secondary market will be the hardest hit, with only about 40,000 deals taking place this year, the lowest since records began in 1996, said Freddie Wong, chairman of Midland Holdings.

 

“The number of deals [of used homes] will be worse than when Sars occurred,” Wong said, adding that they were likely to drop by 13 per cent this year. Some 46,131 deals were completed in 2003.

 
 https://www.scmp.com/property/hong-kong-china/article/3024773/some-8000-agents-face-elimination-transactions-shrink-hong
 
 

COMMENTS

Ed 2 mths ago
August sees deepest fall in Hong Kong business activity since end of 2008
 
 The latest PMI survey indicated that Hong Kong's private sector downturn deepened in August as escalating trade wars and local political demonstrations dampened demand.
 
Business activity fell at the steepest rate since the end of 2008, reflecting a sharper decline in new order intakes. Pessimism spread to more firms, with business confidence slumping to its lowest on record. 
 


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