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Tuesday, August 2, 2016, 16:47

HK property sales fall 9% in July

By Reuters

HONG KONG - Sales of property in Hong Kong fell 9 percent in July compared with June, government data released on Tuesday showed.

Sale and purchase agreements in July totaled HK$36.1 billion (US$4.65 billion), down 9 percent from June and 34.8 percent less than in the month of July a year ago, Land Registry data showed.

There were 5,354 agreements signed during the month, 11.3 percent less than in June and 27 percent less than in July 2015.

Residential sales accounted for more than 80 percent of the value of the agreements. These value of these transactions slipped to HK$29.7 billion, down 8.8 percent from June and 33.3 percent from July a year ago.

Residential volume fell 8.2 percent and 21.3 percent on a month-to-month and year-to-year basis, respectively.

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