Hong Kong New Home Sales Hit 11-Year High After Property Curbs Removed

(Bloomberg) — Hong Kong’s new home transactions hit an 11-year high in March, an encouraging sign for the beaten-down property market after the government lifted cooling measures.

There were close to 4,200 sales in the period, more than 14 times the figure from the prior month, according to real estate agent Midland Realty.

This comes after Hong Kong authorities in late February removed measures to cool home purchases, such as tax levies, to revive the sector. Developers are counting on the pickup in sales to reduce excess inventories that are keeping a lid on prices.