Hong Kong’s Property Rally Proves Short-Lived

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Listings for residential properties for sale at a real estate agency in Hong Kong on Feb. 25. Photo: Bloomberg

(Bloomberg) — Hong Kong’s property market is falling again, just three months after government tax breaks propelled a brief rally.

New home sales plunged by 46% in May from a month earlier even as the city’s developers offered discounts on apartments to lure buyers. In the secondary market, sales in the first weekend of June dropped by 40% from the previous one.

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