The value of Hong Kong's private home market fell by HK$480 billion since February 2024, The Standard reported Friday, citing Centaline Property Agency.
Each homeowner is said to have lost an average of HK$470,000, the report said, citing Centaline.
The devaluation came after government caps on home purchases were removed, the report said.
Home purchases by mainland Chinese rose 104% to 11,522 in 2024 while the value jumped 80% year over year to HK$128.3 billion, according to The Standard.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)