China slump spreading: Hong Kong property sales down 70%

Home prices in [Hong Kong] surged 370 percent from their 2003 trough through the September peak, spurred by low mortgage rates, tight supply of new units and buying from mainland Chinese.  Now those forces are reversing.  See:  Hong Kong homes sales tumble 70% as slowdown intensifies.

The property slump in Hong Kong is showing very few signs of abating. Residential home sales are now at a 25-year low. Bloomberg’s Sree Vidya Bhaktavatsalam reports on “Trending Business.”  Here is a direct video link.

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