Private new home sales in Hong Kong are expected to total HK$175 billion this year, the highest in the history of the data, an executive at privately owned realtor Centaline Property Agency said.
Units are selling at an average HK$10 million, Wong Leung-sing, an associate research director at the agency, said.
Developers are actively selling homes to generate cash to restock their landbanks as the government extends its sales of land in order to increase the supply of homes. Sales of new homes could reach 16,500 units, Wong said.
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