Developers in mainland China are showing less interest in Hong Kong land sales, participating in only two of the last eight tenders, according to data compiled by Bloomberg.
Prices are down 12% from their peak in September and the waning demand from mainland developers will deepen that trend.
Land prices in Hong Kong’s New Territories fell by 10%-15% in H1, according to Knight Frank’s Hong Kong head of valuation and consultancy, Thomas Lam, who expects a further 5% fall in H2.
