Business tycoons and finance veterans had been snapping up mansions and upscale apartments in the Asian financial hub in the months leading up to the surprise tax hike announced in February. The flurry of activity followed a prolonged slump exacerbated by distressed owners dumping properties at steep discounts. The recent pullback suggests even affluent buyers are recalibrating, raising doubts about whether record-breaking sales can be sustained.
(April 2): Hong Kong’s high-end home sales slowed sharply after rich buyers pulled back following a stamp duty hike, underscoring a cautious outlook for a standout segment of the property market.
The city recorded 13 transactions in March for homes valued above HK$100 million (US$12.8 million or $16.43 million), more than halving from a high of 28 deals in January, according to property database EPRC.
