Property News · June 24, 2020

Banks cut prices on foreclosed properties in Hong Kong as buyers turn cautious amid distress, market correction


Banks are being forced to reduce prices on foreclosed properties to recoup their loans, as buyers in Hong Kong become increasingly cautious about the economic outlook and a deeper market correction.About one-third of 98 foreclosed properties on the market have had their prices trimmed in June, according to the latest list creditors give agents, up from about a quarter in April, according to Century 21 Surveyors. The average price reduction was 6 per cent.“This is the latest trend, there is some…

Source : South China Morning Post
Read more…Banks cut prices on foreclosed properties in Hong Kong as buyers turn cautious amid distress, market correction