Property News · November 6, 2018

In latest sign Hong Kong is shifting to a buyer’s market, auctioneers having trouble selling foreclosed homes


It’s not just developers that are having trouble selling flats in Hong Kong. Now auctioneers are struggling to get high enough bids to clear out foreclosed homes.
A year ago, property prices were soaring, and auctioneers routinely saw new or used homes that had been repossessed by banks receive multiple bids before the hammer fell.
But not now.
At an auction Tuesday, only two out of nine foreclosed homes offered were sold, despite a high turnout of 65 prospective buyers. While the two…

Source : South China Morning Post
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