Hong Kong's property sales drop 18% in October

A night scene of Hong Kong Island by Victoria Harbour, on Sept 13, 2015. [Photo/IC]

HONG KONG - Hong Kong's Land Registry recorded 4,491 sale and purchase agreements for all building units in October, down 17.9 percent on September and 43.6 percent year-on-year, it said here on Tuesday.

The 12-month moving average for October was 6,680, which was 4.2 percent below the 12-month moving average for September.

The total consideration for sale and purchase agreements in October was HK$35.9 billion($4.6 billion), down 13.2 percent on September and 47.7 percent year-on-year.

Among the sale and purchase agreements, 3,300 were for residential units, down 22.6 percent on the previous month and 46.7 percent compared with October 2014.

The total consideration for residential units was HK$22.5 billion, down 32.8 percent compared with September, and 54.7 percent less than October 2014.