(MENAFN) Hong Kong's new home sales are projected to hit a record this year as property developers actively sell new residential projects to raise cash for land, The Peninsula Qatar reported.
New private residential sales in the city are estimated at USD22 billion, marking the highest since 1996, an associate research director at Centaline Property Agency Ltd, said in an e-mailed statement on December 27.
"Home prices are so high that the new units are sold at USD1.28 million on average. Developers are actively selling new residential units to generate cash," he said in a statement.
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