Hong Kong’s cooling measures force real estate agents out of jobs

Singapore agents are doing well, comparing with their counterparts in HK...

Hong Kong’s cooling measures force real estate agents out of jobs

HONG KONG — Ms Chu Kin Lan has already closed six out of 11 offices of her Hong Kong real estate agency, whose Chinese name translates as Precious Prosperity, and let go of half of her 70 employees amid the city’s toughest curbs on home buying in its history. But the worst pain may be still to come.

As many as 10,000 real estate agents are forecast to lose their jobs, according to Centaline Property Agency, as the government presses ahead with measures to rein in housing prices that have more than doubled since 2009 and hit a record high in March.

Because of the cooling measures, home transactions fell to 27,714 in the first half of the year, the lowest since data were first available in 1996, according to the city’s Land Registry.
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http://www.todayonline.com/business/hong...s-out-jobs

Singapore agents are selling Malaysia properties other than Singapore properties. Can HK agents sell China properties too?

HK resale prices are whacked by new devt price cuts. Resale sellers are lowering asking prices due to low volume.
Selling new at premium prices to resale no longer holds.

Matter of time before SG developers cut prices openly.

SGP ppty agents also out of job, kanna whack by gov

call it a *perfect* timing, three months ago, I signed up Propnex and become a full time SGP property agent!!!


A Life not Reflected is a Life not Worth Living.

(10-12-2013, 03:02 PM)chialc88 Wrote: call it a *perfect* timing, three months ago, I signed up Propnex and become a full time SGP property agent!!!


A Life not Reflected is a Life not Worth Living.

Best wish for the new career move. Well, it should be a long term commitment, so timing is never a major issue.

(10-12-2013, 03:02 PM)chialc88 Wrote: call it a *perfect* timing, three months ago, I signed up Propnex and become a full time SGP property agent!!!


A Life not Reflected is a Life not Worth Living.

Wish you are one of the few who can buck against the trend. All the best.

Whether its the stock market or property market, transaction volume had halved and so does broker commissions. More remisiers and agents will exit the industry in the next few years as their earnings decline.

And I'm joining one of the brokerage firms myself.

the hk meltdown makes the measures in sg look like just a scratch on the back.
hope those agents/middlemen (who have been fuelling and speculating in the earthly asset inflation) can go back to the real economy and really contribute to the growth of our economy. hope one day man can really live on the moon..

(10-12-2013, 10:55 PM)pianist Wrote: the hk meltdown makes the measures in sg look like just a scratch on the back.
hope those agents/middlemen (who have been fuelling and speculating in the earthly asset inflation) can go back to the real economy and really contribute to the growth of our economy. hope one day man can really live on the moon..

They do contribute to the growth of our economy. The printing industry through their flyers and the automotive industry by buying expensive cars. I see so many agents driving BMWs and Audis.