China and Hong Kong Property Markets Struggle Amid Economic Challenges

Despite easing measures and discounts, demand for homes expected to remain a challenge into 2024.

Hong Kong home sales hit a 33-year low in 2023 due to high interest rates and poor economic news, but showed signs of rebound in December.
China's property market consolidated in 2023, with state-affiliated firms dominating home sales and land acquisition, as private firms faced a deepening debt crisis.
China's average daily home sales during the three-day New Year holiday fell 26% compared with the same period last year.
China's top 100 developers reported that December transaction value dropped 34.6% year on year, bringing full-year sales to a 16.5% drop compared with 2022.
Despite discounts and easing measures, demand for homes in China is expected to remain a challenge into 2024.