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Record-Low H.k. Home Sales Spur Realtor Loss: Chart Of The Day

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http://www.bloomberg.com/news/2013-10-25/record-low-h-k-home-sales-spur-realtor-loss-chart-of-the-day.html

The tumble in Hong Kong’s home sales to a record low signals further declines in Midland (1200) Holdings Ltd., the city’s largest listed realtor, according to Bocom International Holdings Co.

The CHART OF THE DAY shows the three-month average of residential transactions in Hong Kong fell to 3,693 units in September, the lowest since at least 1996, according to government data compiled by Bloomberg. Sales have plunged even as Centaline Property Agency Ltd.’s housing-price gauge holds within 3.1 percent of a record high. The lower panel shows Midland had 9,576 employees at the end of June, according to the latest company statement, the most ever and triple the amount a decade ago, alongside the company’s stock price.

Shares of Midland, which arranges about 30 percent of all property sales in Hong Kong, slid 67 percent since April 2010. The company had a net loss of HK$95 million ($12 million) in the six months to June 30, the biggest since the second half of 2008, as operating expenses exceeded sales. The stock will continue to be under pressure unless the property market recovers, said Alfred Lau, an analyst at Bocom in Hong Kong.

Still property is the road to wealth.

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When you look at'high st' Britain,I do wonder how many of the EA's are doing anything other than break even.Those with a substantial lettings business will be doing ok,the rest must have significant overheads that aren't being covered.

Rightmove Pick a postcode and outside of the M25 I'd wager most have seen average prices hold with half the volume of the bubble years 2003-7.

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