Hong Kong's property deals down 65.1% year on year in Dec

A total of 5,437 flats sales and purchase agreements have been registered with the Hong Kong SAR's Land Registry, sources reported.

The figure, which includes 4,706 transactions of residential units, represents a decrease of 65.1% year on year, yet up 43.6% from that of November.

The total transaction value surged 92.7% from a month earlier to HK$20.5 billion. However, the figure represented a 68.2% dip from December 2007.

For the whole year of 2008, the total number of transactions and consideration of property sale and purchase agreement reached 113,298 and HK$413.11 billion respectively, down 22.2% and 21.1% from the previous year, according to the Land Registry.