HK's property business receipts drop 18% in Q3
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Xinhua, December 9, 2011
The real estate industry recorded a 18.2 percent decrease year on year in business receipts in the third quarter of 2011, the Census & Statistics Department (CSD) of the Hong Kong Special Administrative Region Government announced on Friday.
Financing industry recorded a decrease of 13.6 percent.
Both industries have been affected by the consolidation of the local residential property market, amid sluggish recovery of the west and deterioration of European debt crisis.
Almost all major service industries in the third quarter showed increase in receipts compared with the same period of 2010.
The retail increased 27.5 percent and the accommodation increased by 22 percent. Industries recorded more significant increases with vibrant inbound tourism.
Other major service industries reporting increases of more than 10 percent include the courier (11.2 percent), insurance (10.4 percent), and warehousing and storage (10.3 percent).
