It is hard to imagine the NAEA organising anything quite like it in Britain, but 23,000 estate agents staged a public demonstration in Hong Kong, hoping to draw attention to their plight as transactions levels plunge.
There are 37,000 estate agents in Hong Kong, but only 3,000 sales took place in June.
The agents blame government policies such as hefty Stamp Duty hikes aimed at controlling house price inflation. The former British colony is one of the most expensive places to buy or rent property.
Agents say that as a result, few are buying or renting and the market is at a standstill.
Raymond Lee, CEO of Savills, says a third of the city’s estate agents are likely to go out of business.
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Comments
So on same day NAEA are suicidal and RICS jubilant?