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Property sales dip 27.5%

The Land Registry recorded 3,189 sale and purchase agreements for all building units received for registration in February, down 27.5% compared with January and 46.7% lower year-on-year.   The total consideration for such agreements in February fell 32.9% from January, to $22.6 billion, while a 48.5% year-on-year decrease was recorded.   Of the agreements, 2,375 were for residential units, down 31.7% from January and 44.5% lower than a year ago.   The total consideration for residential units was $19.1 billion, a decrease of 31.3% compared with January and down 47.9% year-on-year.   There were 276,910 land register searches last month. http://dlvr.it/T3ZqYl

HK to prosper from Qianhai plan

(To watch the full media session with sign language interpretation, click here.)   The central government’s plan to expand Qianhai will further extend the business opportunities of Hong Kong’s professional services sector there, Chief Executive Carrie Lam said today.   Mrs Lam made the remarks ahead of an Executive Council meeting as she was speaking to reporters concerning yesterday's unveiling of the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone.   The plan includes an eightfold expansion of the co-operation zone which was established in 2010. The Chief Executive noted that more than 11,500 Hong Kong enterprises have established a foothold in Qianhai since its inception.   “There is a lot of investment from Hong Kong. There are youth entrepreneurship projects in Qianhai. And more recently, through special policies, Qianhai has opened up more professional services for Hong Kong people - whether it is in the construction, engineering, town planning, architecture, legal and other (sectors).   “So with this expansion of Qianhai from less than 15 sq km to over 120 sq km, it will, of course, give us a much greater hinterland that we will continue to provide our professional services in many years to come.”   Mrs Lam added that it stands to reason that such an expansion will result in a major boost to Hong Kong’s status as a financial hub.   “If Hong Kong prospers with an international financial centre and all these commercial developments on both sides of the Victoria Harbour, you could imagine how many opportunities it will bring to Hong Kong’s various sectors and professionals.”
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