"Plummeting Real Estate Market: Hong Kong Luxury Property Rental Hits $77,000 Low"

The cooling property market in Hong Kong has led to a shift in strategy for luxury homeowners, with some opting to rent out their properties instead of selling due to approaching seven-year low prices and the fewest sales in nearly three decades. The government has even suspended residential land sales for the first time in 14 years due to poor demand, as owners hope for an end to the downturn with expected falls in borrowing costs and improvements in China's economy.