Hong Kong home prices fell 1.3% in the week ended last Saturday to the lowest in nine weeks, amid concern that Dubai's attempts to delay debt repayments could trigger another credit crisis.
The Centa-City Leading Index, a weekly measure of existing home prices, dropped to 72.61 from 73.56 the preceding week, Centaline Property Agency said. The decline cuts the index's advance to 28% this year.
Home prices are likely to resume their rise as the 'Dubai debt crisis is rapidly fading', Wong Leung-sing, an associate director at Centaline, said.
South China Morning Post