Cheaper flats in the New Territories are defying the slowing housing market, with transaction values surging to an 11-year high.

Total sales were valued at HK$97.21bn between January and December 23. This was an increase of 1.78% from the HK$95.51bn achieved in last year's boom.

The number of transactions in the New Territories, however, was 45,265 during the period, 7.3 per cent below that for all of last year.

South China Morning Post