Massive job losses stare HK realtors in the face

Stagnant property market could persist until 2014.

Government efforts to curb Hong Kong's sky high property prices could see a third of the city's property agents lose their jobs over the next year.

The total number of property deals has probably fallen 44% to 13,960 in the second quarter from the previous three months, the lowest level since 1991, said realtor Midland Holdings Ltd.

There were over 37,000 individual real estate agents and salesperson license holders in May, up from 34,919 year-on-year.

Midland Holdings deputy chairman Angela Wong said realtors ". . . probably looking at the lowest point for over two decades."

“The worst thing is that it’s now a stagnant market so we’re not sure whether we should expand or contract. This is tough.”

She said the loss of agents is only the first phase. She noted that every profession related to the real estate industry is crying for help.