Beijing’s NewCapital Controls: Assessing Their Potential Impact on Hong Kong’s Housing Market Recovery

According to Jack Tong, director of research and consultancy at Savills Hong Kong, many developers appear to be exercising greater caution in launching new primary projects amid Beijing’s latest capital-control measures.

During the first four months of 2026, they purchased 5,777 homes, representing over 41 % of last year’s total transaction volume, according to data compiled by Midland Realty from official sources.

Activity accelerated notably in April, as mainland Chinese registrations surged nearly 48 % month‑over‑month to 1,892 transactions—the highest figure recorded in two years. Transaction value increased by almost 31 % to HK$18.9 billion (US$2.4 billion), marking a 17‑month high.

The total value of purchases over the first four months amounted to HK$61.6 billion, accounting for 45 % of last year’s total of HK$137.9 billion, according to Midland.

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