Real estate sales in Hong Kong fell by a third in 2011 – registering about 108,000 deals over economic worries and governmental action on curbing speculative practice among real estate investors. Last year, the government has introduced special stamp duty and further restricted the availability of bank loans in an effort to reduce real estate speculation.

This number of transactions, which include the purchase of homes and office space, are below the volume of deals done in 2008 when the global financial crisis peaked. The amount of second-hand houses for sale are a little more than 75,000, which is down about 40% from 2010.

On a related development, property developer Sino Land said that it has already sold 90% of its landmark development The Coronation in West Kowloon since its release last week. The Coronation is jointly developed by K Wah International, Nan Fung and Chinese Estate Holdings.