The number of home purchasers in Hong Kong who forfeited their deposits on newly bought apartments surged 75% year over year to 449 in 2024, the highest since 2019, the South China Morning Post reported Wednesday, citing property agency Centaline.

In the fourth quarter, the number of forfeiters was at 104, the report said, citing Centaline.

The agency did not disclose the value of forfeited deposits, but they are usually at HK$100,000, the SCMP said, citing market sources.

The number of defaults could stay high, especially as developers will be offering discounts during the Lunar New Year, according to the SCMP, citing agents.

In the first quarter, there could be 100 cases of forfeited home deposits, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)