HONG KONG SAR - Media OutReach - 22 December 2022 – Amid the city-wide COVID-19 outbreak peak in H1 along with the impact of the global economic recession, the luxury residential market has not been immune to the consequences of the macroeconomic environment, with a notable drop in sales transactions in 2022, with 49% fewer HK$10M+ sales in 2022 (pro-forma as of November 2022⁽¹⁾).