Nile International@Salesmen march against H.K. property cooling measures(07-07-2013)

(AFP) - Thousands of real estate agents took to  Hong Kong's streets Sunday in protest at government efforts to curb soaring  property prices, saying new transaction taxes and other measures are  threatening their business.

"There are 37,000 agents in Hong Kong and there were only 3,000  transactions last month," said Raymond Ho, a spokesman for the rally organisers.

"The policies have frozen the market. A lot of small property agent firms  will close in the future," he noted.

Organisers said 23,000 joined the rally while police put the turnout at  5,500. Protesters chanting slogans marched through the busy Causeway Bay  shopping district before assembling at the government headquarters at Admiralty.

Home prices in the crowded city have risen by 120 per cent since 2008, and  by more than 30 per cent from their previous peak in 1997.

A 900-square-foot (81 sq metre) apartment in the middle-market Tai Koo  Shing estate sold for more than HKê10 million (USê1.29m) last year, after being  priced at about HKê3 million in 2003.

Prices in the luxury market have been pushed up by wealthy buyers from  mainland China.

Hong Kong residents have also been investing in property  because the local currency is pegged to the US dollar and bank interest rates  are lower than inflation.

Officials say the measures to cool the market, in the form of extra stamp  duties on some purchases, are aimed at stemming short-term speculative inflows.

They have so far had little effect in driving down prices but sales have  dropped off dramatically.