Net profit of HK $300 million in five months, the agency company welcomes the spring of the property market.

The continued recovery of the Hong Kong property market has brought lucrative returns to real estate agency companies. On June 15th, Midland Holdings Limited released a positive profit forecast, revealing a pre-tax profit of approximately 300 million Hong Kong dollars for the first five months, a nearly 70% year-on-year growth. It is expected that the pre-tax profit in the first half of the year will significantly increase, with a possibility of achieving a 20-year high in mid-year performance. The main reason for the significant increase in profit of the company is the outstanding performance of Midland Realty and Hong Kong Properties, which provide residential property agency services in Hong Kong. According to insiders, another agency company, Centaline Property, has also achieved record performance in the Hong Kong market, with an estimated post-tax profit of 480 million Hong Kong dollars in the first half of the year. The growth of agency companies is supported by the heating up of the real estate market. Matthew Cheung, the CEO of Midland Holdings, recently stated that the Hong Kong property market has officially entered a "positive cycle" and is on track for a recovery with rising prices and transaction volumes. It is expected that residential prices will increase by 10% to 15% for the whole year, and residential property transaction volumes may reach a near 5-year high.