Hong Kong's Home Sales Quadruple

Hong Kong property sales, mainly of apartments, almost quadrupled last month, gaining for a fifth month as more people bought homes amid an economic recovery.

Sales, including apartments, factories and office buildings, surged to HK$30.5 billion (US$3.9 billion) last month from HK$7.97 billion a year ago. The number of transactions more than doubled to 10,967 from 4,622. The figures last month reflect transactions from January. The buying spree has been fueled by an economic rebound in Hong Kong, where the economy expanded 4 percent in the third quarter. China tourists are helping spur the city's economic recovery and driving down the unemployment rate, which held steady in January at a one-year low.