HONG KONG, March 7 Reuters Hong Kong39;s property agents expect more bigticket foreclosures this year as landlords struggle to refinance, and that receivers will speed up sales after the city39;s recent measures aimed at bolstering the depressed real estate market.

CBRE said on Thursday it had been appointed by the receiver to sell an old fourstorey residential building in Kowloon, while another agent, Savills, said it had been appointed by the receiver to sell two connected industrial buildings.

We39;ll continue to see many foreclosures this year as landlords fail to negotiate new terms with the lenders after years of poor market and high interest rates, said Churchill Keung, CBRE Hong Kong capital market assistant manager.

Some lenders would step up repossessing the asset to put on the market as they think the removal of additional stamp duties could stimulate market sentiment.

Hong Kong, one of the most expensive property markets in the world, has seen its housing and commercial property prices plunge more than 20 and 30, respectively, from their peaks.

Last week, the financial hub removed all additional stamp duties, reversing an unsuccessful government push in previous years to cool housing prices, and the home market immediately celebrated with a jump in transactions.

The residential building that CBRE was appointed to sell was seized by creditors this year. It is valued at HK42 million 5.37 million, half of its asking price in 2022 when the original owner,…