A motorway is seen in a gap between residential buildings (left) and a hotel (right) in Hong Kong on May 12, 2021. (ANTHONY WALLACE / AFP)

HONG KONG - The Land Registry recorded 3,998 sale and purchase agreements for all building units received for registration in February, down 32.4 percent from January and 47.1 percent lower year-on-year, said the government on Wednesday.

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The total consideration for such agreements dropped 33.7 percent from January to HK$36.1 billion in February this year, and a 43.9 percent year-on-year decrease was recorded.

Of the agreements, 2,912 were for residential units, down 31.9 percent from January and 52.5 percent lower than a year ago.

The total consideration of residential units was HK$29.5 billion, a decrease of 32.1 percent compared with January and a drop of 48.2 percent from January 2021. 

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There were 291,830 land register searches last month, according to the government.