China, the world’s biggest gold consumer, reduced imports from Hong Kong for the first time in three months as investors were lured by returns in the property market.
Net purchases fell to 56 tonnes last month from 64.1 tonnes in March, and compared with 46.6 tonnes a year earlier, according to data from the Hong Kong Census and Statistics Department compiled by Bloomberg. China bought 74.2 tonnes compared with 76.3 tonnes a month earlier, while exports to Hong Kong were 18.1 tonnes versus 12.1 tonnes.
While shares have declined 20 percent in China this year, a credit boom has spurred a revival in the property market. New-home prices excluding government-subsidized housing climbed in 65 of the 70 cities tracked by the government last month, compared with 62 in March, according to official data. That was the most cities since December 2013.
“Gold dropped under the radar as ‘hot money’ investors hunted for high-yielding investments that can pay off in the short term,” said Liu Xu (劉旭), a trader at Beijing-based private asset management company Guoyun Investment Co (國運香港投資), before the data were released.
Swiss exports of gold to China dropped to 14 tonnes last month from 29.5 tonnes in the previous month, according to the Federal Customs Administration.
China’s jewelry consumption is likely to come under pressure because the economy continues to expand slowly, curbing demand for discretionary items, World Gold Council China director Roland Wang (王立新)said earlier this month.
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