New homes that Hong Kong developers will launch in the coming days and weeks will serve as a crucial test of the impact of Beijing’s latest capital-control measures, amid signs of recovery in the city’s residential property market.

“Seemingly, a number of developers have turned more cautious in launching primary projects of late,” said Jack Tong, director of research and consultancy at Savills Hong Kong.

In the first four months of 2026, they bought 5,777 homes, equivalent to more than 41 per cent of last year’s total transactions, according to data compiled by Midland Realty based on official records.

The pace picked up sharply in April, when mainland Chinese registrations rose nearly 48 per cent month on month to 1,892 deals, the highest level in two years. Transaction value climbed nearly 31 per cent to HK$18.9 billion (US$2.4 billion), a 17-month high.

The value of purchases in the first four months reached HK$61.6 billion, equal to 45 per cent of last year’s HK$137.9 billion total, according to Midland.