Developers may put the sale of new projects on hold to gauge market sentiment after the announcement last week of new measures to curb speculation in the property market, some agents say.
Others, though, say the measures may speed up the release for sale of new flats.
On Friday, the Hong Kong Monetary Authority cut the maximum loan-to-value ratio for homes worth more than HK$10 million by 10 percentage points, to 50 per cent, and that for homes worth HK$7 million to HK$10 million from 70 per cent to 60 per cent, and set the maximum ratio for non-resident borrowers at least 10 percentage points lower.
Simultaneously, the government said it would increase land supply by selling eight plots for residential projects between July and September.
'I don't think any developer will launch new projects in the short term now,' said Louis Chan Wing-kit, managing director for residential sales at Centaline Property Agency. 'They will wait and see how the market situation develops and postpone the release of their new projects temporarily.'
That view appeared to be confirmed by the immediate reaction to the news of some developers.
Property agents said Hang Lung Properties met them on Friday morning ahead of the announcements, to advise them that the price list for remaining flats at its project The Long Beach in Tai Kok Tsui, West Kowloon, would be released and the project launched for sale shortly. However, subsequently it did not update its sales plans. On Monday Eric Szeto Wing-hong, senior manager of project development, denied the company had planned to launch the project shortly.