bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Sandy Li

An aggressive financing scheme that gives homebuyers loans up to 30 years without submission of income proof got off to a positive start on Thursday, with more than 40 per cent of the 242 units at Kowloon Development's Upper East project in Hung Hom sold in the first hour of sale.
More than 100 units had been snapped up in the first hour, the developer said, adding that sales would continue until midnight.
"The special financing scheme is the drawing card for this project," said Sammy Po, the chief executive of Midland Realty's residential department.
The scheme offers 30-year first and second mortgage loans, but the discount drops to 4 per cent - from 14 per cent for cash buyers.
The cheapest flats at the project, which has units ranging in size from 197 to 362 sq ft, is HK$2.99 million.
"It is the first time in 10 years I have seen such plan," Po said.
Buyers are only required to put down a 5 per cent initial deposit, followed by a monthly instalment equivalent to 0.35 per cent of the flat price until the project is completed, which is due in 2018.
The buyers can apply for first and second mortgages from the developer's financing unit for up to 30 years. It has registered about 1,500 prospective buyers.
The Hong Kong Monetary Authority said the financing unit was not an authorised institution subject to its supervision.
"The HKMA will keep monitoring the property market and, where necessary, provide further guidance to banks on how they should carry on mortgage business in a prudent manner," it said.
Po said buyers, particularly those aged under 30, would opt for the plan.
"Most buyers have digested the news of interest rate increases and a rise of 0.25 or even 0.5 percentage point should not have significant impact on the market," he said.


Hong Kong developer's aggressive financing scheme draws buyers to Hung Hom project

Prospective buyers for Kowloon Development's Upper East project line up at the sales office on Thursday. Photo: K.Y. Cheng   

Business

Companies

Property

Hong Kong & China

Hung Hom project sees positive start with more than 100 flats sold in first hour of launch


.css-sioo19{color:#c79a00;}New | Hong Kong developer's aggressive financing scheme draws buyers to Hung Hom project

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hung Hom project sees positive start with more than 100 flats sold in first hour of launch

New | Hong Kong developer's aggressive financing scheme draws buyers to Hung Hom project

Hung Hom project sees positive start with more than 100 flats sold in first hour of launch