• Wed
  • Oct 22, 2014
  • Updated: 12:36am
NewsHong Kong
PROPERTY

Flats at The Rise in Kwai Chung selling out fast despite HKMA warning

PUBLISHED : Sunday, 08 September, 2013, 12:00am
UPDATED : Sunday, 08 September, 2013, 3:50am
 

Buyers snatched up 70 per cent of new flats put up for sale at a Kwai Chung complex yesterday - despite a warning from the Monetary Authority 24 hours earlier and government measures to cool the property market.

By 7pm more than 200 flats at The Rise had been sold, said Justin Chiu Kwok-hung, chief executive of developer Cheung Kong.

"In the first hour, 52 units were sold," said Chiu, adding he was very satisfied with the day's proceedings.

By 10am, a line of prospective buyers stretched from Hung Hom MTR station to the Fortune Metropolis mall where the sale was taking place.

The Rise has 402 two- and three-bedroom flats, the former with an average gross floor area of 660 square feet and the latter 900 square feet.

It will also have a swimming pool, spa, gym and playroom.

On Friday, Monetary Authority chief executive Norman Chan Tak-lam warned that the tapering off of quantitative easing by the United States Federal Reserve would see capital "inevitably" flow out of the city, impacting the city's property market.

Secretary for Transport and Housing Anthony Cheung Bing-leung said in a Commercial Radio programme that the government would not withdraw the extra stamp duties imposed on foreign buyers and speculators.

He said the measures were designed to target high property prices and to avoid a housing bubble, which would have a major impact on the city's economy.

Last week, Cheung Kong announced a series of sweeteners for The Rise, including offering a 10 per cent discount for buyers who signed up to be club members and made their purchase with a cash payment plan.

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