Sales of flats at nine Hong Kong property projects suspended in wake of new government cooling measures

Demand for first flats to go on sale after Friday’s announcement – at Alto Residences in Tseung Kwan O – also takes a knock; developers likely to offer incentives to spur sales

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People turn up for the sale of flats at Alto Residences – but not in the numbers normally seen. Photo: Jonathan Wong

Published: 4:15pm, 5 Nov 2016Updated: 11:33pm, 5 Nov 2016

Major developers have suspended sales of flats at nine property projects following Friday’s announcement of a sharp increase in stamp duty rates.

This came as fewer home buyers showed up on Saturday for the first residential project to be put on sale in the wake of the government move to impose a 15 per cent stamp duty on non first-time buyers of residential properties.

Sun Hung Kai Properties issued a formal notice suspending sales of flats at six projects – Ultima, Grand Yoho, The Cullinan, Twelve Peaks, Ocean Wings and Twin Regency.

The developer said it was seeking to review the payment terms on the six projects since they mostly involved tax rebates.

Also suspended was the sale of flats at Park One, a project by Henderson Land Development, and New World Development and Hip Shing Hong’s The Pavilia Hill.

Swire Properties, which earlier this week announced discounted prices for 12 houses in its upscale Whitesands property on Lantau, is also holding off on a relaunch.

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