Opus tenant cancels deal to rent for HK$850k a month

A tenant who agreed to pay HK$850,000 a month for a 6,000-square-foot duplex flat at Opus Hong Kong on Stubbs Road near the Peak has cancelled the deal amid tightening housing policies that have curbed property demand.

Swire Properties said in a statement that "it placed the duplex at Opus back on the market for lease. The previous tenant of the apartment has decided not to proceed with the rental. We reserve our legal rights on the matter as and when necessary."

It said the sale of two other 6,500 sq ft flats at the project had been completed.

A unit on the eighth floor was sold for HK$430 million, while a ninth floor flat fetched HK$455 million.

Banks are expected to offer additional sweeteners to compete for homebuyers as mortgage loan growth continues to contract because of the latest round of cooling measures, according to mortgage consulting firm mReferral Mortgage Brokerage Services.

Mortgage loans would drop 13 per cent this year to HK$198 billion as a result of a spate of government policies to cool the overheated housing market.

"It will be the lowest since 2009," said Sharmaine Lau Yuen-yuen, the chief economist at mReferral.