Hong Kong home sales surge over Easter as owners cut prices

Home sales in the secondary market registered strong growth during the Easter holiday as more owners joined the price-cutting strategy employed by developers to spark buying interest.

During the four-day holiday that ended yesterday, 42 flats were sold at 10 housing estates tracked by Midland Realty, an increase of 75 per cent from the Easter break last year.

"It was driven by more owners willing to offer discounts after developers' aggressive market launches at competitive prices to entice buyers," said Sammy Po Siu-ming, chief executive of the residential department at Midland.

The agency said a three-bedroom, 702-square-foot unit at Yuan Kung Mansion in Taikoo Shing changed hands for HK$8.75 million, below the asking price of HK$8.9 million.

Lawrence Ng, a sales director at Midland's Mei Foo Sun Chuen branch, said owners had become more realistic by offering 5 to 6 per cent discounts to compete for buyers.

Sales volume in the primary residential market remained positive, with buyers snapping up more than 100 new homes. The sales were dominated by New World Development's Woodside in Yuen Long and Sun Hung Kai Properties' Mount One in Fanling.