Property stocks gain in anticipation of a rise in home sales before prices go up
Developers are planning to raise property prices after the Easter holiday weekend, in a tactical market move to spur sales.
Property agents said the strategy could increase sales at the weekend as homebuyers tried to get in before the expected price rises.
At present, there is less choice in the market, with developers selling the remaining units in projects launched last year, while most new projects are not scheduled to launch until after Easter.
Property stocks rose in anticipation of the sales pick-up yesterday, with the Hang Seng properties index rising 0.25 per cent, outperforming the Hang Seng Index, which edged down 0.08 per cent.
Sun Hung Kai Properties rose 75 cents to $75.25, while Henderson Land Development climbed 50 cents to end at $39.40.
Sino Land yesterday said that it would raise the price for its Residence Oasis project in Hang Hau, Tseung Kwan O, by 5 per cent after the Easter break.
