Flat sale results in Hong Kong offer proof that world’s priciest housing market is cooling off
Property agents say market sentiment weighed down by higher mortgage rate, sluggish stock market and US-China trade tensions
Home buyers in Hong Kong bought just over half of the flats offered by a major Chinese developer at a new site in the city on Saturday despite incentives, in another sign the world’s most expensive property market is cooling off.
Vanke Property (Hong Kong), a subsidiary of China’s second-largest developer, developed the site. Vanke is a bellwether of the city’s housing market, which has reached a tipping point after a boom running more than two years. Sentiment has been pulled down by rising mortgage rates and the government’s cooling measures.
“The units would have been all sold if not for the poor market sentiment at the moment,” said Louis Chan, vice-chairman and chief executive of residential division for Asia-Pacific at Centaline Property Agency, one of the firms commissioned for the sale.
The units would have been all sold if not for the poor market sentiment at the moment