With few takers on the property market, jittery individual owners cut prices by up to HK$800,000
Hong Kong’s property market is coming under stress.
Jittery individual owners, aware of the risks from rising mortgage rates, turbulent stock market and weakening economic outlook, are offering massive price cuts as they expect sentiment to sour further.
Even developers, after cutting prices of brand new flats, have seen a marked decline in buying enthusiasm.
In Tin Shui Wai in the New Territories, a 544 square feet, three-bedroom flat at Kingswood Villa, was sold for HK$5.48 million (US$700,000) on Sunday, after the owner cut the price by HK$820,000, or nearly 13 per cent, from the initially quoted HK$6.28 million.
A 375 sq ft unit at Amoy Garden, in Kowloon Bay changed hands for HK$6 million against its asking price of HK$6.8 million, Midland Realty said on Sunday.
“The owner reduced the price four times, dropping it by HK$800,000 before finding a buyer,” said Ricky Wong, senior sales manger at Midland Realty’s Kowloon Bay branch.