Vanke to sell 251 flats in Tuen Mun on Sunday, defying downbeat mood amid trade war, street protests and rising rates

Vanke Property (Hong Kong) said it will proceed with selling 251 flats at its Le Pont project in Tuen Mun on Sunday, with prices starting from HK$4.66 million for a 353 square foot unit

Sun Hung Kai Properties and Wheelock cancelled a press conference for next week’s sale of Mount Regency in Tuen Mun, without saying if the sale will proceed as scheduled

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A picture of Grand Le Pont in Tuen Mun. Photo: Handout

Published: 3:38pm, 12 Jun 2019Updated: 5:35pm, 12 Jun 2019

The Hong Kong unit of China’s most valuable property developer said it is putting 251 flats up for sale this Sunday, in a defiant launch against downbeat sentiments amid a worsening US-China trade war and the city’s biggest street protests in two decades.

Vanke Property (Hong Kong) will sell 251 units of its Grand Le Pont apartments in Tuen Mun this Sunday in the latest phase of its launch, with prices in the fourth catalogue starting from HK$4.66 million for a 353-square foot unit to HK$9.3 million (US$1.19 million) for a 738-sq ft (68 square metres) flat after discounts, according to a statement by the Shenzhen-based developer.

The sale, the biggest since 1,148 flats were offered by three developers in early May, would test buyers’ appetite for committing to big-ticket purchases in a city where real estate plays an outsize role as barometer of residents’ moods.

Sentiments in Hong Kong had been downbeat since May 10, when talks between the United States and China to end their year-long trade war ended in impasse. US President Donald Trump slapped 25 per cent tariffs on US$200 billion of Chinese products, and is holding the duties over another US$300 billion of imports to push China to give in to his demands.

The mood in Hong Kong has also turned sour after protests broke out in the city’s central business district, with tens of thousands of protesters blockading traffic and access to the legislature to block a bill that would allow for criminals to be extradited for prosecution.