Hong Kong, Chinese developers hope to piggyback on robust secondary property market sales, to release more than 1,000 units
- Hong Kong and mainland Chinese property developers are hoping to piggyback on strong activity in the city’s secondary market and will release more than 1,000 units in the coming weeks
- CK Asset Holdings, China Evergrande, Sun Hung Kai Properties, Billion Development and Project Management, China Overseas Land & Investment, Grand Ming Group and HKR International have sped up launches to take advantage of improved market sentiment
Hong Kong and mainland Chinese property developers are hoping to piggyback on strong activity in the city’s secondary market and will release more than 1,000 units in the coming weeks.
The easing in mortgage lending applies only to completed residential flats, but developers are hoping to capitalise on positive sentiment in the market as they seek to shore up sales.
“If I was a developer, I too would squeeze in to sell in a more robust market,” said Keith Chang, senior director of realty investment at Savills. He added that the soon-to-be implemented vacancy tax would also contribute to a rash of property launches.
“Home seekers will quicken their buying decision in an upbeat [market],” said Joseph Tsang, chairman of JLL Hong Kong. He said developers also needed to catch up with their year-end sales targets.
“Spending has been severely hurt by more than four months of social unrest. Builders have to sell fast, as they will benefit from pent-up demand,” he said.
CK Asset Holdings, China Evergrande Group, Sun Hung Kai Properties, Billion Development and Project Management, China Overseas Land & Investment, Grand Ming Group Holdings and HKR International have all sped up launches to take advantage of an improved market sentiment.