Fresh protests hit Hong Kong property sales, but weekend total highest since January amid pent-up demand

Prospective buyers stay put as police fire tear gas and arrest dozens after Beijing’s plan to impose national security law on the city brings thousands of demonstrators to the streets

Most developers who had put up flats for sale on Sunday fared poorly

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Demonstrators gather near Sogo department store in Causeway Bay to protest against China’s plan to impose a national security law on Hong Kong. Photo: Robert Ng

Published: 8:13pm, 24 May 2020Updated: 11:02pm, 24 May 2020

Hong Kong homes sales took a hit on Sunday as buyers were deterred by protests sparked by Beijing’s plan to impose a national security law on the city, although overall weekend sales reached a four-month high, according to agents.

Thousands took to the streets in the Causeway Bay shopping district to protest against the plan unveiled on Thursday to craft and pass a national security law for Hong Kong. Dozens were arrested by police who fired tear gas.

“Sunday’s sales have been lower due to road blockages caused by the protesters,” said Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property Agency. “But the combined sales of Saturday and Sunday is expected to be close to 300 units, a level not seen since January.”

“The figures show that the political situation has not had a big impact on home purchases … given negative interest rates after inflation, investors and users are still keen to buy as soon as the social distancing measures were relaxed a week ago.”

Sales of Sun Hung Kai Properties’ Wetland Seasons Park residential project went well on Saturday. Photo: May Tse

Henderson Land sold 40 of the first batch of 88 units, ranging from 197 sq ft to 257 sq ft, at its 488-unit Aquila Square Mile project in Mong Kok as of 6pm, agents said. The prices for the units range from HK$22,692 to HK$25,346 per sq ft after discounts of up to 7 per cent discount.