Hong Kong’s homebuyers snapped up hundreds of new flats on Saturday, turning out in droves to defy an amber rainstorm warning and the US President Donald Trump’s threat to revoke the city’s special trade privileges amid an escalation of tensions with China. Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market value, sold 291 of 298 flats, or 98 per cent of units offered in the second batch of the second phase of its Wetland Seasons Park project in Tin Shui Wai as of 7.10pm, according to sales agents. “So far, customers are still very enthusiastic in coming out to pick the flats, and the crowd didn’t shrink because of the overnight news” of US actions on Hong Kong, said Midland Realty’s residential department chief executive Sammy Po, adding that he expects the batch to be sold out by the end of the day. SHKP raised the price for some of the best units in the second batch by 2 per cent, compared with last Saturday, after its encouraging result of selling more than 80 per cent of the flats. The first batch was sold at 18 per cent discounts. Coming fresh on the heels of one of the White House’s much-heralded punitive action on Hong Kong amid the lowest point in US-China relations, SHKP’s strong showing underscores how the city’s residential property market may be finding a temporary respite from its year-long slump. As many as 25 buyers registered to bid for every single available flat unit. Mass-market residential projects are likely to hold up better than commercial and high-end properties, as there is still a lot of demand by local residents who want to buy flats for their own use while supply is scarce, according to analysts and agents. In an indication of the strong demand, a total of 7,631 buyers put down a deposit to enter a lottery for the 298 flats at Wetland Seasons Park. The flats, located in northwestern New Territories, are priced at HK$10,842 to HK$15,670 (US$2,021) per square foot, with sizes ranging from 331 to 816 square feet (76 square metres). The value of the city’s new and secondary home transactions plunged 52 per cent to HK$33.7 billion in April from last year, according to government data. The Centa-City Leading Index, which tracks prices of used flats, declined about 6 per cent since a high in June 2019, when the anti-government protests started.