Hong Kong homebuyers turn up in droves to snap up Wetland Seasons flats, ignoring US action to revoke city’s trade status

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As many as 25 buyers registered for every one of Sun Hung Kai Properties’ 298 flats at the Wetland Seasons Park project in Tin Shui Wai

The developer sold 98 per cent of the flats on offer at 7:10pm, sales agents said, adding that the project is likely to sell out by the day’s end

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.

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Home buyers lining up for phase two of the Wetland Seasons Park project sale at International Commerce Centre, Kowloon Station on 30 May 2020. Photo: Jonathan Wong

Yujing Liu

Published: 2:36pm, 30 May 2020Updated: 7:15pm, 30 May 2020

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.

Wetland Seasons Park under construction at 9 Wetland Park Road in Tin Shui Wai on 28 December 2019. Photo: Edmond So

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.