Hong Kong homebuyers return in droves for a sell-out weekend of flats offered by Sun Hung Kai and Henderson Land

Hong Kong’s homebuyers turned up in droves to snap up new flats at two projects on Saturday, shrugging aside concerns about the city’s unemployment and the worst economic recession in decades, as social-distancing regulations eased.

Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by value, sold 126 of 133 flats, or 95 per cent of the units offered in the first batch of the third phase of its Wetland Seasons Park project in Tin Shui Wai as of 9pm today. As many as 22 buyers registered for each available flat.

In Sai Ying Pun, Henderson Land Development sold 96 per cent, or 77 of the 80 units offered at Two Artlane, with around nine bidders vying for each flat, agents said.

“Some homebuyers may not have dared to come out to view real estate projects over the last two or three weeks, but with the easing of social-distancing regulations and economic activities slowly going back to normal, more prospective buyers have come out,” said Louis Chan Wing-kit, Centaline‘s vice-chairman and chief executive of residential division in Asia-Pacific.

The potential sell-out weekend vindicates the decision by developers to put their projects back on the market, as generous discounts and easier financing enticed investors and shoppers back to property launches. New daily confirmed cases have fallen to single digits, giving local authorities the confidence to let restaurants and pubs stay open until midnight, while other entertainment venues closed since July 15 were allowed to reopen.