Hong Kong’s homebuying frenzy reaches down to small flats, as customers snap up Vanke’s Vau Residence in Ho Man Tin

Vanke Holdings (Hong Kong) sold 54 units, or 98 per cent of the 55 flats on offer at the Vau Residence project in Ho Man Tin as of 8pm, agents said

The developer received 530 bids for the offer, or up to nine buyers vying for each available flat, according to a spokesperson

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Buys queueing for Vanke Holding Hong Kong’s Vau Residence property at the developer’s sales office at The Campton in Cheung Sha Wan on June 19, 2021. Photo: Jonathan Wong

Published: 7:12pm, 19 Jun 2021Updated: 9:43am, 20 Jun 2021

Hong Kong homebuyers returned in droves to snap up new flats in Ho Man Tin on Saturday, showing confidence in the city’s property market amid the improving local coronavirus situation and early signs of economic recovery.

Vanke Holdings (Hong Kong), a unit of China’s third-largest developer China Vanke, sold 54 of the 55 units on offer at its Vau Residence project in Ho Man Tin as of 8pm, agents said, adding that they expect the remaining two units to sell out by the end of the day.

Around 530 bids were received for the units, or up to nine buyers vying for each available flat, according to a spokesperson.

“Homebuyers are showing more confidence in the property market,” said Louis Chan Wing-kit, Centaline’s vice-chairman and chief executive of residential in Asia-Pacific. “The coronavirus situation in the city has improved and we’re seeing more days without any new local infections. We’re also seeing early signs of an economic recovery. As the vaccination rate picks up, there are hopes that the border between mainland China and Hong Kong will reopen soon.”

An artist’s illustration of the lounge at Vau Residence in Ho Man Tin. Photo: Handout

Prospective homebuyers are also rushing to buy new flats as they are worried that home prices may increase over the coming months, Chan added. There is growing optimism that Hong Kong home prices will climb further this year as the city’s economy shows further signs of recovery.

Earlier this month, US investment bank Goldman Sachs said it expected a 5 per cent rise in home prices this year, while Shih Wing-ching, Centaline’s founder, has forecast a 15 per cent increase. Hong Kong’s economy expanded 7.9 per cent in the first three months of the year, the fastest quarterly pace in 11 years, beating economists’ forecasts and bolstering investors’ confidence in the city’s property market.

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