Hong Kong developers rushing 800 flats to market as easier Covid-19 rules break lull in home sales
- Loosening Covid-19 restrictions are helping to revive property sales after three months of anaemic sales
- Wheelock Properties raked in HK$3 billion of sales last weekend, showing some pent-up demand for housing
The government removed some social distancing measures from April 21 as health officials put the Covid-19 outbreak under some control, giving businesses a shot in the arm. The local economy may barely grow this quarter, after probably contracting 2.9 per cent in the first three months this year, the University of Hong Kong forecast.
“When the pandemic stabilises, everyone will speed up [sales activity],” said Ricky Wong, managing director of Wheelock Properties. “Developers had no way to do it in the last few months. It was impossible to launch a new project [due to the pandemic curbs],” he added.
04:10
Hong Kong businesses and facilities reopen as many Covid-19 restrictions lifted
Sales of new homes are likely to hit 1,200 units in April, said Derek Chan, head of research at Ricacorp Properties. If so, it will be the busiest month since 1,493 units recorded in December, according to Land Registry data. They could reach a 10-month high of 2,000 in May, he predicted.