Smallest flats see brisk demand at first Hong Kong home sale after Xi speech underlining desire for larger homes

Name: Roadblocks, heightened security as Chinese president visits Hong Kong for 25th handover anniversary
Uploaded: 2022-07-10T08:50:20.000Z
Duration: 4 min 35 s
Description: Roadblocks, heightened security as Chinese president visits Hong Kong for 25th handover anniversary

Twenty units, most of them 199 sq ft, sold within the first hour of sales at The Vim

The smallest units have been priced at HK$3.46 million (US$440,828), while the most expensive flats are priced at HK$5.87 million

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Potential buyers at the sales office of The Vim in Cheung Sha Wan on Sunday. Photo: Edmond So

Enoch Yiu

Published: 4:50pm, 10 Jul 2022

The smallest flats at a development in Hong Kong’s Sham Shui Po district sold briskly on Sunday afternoon, in what is the first new property sale after Chinese President Xi Jinping said the city’s residents desired bigger homes.

Twenty units, most of them 199 sq ft, sold within the first hour of sales at The Vim, according to Centaline Property Agency, the development’s sole agent. A total of 50 such flats – the project’s smallest units – are on offer at The Vim, which has been developed by Hong Kong-listed Carrianna Group Holdings and private builder Choice Investment Holdings. It is expected to be completed in December next year.

“The Vim is proving to be popular among first-time, young homebuyers, who have a limited budget and are focused on buying affordable flats in convenient locations,” said Louis Chan, vice-chairman and CEO of Centaline’s residential department in Asia-Pacific. “The sales are within expectations – we have seen strong demand from first-time homebuyers who want to live in a city area with MTR access.”

The sales at The Vim come less than a fortnight after Xi’s visit to the city during the inauguration of Hong Kong’s new administration. “At present, what the people of Hong Kong desire the most is a better life, a bigger flat, more business start-up opportunities, better education for kids and better elderly care. What the people call for, we must strive to deliver,” he said in a speech on July 1. The Chinese president also marked the 25th anniversary of the city’s handover to Chinese rule.

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Roadblocks, heightened security as Chinese president visits Hong Kong for 25th handover anniversary

Moreover, in December last year, the Hong Kong government set 280 sq ft as the minimum size for new living spaces built on government land. This, however, does not cover buildings already under construction at the time of the introduction of the rule.