Hong Kong developers to sell more flats as buyers return amid tax relief, stock rally
China Vanke and Sun Hung Kai Properties will put more units on the market after the city recorded its best weekend in four months for new home sales
Hong Kong developers plan to put more flats on sale in the coming weeks, hoping to catch buyers amid signs the government’s latest policy incentives are helping to revive demand.
China Vanke said it would unveil the price list for its Le Mont project in Tai Po this week, while Sun Hung Kai Properties (SHKP) is slated to sell the first units in its Yoho West Parkside development in Tin Shui Wai.
The performance came as a relief for Hong Kong’s residential market after a rebound – aided by easier mortgage terms in October – petered out. A sharp rally in Hong Kong’s US$5.9 trillion stock market has helped restore some equity wealth, helping buyers sidestep concerns about the interest-rate outlook and US-China trade tensions.
“More than 70 per cent of the [Le Mont] project consists of small and medium-sized flats, and the overall economic environment has gradually recovered,” said Quincy Chow Ming-hei, managing director at Vanke Hong Kong, a local unit of the mainland-based developer. “The property market will be steady in the future.”
The first phase of Le Mont would provide 403 flats, ranging from 241 sq ft to 961 sq ft, Chow said. These include 25 studios, 131 one-bedroom units, 161 two-bedroom flats, 43 three-bedroom units and 14 four-bedroom units. There would also be 29 units of podium and rooftop-featured units, he added.