Hong Kong’s home sales flop for a second consecutive weekend as worsening US-China relations give buyers more cause for pause
- Two flats were sold out of 104 on offer in three districts across Hong Kong, marking the worst sales weekend since the city climbed out of a five-month slump in January
- Wang On Properties managed to sell two flats out of 86 units in Yau Tong. No transactions were reported at Cetus Square Mile in Mong Kok or one Artlane in Sai Ying Pun
Two flats were sold out of 104 units on offer in three districts across the city, marking the worst sales weekend for developers since the city emerged from its five-month price correction in January.
Wang On Properties managed to sell two of the 86 flats at its Maya by Nouvelle project in Yau Tong as of 5:40pm, sales agents said, a far cry from the March 23 frenzy when the developer sold 73 per cent of 99 available units. Three buyers who committed earlier reneged on their contracts, and had to forego their deposits.
Not a single transaction was recorded for the 12 flats at Henderson Land Development’s Cetus Square Mile in Mong Kok, or for the six units of One Artlane in Sai Ying Pun, agents said.
“Developers and buyers alike are carefully reassessing the outlook of the property market, as the trade war stretches to the technology sector, raising concerns about a long-lasting tension between the US and China,” said Ricacorp Properties’ research head Derek Chan. “Weak sentiment is expected to dominate the market for a while since the trade war is unlikely to end any time soon.”