Sales at two new residential projects in Hong Kong have met with very different responses, with property market sentiment remaining cautious and buyers becoming more selective amid a deteriorating stock market and slowing economy in the city. By about 6.20pm Thursday, Sun Hung Kai Properties had sold all 328 units, ranging in size from 378 to 645 sq ft, at phase two of its Century Link development in Tung Chung, according to market sources. The pre-sale started at 9am Thursday after more than 6,100 potential buyers had registered. In contrast, Far East Consortium International saw a lukewarm response to its Aspen Crest project in Diamond Hill last weekend. The developer sold 135 units, or 58 per cent of the 234 units put on sale. On Wednesday, the government announced that residential transactions in the city plunged 27.8 per cent month on month in August to 3,896. Total sales value fell 30.27 per cent to HK$31.06 billion, according to the Land Registry. New World Development chairman Henry Cheng Kar-shun said the recent slowdown in sales had been exacerbated by stock market fluctuation. "Home buyers may probably come back when the stock market stabilises and macroeconomic conditions improve," he said. "It is hard to predict." Sammy Po, chief executive at Midland Realty's residential department, said the encouraging sale at Tung Chung indicated home seekers were becoming more selective in their purchases. "They prefer going for quality projects as they are more resilient should there be a market downturn," he said. Louis Chan Wing-kit, a managing director at Centaline Property Agency, said one of the firm's clients forked out HK$15 million to buy two flats. To speed up sales, SHKP offered an 11 per cent price discount and no interest or principal repayment for two and a half years on second mortgages. With discounts, the cheapest flat, a 378 sq ft unit, cost HK$3.82 million, or HK$10,119 per square foot. The most expensive was a 645 sq ft flat at HK$7.65 million. Buyers opting for the 30-month payment holiday on second mortgage loans would receive loans of up to 15 per cent of the purchase price, on top of the banks' 60 per cent loan ceiling for flats less than HK$7 million. Successful applicants would receive from the developer a cash rebate equivalent to the total repayment amount of 30 months of the second mortgage. "Developers usually will offer more incentives and financial aid to boost sales during weakening market sentiment," Po said. Industry experts said investors accounted for 40 per cent of buyers thanks to the special financing scheme.