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Sandy Li

Home seekers are becoming more cautious as they digest the implications of the measures introduced by the city's central bank on Friday to cool the overheating housing market, according to some estate agents.
Over the weekend, five estates tracked by Midland Realty recorded zero transactions in the secondary residential market. For Amoy Gardens in Kowloon Bay, Tsuen Wan Centre in Tsuen Wan and Sunshine City in Ma On Shan it was the second consecutive week when no sales were registered.
In Taikoo Shing - the city's most actively traded estate - Midland Realty recorded three deals over the weekend, compared to two a week ago.
"The number of flat-view bookings have declined 10 per cent," said Herman Po, sales manager at the Taikoo Shing branch of the Hong Kong Property Services Agency.
He said buying interest was being deterred by the Hong Kong Monetary Authority's announcement making second mortgages harder to get in a move to combat the US Federal Reserve's third round of quantitative easing measures.
Under the new rules, house buyers who have more than one mortgage can borrow up to only 40 per cent of their monthly income, down from the typical 50 per cent.
Kenneth Chiu, assistant sales manager for Centaline Property Agency's Taikoo Shing branch said it had concluded one deal as of 7pm yesterday, compared to three on Saturday. "But transaction prices have shown no sign of falling because owners are standing firm on their asking prices," he said.
A 675 square foot flat with a 400 sq ft rooftop at Taikoo Shing changed hands for HK$8.3 million yesterday.
Lawrence Ng, sales director at Midland Realty's Mei Foo Sun Chuen office, said one investor, who holds about eight flats on the estate, sold one of his flats at lower than the original asking price.
He agreed to sell a 1,144 sq ft flat for HK$7.65 million, or HK$6,688 per sq ft, for about 4 per cent below his HK$7.98 million asking price, said Ng, adding that the transaction price was in line with the market level. He expected to conclude eight deals over the weekend, the same as the previous week.
Henderson Land Development's joint venture development, Double Cove, in Ma On Shan sold about 18 new flats yesterday while about 60 flats at Century Gateway, built by Sun Hung Kai Properties, in Tuen Mun have been snapped up since 107 went on sale on Wednesday.


Hong Kong’s February property sales fall to 5-month low as US-China tension spooks buyers

Slow weekend for HK property after cooling measures introduced

Slow weekend for sellers as people wait for effects of cooling measures