Hong Kong flats snapped up despite interest rate warning
Poly Property Group says 140 units are sold in a day at Vibe Centro project on old airport site at Kai Tak
Hong Kong residents’ unceasing demand for new flats allowed Poly Property Group to shrug off last week’s disappointment by selling at least 75 per cent of units at its latest residential project.
Poly, the Hong Kong-listed arm of state-owned China Poly Group, had sold 140 units of its Vibe Centro project, as of 7.30pm on Saturday, the developer’s first sale in the city.
A spokeswoman for the company said the group was broadly satisfied with the day’s sales, and added that as of 8pm there were still prospective buyers at its sales office, so it was hoping for further sales.
The project is at Kai Tak, the site of Hong Kong’s former airport, where last week Poly failed to acquire its third plot of land in the city.
Then it was outbid by mainland conglomerate HNA Group and Hong Kong firms Wheelock Properties and K. Wah International.
Despite last week’s interest rate rise, Hongkongers are still pursuing property and Sammy Po, chief executive of the residential department at Midland Realty, said he expected to see 3,000 transactions this month beating last September’s monthly record.
He also said he anticipated 6,000 transactions in the first three months of the year, 80 per cent more than in the same period last year.
