Sino Land sees HK$4b in property sales in Hong Kong and China since July
Buoyant sales of properties in Hong Kong and mainland are cause for optimism, says chairman, despite uncertainties in residential market
Sino Land has reaped more than HK$4 billion from the sale of properties in Hong Kong and the mainland since July.
While many see uncertainties in Hong Kong's residential market, Sino Land chairman Robert Ng Chee Siong said the company would retain its business focus on the city, along with expansion on the mainland and Singapore.
He spoke after the annual meetings of Sino Land, its parent Tsim Sha Tsui Properties and hotel unit Sino Hotels.
Assets sold in the past few months include car parks, units at Tai Po residential development Graces and homes on the mainland.
"Buyers' sentiment has been hit after the [Hong Kong] government's property measures," Ng said, while adding that it would not affect the company's business operation. "We have been in Hong Kong for decades; we will continue to be here."
The government has taken a series of steps since October last year to curb prices, including imposing a 15 per cent buyer's stamp duty on residential purchases by non-resident and corporate buyers. It also imposed mortgage restrictions and taxes on quick resales.
In February, a further round of cooling measures was introduced, including the doubling of stamp duty levied on residential and non-residential property transactions valued at more than HK$2 million, and further tightening of mortgage lending.
Property transactions have slowed, prompting Sun Hung Kai Properties to recently offer discounted prices for the launch of the Cullinan residential development in West Kowloon.
New World Development and Wheelock also announced discounted prices for the Austin, a luxury project above the Austin MTR station that will be offered for sale on Saturday.
Ng said different companies had their own strategies. More than 40 units at the Graces had sold in the past month, he said.
Sino Land announced the price list for the latest batch of 20 units on Tuesday, with an average price of about HK$20,000 per square foot. Units will be offered for sale on Saturday.
Ng said Sino Land would put three residential developments up for sale this financial year: the 1,275-unit Avenue in Wan Chai, the 299-unit Park Metropolitan in Kwun Tong and a project on Lantau Island.
Sino Land has a net cash position as of June. Ng said it was in a strong position to face future challenges.