Property hot again in Hong Kong after market curbs are eased

Buyers snapped up about 460 luxury flats as sales of four new developments were held yesterday. Experts said the easing of cooling measures had released pent-up demand.

The release saw a total of 642 flats put on sale at Grand Austin in Tsim Sha Tsui, Mayfair by the Sea in Tai Po, City Point in Tsuen Wan and The Long Beach in Tai Kok Tsui. By 7pm, 464 flats had sold. Agents said the number of investors buying properties was well up on last year.

Economist Andy Kwan Cheuk-chiu said the government's decision to relax rules that forced buyers of second homes to pay double stamp duty had boosted sales of new and second-hand properties.

All but five of the 209 flats on offer at Grand Austin were sold for between HK$12.59 million and HK$41 million, generating more than HK$3.75 billion for New World and Wheelock Properties.

"About 40 per cent of our clients bought the flats at Grand Austin for investment, while the remainder were for self-use. About 10 per cent are mainlanders," said Midland Realty chief executive Sammy Po Siu-ming.

He said 20 per cent of clients at Mayfair were investors, while just 10 per cent of buyers of new flats last summer were investors.