Free rail tickets and occupation before full payment among goodies being offered by developers to speed up sales after vacancy tax hits home
Promotions being rolled out after Hong Kong Chief Executive introduced slew of new policies in June aimed at getting more houses onto the market, and within the price range of more buyers
Developers are coming up with more buyers’ sweeteners in an effort to offload completed Hong Kong residential projects since a tough new “vacancy tax” and other housing policies were unveiled at the end of June in an effort to raise supply.
The latest round of incentives include longer completion dates and payment periods, and the offer of expensive free holidays, to entice buyers to sign on the dotted line.
Chief Executive Carrie Lam Cheng Yuet-ngor said she hoped the new policies will shift more houses onto the market and within the price range of more buyers, in what is now considered the world’s least affordable housing market.
They include a tax on vacant flats to ensure the quicker release of completed flats. Developers will also be required to sell at least 20 per cent of the total number approved by the Lands Department in the presale consent, including those sold through tender.
To help them [developers] sell flats as soon as they are ready, developers are launching a wide array of discounts and gimmicks … apart from setting prices that match market prices
Kerry Properties revealed a sales-completion arrangement on Monday of more than two years, or 738 days, for its vacant luxury 1,429-unit Mantin Heights development in Ho Man Tin, which had 300 flats unsold in April.