Developers to flood market with 800 new flats in Hong Kong’s biggest two-day property sale in years
- The release of units at three projects in the New Territories comes as developers rush to sell amid growing signs the city’s property market is turning
More than 800 homes at three projects in Hong Kong’s New Territories will go on sale on Thursday and Friday in a rare move that will flood the market with flats targeting first-time homebuyers.
The release of 817 units by three different builders will mark one of the biggest two-day sales of new properties the city has seen in several years. It comes as developers rush to offload their projects amid growing signs that the city’s famous property bubble may be about to burst.
“It’s quite rare for developers to sell flats in the same week – the last time [in the Yuen Long area] was probably seven or eight years ago,” said Bernie Chan, a director at Midland Realty’s Yuen Long branch.
Developers have been accelerating their sales after the city’s home prices started to fall as rising mortgage rates, a moribund stock market and the impact of the US-China trade war take a toll on demand from buyers.
On Thursday, Chuang’s China Investments will offer 175 out of 371 units at the Esplanade in Tuen Mun, while Billion Development and Project Management will release 138 flats at its 667-unit The Horizon in Tai Po.