China Evergrande’s Emerald Bay housing project in Tuen Mun is a sell-out as buyers find low prices, discounts hard to resist

The mainland developer sold all 167 flats on offer at its first housing project in Hong Kong

Starting price of HK$3.18 million (US$405,642) for a 223 square feet flat after discounts was a big draw

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Potential buyers queue up for their turn to buy flats in China Evergrande’s Emerald Bay residential project in Tuen Mun. Photo: May Tse

Published: 7:00am, 29 Oct 2019Updated: 7:00am, 29 Oct 2019

China Evergrande’s first project in Hong Kong got off to a flying start, as investors were attracted by the relatively low prices and an easing of mortgage rules, upstaging rivals that saw relatively modest sales last week.

The mainland developer sold all 167 flats on offer at its Emerald Bay project in protest-hit Tuen Mun on Monday, which has 1,982 units, including 22 villas. The results were far better than those seen at CK Asset Holding’s Seaside Sonata, Longfor and KWG Group’s Upper Riverbank, and Great Eagle Group’s Ontolo, as each of them sold less than half of their units last Friday.

Developers had put some 1,070 flats on the market over the past five weekdays.

“The [relatively low] pricing of Emerald Bay was a factor in attracting younger homebuyers,” said Sammy Po Siu-ming, chief executive of the residential division at Midland Realty.

An aerial view of Emerald Bay, which is being constructed in Tuen Mun. Photo: Winson Wong

Buyers were drawn by the starting price of HK$3.18 million (US$405,642) for a 223 square feet flat after discounts, or HK$14,260 per sq ft, with the developer throwing in sweeteners, such as flexible financing plans, stamp duty discounts and furnishing.

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