Developers and agents, desperate for transactions, have cut many of the latest deals at deep discounts.
HONG KONG – Hong Kong’s struggling property market has shown marked signs of improvement since the government scrapped all home buying curbs in late February.
Eased mortgage rules have also helped. Buyers of homes under HK$30 million can now obtain 70 per cent of mortgage financing, from 60 per cent previously. Other developers, including New World Development and Henderson Land, have also launched new home sales to warm reception. But, while scrapping the curbs has reinvigorated the flagging market, Prof Wong said “it would not necessarily boost property prices”.
The first batch of Wheelock’s brand new Lohas Park apartments were sold at 8 per cent lower than the average asking per square foot price of resale units in the vicinity. CK Asset’s Blue Coast flats were 27 per cent cheaper than the average per square foot price of new homes in nearby development La Montagne, sold just eight months earlier.
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