Friday, April 25, 2014   




Property market transactions turn frosty

Karen Ha

Thursday, January 26, 2012

Property deals went into cold storage on the coldest Lunar New Year in 16 years.

Over the five-day long weekend, there were only a few transactions in the primary and secondary markets. There were no new deals at The Coronation in West Kowloon, where sales have been high, while one unit in Chatham Gate in Hung Hom was reserved.

In the past two months, 620 apartments have been sold at The Coronation and 80 were offloaded at Chatham Gate.

In the secondary market, only seven units changed hands at the 10 benchmark residential projects, according to Midland Realty. Deals were noted only in Mei Foo Sun Chuen in Lai Chi Kok and Kingswood Villa in Tin Shui Wai.

ADVERTISEMENT

The number of secondary transactions is the second lowest in history. The lowest was four deals on Lunar New Year in 2010, also a cold and rainy day.

"A lot of potential buyers and homeowners are not in Hong Kong during the holiday," said Midland executive director Vincent Chan Kwan-hing. "On top of that, the cold and rain also kept interested buyers away from viewing flats."

Chan said sentiment will improve after the new year as it is traditionally the time when deals pick up.

In the meantime, real estate agents are feeling the chill in the market. Centaline Property said it handed out 1,700 warning letters to agents. This is unprecedented. Of these, 600 were to sales people. Some management grade people have also received warnings.

"These letters are only a reminder," said Centaline managing director for residential sales Louis Chan Wing-kit. "We do not have any plans to cut staff yet."

Another realtor, 18 Property, confirmed that it axed 30 staff, mostly from Kowloon.


© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.