Room for property prices to fall further: Lam

Business | Sunny Tse 24 Jan 2019

Chief Executive Carrie Lam Cheng Yuet-ngor said in Davos that Hong Kong property prices have room to fall further.

"Creating land and laying out transport infrastructure requires a lot of investment," she said. "That would be a helpful stimulus" to the economy.

Lam said that she wasn't "too optimistic" that the United States and China can reach a lasting trade deal before their three-month truce expires in March.

Meanwhile, Donald Choi Wun-hing, chief executive of Chinachem Group, and Shih Wing-ching, chairman of Centaline Group, both called for relaxation on mortgage lending.

The primary market recorded at least 20 deposit-forfeitures in the first 22 days of January and a total amount of HK$60 million was forfeited.

CK Asset's (1113) Harbour Glory in North Point recorded three forfeiture cases and a total of HK$12.76 million was forfeited. Sino Land's (0083) Mayfair by the Sea 8 in Tai Po sold 170 units out of 228 units yesterday and recorded HK$1.33 billion in sales.

The group said that most of the two-bedroom units have been sold and it will release another 118 units, including 18 special units, at HK$ 14,633 per square foot.

A buyer surnamed Cheung bought a two-bedroom unit at almost HK$6 million. He does not fear the property price will drop further and said: "No one can predict the future ... even maybe tomorrow is the end of the world."

Meanwhile, the Urban Renewal Authority's eResident has opened 450 units for sales and received 43 times oversubscription. The prices range from HK$3.14 million to HK$6.6 million which is HK$11,692 to HK$13,969 per sq ft.

There were price-cutting deals in the secondary housing market. A two-bedroom unit in Park Central in Tseung Kwan O with a saleable area of 436 sq ft, changed hands for HK$7.15 million or HK$16,399 psf. The seller asked for HK$7.8 million for a few months, representing a price reduction of HK$650,000. The property was purchased for HK$3.23 million in 2010.

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