Property transactions in a tailspin

Business | Kevin Xu 26 Aug 2019

Realty agents continued to report single-digit transactions in the secondary market over the weekend, while the number of property transactions was forecast to plummet 47 percent from its peak in May this year, amid ongoing anti-government protests and the escalating Sino-US trade tensions.

Midland Realty recorded only three transactions in 10 major housing estates, down by one from a week before and the 14th consecutive weekend of single-digit transactions.

Meanwhile, the number of registered agreements for the sale and purchase of building units in August is expected to fall 13.8 percent month-on-month to 5,500, or by 47 percent compared with 10,353 in May, according to Centaline Property Agency.

In other news, a 638-sq-ft flat at Kingswood Villas in Tin Shui Wai sold for HK$5.75 million, or HK$9,013 per sq ft, after HK$650,000 was slashed from the asking price.

In the primary market, Billion Development and Project Management sold all 216 flats of the third batch of flats at The Aurora in Tsuen Wan on Saturday.

Separately, Wheelock and Company (0020) released 130 flats in the second batch of its Lohas Park Phase IXA Marini in Tseung Kwan O on Saturday, which are being offered at an average price of HK$15,815 per square foot after discounts, about 5.5 percent higher than that of the first batch.

The first two batches of 260 homes were 16 times oversubscribed, receiving more than 4,300 checks over three days.

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