Huge deposit lost amid trade tensions

Business | Kevin XU 16 May 2019

A penthouse buyer canceled the transaction amid the uncertainty in the ongoing Sino-US trade war and expects to forfeit a deposit of nearly HK$7.55 million.

The HK$7.55 million forfeiture involved a 2,835-square-foot duplex at New World Development's (0017) The Pavilia Hill in Tin Hau, which the purchaser had agreed to buy earlier this month for HK$151 million, or HK$53,263 per sq ft.

But other transactions of luxury properties went through, including a 1,985-sq-ft townhouse at Wheelock and Co's (0020) Savannah in Tseung Kwan O, which sold for HK$56.7 million or HK$28,569 per sq ft.

Meanwhile, home owners in the secondary market are more willing to cut asking prices. A 418-sq-ft two-bedroom unit in New Kwai Fong Gardens in Kwai Chung changed hands for HK$6.99 million, or HK$16,718 per sq ft, after HK$220,000 was slashed from the original asking price.

A two-bedroom unit at Sunshine City in Ma On Shan, sized 464 sq ft, fetched HK$6.5 million, or HK$19,231 per sq ft -- HK$300,000 lower than the asking price.

In other news, service apartment The Mercury in Tin Hau launched 69 suites, ranging in size from 411 to 898 sq ft, with the cheapest unit offered at monthly rent of HK$25,500.

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