Heady mood fading from property sector

Business | Kevin Xu 12 Nov 2019

The bullish sentiment that run through the property market after promising words about mortgages in the chief executive's policy address has dissipated.

A three-room flat at Tung Chung Crescent changing hands for HK$8.2 million, or HK$10,804 per square foot, marked a new low for the year when compared with similar-sized homes in the estate. This sale went through after HK$300,000 had been cut from the asking price.

Mainland property developer Fullsun International (0627) was also left with property to move yesterday after selling only 10 out of 30 flats offered in the first batch at La Salle Residence in Ho Man Tin. That was despite Fullsun providing more discounts in its pricing. The 30 units range from 260 to 419 square feet and were offered for between HK$6.31 million and HK$13.8 million.

Still, overall stamp duty raised from home purchases in October was up 1.5 times from September to HK$2.45 billion, according to data from the Inland Revenue Department.

The amount of buyer's stamp duty collected soared by nearly 300 percent month-on-month to HK$880.4 million in October - a 16-month high.

And the amount of double stamp duty applied to residential property transactions surged by about 202 percent month-on-month to HK$1.18 billion.

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