Security law rattles homebuyers

Business | Kevin Xu 26 May 2020

Homebuyers are backing out of deals amid fears of a price slump sparked by Beijing's introduction of the new national security law, with K Wah International (0173) recording nine cases of forfeited deposits at Solaria in Tai Po, totaling HK$11.83 million.

The nine flats, measuring between 325 square feet and 597 sq ft, are offered at HK$6.28 million to HK$10.92 million.

Meanwhile, a prospective homebuyer forfeited deposits of about HK$380,000 after calling off the purchase of a 327-sq-ft flat at The Vertex in Cheung Sha Wan, which was offered at HK$7.69 million.

Another buyer gave up deposits of around HK$460,000 after canceling the purchase of a 484-sq-ft flat at Seaside Sonata in Sham Shui Po that was priced at HK$9.13 million.

In Tuen Mun, however, Wing Tai Properties (0369) sold a 619-sq-ft flat at OMA by the Sea for HK$10.05 million, or HK$16,244 per sq ft, a new high at the estate.

In the commercial property market, "Shop King" Tang Shing-bor is planning to sell five street shop premises in Yau Ma Tei, Shau Kei Wan, Prince Edward, Jordan and Wan Chai, respectively, worth about HK$1.5 billion in total.

In the secondary market, a 604-sq-ft flat at Serenity Place in Tseung Kwan O changed hands for HK$7.4 million, or HK$12,252 per sq ft, after HK$280,000 was cut from the initial asking price.

In Tsuen Wan, a 659-sq-ft flat at D Park fetched HK$10.8 million, or HK$16,388 per sq ft, after HK$1.2 million was cut from the original asking price.

Elsewhere, the overall Hong Kong Interbank Offered Rate saw a rally yesterday. The one-month Hibor, which is linked to the mortgage rate, increased to 1.13345 percent.

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