Covid resurgence weighs on sales

Business | Kevin Xu 14 Jul 2020

The Covid-19 resurgence is beginning to weigh on home sales. Wheelock Properties has closed the sales office for two days - yesterday and today - and Centaline Mortgage Broker estimates banks may put off mortgage approvals.

Banks are set to allow employers to work from home again due to the fresh round of local infections, which will inevitably postpone mortgage approval, said Centaline Mortgage Broker's managing director, Ivy Wong Mei-fung.

The one-month Hong Kong Interbank Offered Rate, which is linked to the mortgage rate, dropped to 0.38232 percent yesterday, a three-year low.

There were also three cases of forfeited deposits totaling HK$2.26 million over three flats at Sea To Sky in Tseung Kwan O.

Meanwhile, Sun Hung Kai Properties (0016) has released the sales brochure of Regency Bay in Tuen Mun.

Kwong Siu-hing, former SHKP chairperson and widow of co-founder Kwok Tak-seng, has increased her stake in the developer to 26.69 percent from 26.66 percent for about HK$82.96 million.

In the secondary market, a 589-sq-ft flat at blue-chip housing estate Taikoo Shing in Quarry Bay changed hands for HK$11.45 million, or HK$19,440 per sq ft, after HK$550,000 was cut from the initial asking price.

In the office market, the vacancy rate of Grade A offices in core areas has more than doubled in a year, up from 2.2 percent in June 2019 to 5.5 percent in June 2020, said property consultant Savills.

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