Hong Kong's property market failed to match the momentum of the stock market although some vendors and developers offered buyers discounts and prizes.
Only six deals were recorded in Centaline Property Agency's top 10 housing estates over the weekend, plunging 50 percent from a week ago to a five-week low.
Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division, said some prospective buyers canceled their visits as the number of daily Covid cases hit a new high.
Chan said the number of second-hand transactions will continue to hover at a low level and may not recover until the pandemic subsides, adding that homeowners are more willing to cut their asking prices now.
A 537-square-feet flat with two bedrooms at Park Island in Tsuen Wan changed hands after the vendor reduced the price by HK$800,000, or 12 percent to HK$5.7 million, which was five percent lower than the market price.
Meanwhile, developer K Wah International (0173) has partnered with Midland Realty to offer the first 10 buyers who purchase any new flats at K Summit in Kai Tak through the agency this month a clothing care machine worth about HK$15,000.
Hong Kong's stock market, in contrast, posted its biggest post-Lunar New Year holiday advance since 2009 last Friday as traders played catch-up to gains in global equities and a rally in financials outweighed the impact of an overnight tech rout in the US.
The Hang Seng Index closed 3.2 percent and the Hang Seng Tech Index also climbed 3.1 percent. Gains were also seen in certain industries linked to the Winter Olympics, such as sportswear brands.
