Hong Kong's primary market shone at the expense of the secondary market over the weekend, with further discounts offered by developers.
Country Garden Properties (Hong Kong) sold 40 out of 60 units at Allegro in Kowloon City in the first round of sales on Saturday for HK$230 million. The quick sales came after the developer slashed prices by about 30 percent from the previous price list in 2022.
And the Hong Kong branch of Country Garden (2007) offered discounts of as high as 40 percent to lure homebuyers.
Later, the developer put 17 more flats for sale, with the cheapest priced at HK$3.94 million after discounts.
The second round of sales will start as soon as Wednesday.
Meanwhile, Emperor International (0163) sold two more flats at the SouthSky in Aberdeen over the weekend.
To speed up its inventory reduction, Emperor added two more payment schemes with additional discounts of as high as 5 percent for flats D and E in the project.
The primary market is estimated to have recorded over 380 deals this month so far.
In contrast, the 10 major housing estates saw the number of transactions fall for a third week in a row by 50 percent weekly to three over the past weekend, according to Centaline Property. The drop also sent the figure to a new low in seven weeks.
Seven housing estates tracked by Centaline reported zero deals on Saturday and Sunday.
Midland Realty said its 10 blue-chip housing estates recorded seven deals, the same as the previous weekend, blaming the lackluster secondary market on low-priced new projects.
Meanwhile, price cuts for second-hand homes continued with a flat at The Pavilia Hill in Tin Hau selling for HK$14.5 million, 27 percent cheaper than the asking price in December 2022.
