Hong Kong developers to sell more flats as buyers return amid tax relief, stock rally
Hong Kong developers plan to put more flats on sale in the coming weeks, hoping to catch buyers amid signs the government's latest policy incentives are helping to revive demand.
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China Vanke said it would unveil the price list for its Le Mont project in Tai Po this week, while Sun Hung Kai Properties (SHKP) is slated to sell the first units in its Yoho West Parkside development in Tin Shui Wai.
Henderson Land Development, Wang On Properties and Kerry Properties are also coming back to the market this week. The trio sold 352 flats in their projects on Saturday, in the best weekend for new home sales in four months, after Financial Secretary Paul Chan Mo-po cut
stamp duties on small flats in the budget.
The performance came as a relief for Hong Kong's residential market after a rebound – aided by easier mortgage terms in October – petered out. A sharp rally in Hong Kong's US$5.9 trillion stock market has helped restore some equity wealth, helping buyers sidestep concerns about the interest-rate outlook and US-China trade tensions.
'More than 70 per cent of the [Le Mont] project consists of small and medium-sized flats, and the overall economic environment has gradually recovered,' said Quincy Chow Ming-hei, managing director at Vanke Hong Kong, a local unit of the mainland-based developer. 'The property market will be steady in the future.'
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