Hong Kong buyers forfeit deposits on Grand Mayfair project after 25% market slump
Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago.
They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022 since the project commenced in the aftermath of the Covid-19 pandemic.
The units were from Tower Seven, with sizes ranging from 353 sq ft to 469 sq ft, sold between May and June 2022 for HK$7.12 million to HK$9.02 million each.
The 805-unit Grand Mayfair II project on 29 Kam Tin Road was co-developed by
Sino Land
K Wah International and
China Overseas Land and Investment . Sales were robust as buyers snapped up almost all of the units in two rounds of launches in May 2022 at an average price of HK$17,898 per square foot, according to Centaline Property.
Buyers flock to buy flats on offer at Grand Mayfair in Yuen Long in May 2022. Photo: Handout
'The buyers chose a stage-payment plan and bought the flats at a peak price compared to now,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'They might think of repurchasing another flat in neighbouring new projects, as prices have dropped considerably over the past few years.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Calling women ‘birdies' is offensive, deems South African advertising regulator
A billboard in South Africa showing two women in a car with the headline 'not your average birdies' has been ruled offensive, the advertising regulator said on Thursday. The ad, placed near a golf course in the city of Johannesburg, was for the real estate agency Chas Everitt, which can appeal against the ruling issued on June 13 by the Advertising Regulatory Board (ARB). 'The use of the term 'birdie' constitutes negative gender portrayal,' it said. 'This advertisement is also offensive ... as sexism is a problem that affects both women and broader society.' The decision followed an official complaint that there was 'no mention of property on the board nor images that connect them [the two women] in some way to the work [of real estate agents]'. 'It's not clear what attribute of the 'birdies' depicted in the billboard are above average; is it their looks, their car? Their make-up? Their hairdo?' the complainant was quoted as saying in the ruling. The real estate agency said a 'birdie' was desirable in golf and 'not offensive to women'. Photo: Kyodo The complainant also referred to a 'community WhatsApp conversation supporting that the advertisement is widely disliked'.
South China Morning Post
an hour ago
- South China Morning Post
US dollar uncertainty propels use of e-CNY
The geopolitical world is becoming multipolar. Inevitably, the international monetary system is also evolving towards one where several sovereign currencies coexist and compete with each other. Advertisement As the second-largest economy, China must broaden the international role and appeal of the yuan. To this end, it makes sense to set up a new operations centre in Shanghai, the key mainland financial hub, to boost the yuan's global reach. As announced at the just-concluded Lujiazui Forum in the city, the international operations centre will pilot a range of monetary policy tools to complement the rolling out of the digital renminbi. The strategy underscores Beijing's determination to promote the use of the e-CNY, a central bank digital currency (CBDC), on a worldwide scale. At a time when most countries are still grappling with the concept of a CBDC, China is moving full steam ahead. Successful trials in the retail use of e-CNY have been carried out across a dozen Chinese cities since 2023, and in Hong Kong since last year. Advertisement A promising cross-border payments and banking system called 'mBridge' is linking the CBDCs from the central banks of China, Hong Kong, the UAE, Saudi Arabia and Thailand.
South China Morning Post
3 hours ago
- South China Morning Post
Will new review system fix Hong Kong's civil service? Experts have doubts
Hong Kong needs to completely overhaul its civil servant review mechanism rather than add another layer of assessment to the existing system if the administration wants to improve performance and governance, observers have said. Advertisement While one lawmaker said the government should implement clear assessment criteria for civil servants, others stressed that objective performance measures for senior management were difficult to gauge. 'I think any changes would have to follow a fundamental review of the whole system,' said Mike Rowse, the former director general of InvestHK who worked in government for 28 years. 'Just adding a new layer … might not help much.' Chief Executive John Lee Ka-chiu had said authorities were considering introducing a new accountability system that would punish underperforming senior civil servants. Under the proposal, senior civil servants will undergo appraisals annually, with those underperforming facing consequences such as pay freezes. Advertisement Lee had stressed the new system would aim to strengthen leadership and improve policy implementation and would complement the existing accountability framework for principal officials that has been in place for 23 years.
