Hong Kong's weekend property sales reach 4-month high after stamp duty cuts
Hong Kong on Saturday saw its best weekend for new property sales in four months, with a total of 362 units expected to be sold across three projects, after the government lowered the stamp duty for small flats after
the budget address on Wednesday.
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Among the first-round offerings, Henderson Land Development's
Eight Southpark project in Kowloon City sold 70 of the 181 available units by 1pm, while Wang On Properties sold 55 of its 60 units on offer at the Coasto project in Ap Lei Chau, according to property agents.
Kerry Properties' Hava project in Yuen Long also performed well, selling 110 out of 121 units in its second-round sales, following last weekend's
complete sell-out of 250 units
The strong demand came after
Financial Secretary Paul Chan Mo-po , in his latest budget, adjusted the stamp duty on mass-market homes. The rate has been reduced to HK$100 ($12.90) from HK$60,000 for homes worth up to HK$4 million, instead of HK$3 million previously.
Financial Secretary Paul Chan Mo-po adjusted the stamp duty on mass-market homes in his latest budget. Photo: Elson Li
'The latest budget cuts down stamp duty for smaller flats, which will help encourage homebuyers to enter the market,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division for Hong Kong and Macau. 'A recent surge in Hong Kong's benchmark Hang Seng Index also motivated more buyers to enter the property market.'
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Po anticipated all three projects to sell out on Saturday, with first-hand property sales expected to exceed 360 units – the most in four months after the sale of 440 new flats on October 19.
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