Latest news with #KerryProperties'
South China Morning Post
30-03-2025
- Business
- South China Morning Post
Shanghai's luxury property market thrives while downturn persists in mass housing segment
Investors are snapping up luxury homes in Shanghai in the 30 million yuan (US$4.2 million) plus range, as they expect super expensive homes in China's commercial and financial hub to continue to buck the overall downward trend in the real estate market, according to market observers. Advertisement But the rosy performance of this segment alone was not enough to bail out the city's embattled property sector and the wider industry, they added. The recent buying euphoria was evident during the recent sale of Kerry Properties' Jinling Residence 'Frenetic buying of flats in Kerry's new project adds to the evidence that Shanghai and its land remained attractive to cash-rich people,' said Zhu Xinhai, a sales manager with Shanghai-based 5i5j Real Estate Brokerage. 'But most middle and low-income residents are still wary of the property market outlook despite strong housing demand.' A worker mops the floor at an exhibition hall against a backdrop of buildings in Shanghai. Photo: Reuters Earlier this month, 158 units at Jinling Residence, priced from 40 million yuan to 170 million yuan, were snapped up within 24 hours, bringing in more than 9.2 billion yuan for the Hong Kong-listed developer.
South China Morning Post
01-03-2025
- Business
- South China Morning Post
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. Advertisement 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.' Advertisement 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.
South China Morning Post
22-02-2025
- Business
- South China Morning Post
Hong Kong posts second sell-out weekend with Kerry's Hava flats
Published: 6:53pm, 22 Feb 2025 Hong Kong's homebuyers snapped up every flat on offer during a weekend sales launch on Saturday, as attractive prices amid a stock market rally bolstered sentiment in the city's tepid property market. All 250 flats at Kerry Properties ' Hava project in Yuen Long were snapped up by 4.30pm, sales agents said. The flats, ranging from 282 to 403 square feet, were on sale at an average HK$10,658 per square foot. 'The project is in Yuen Long, which is convenient, with a good living environment,' which makes it popular with owner-occupiers as well as investors, said Sammy Po Siu-ming, the CEO of Midland Realty's residential division for Hong Kong and Macau. The small apartments, priced between HK$2.6 million and HK$5 million, were attractive to younger, first-time buyers who were looking to own property for their own use, Po said. An undated photograph of the construction site of Kerry Properties' Hava project in Yuen Long. Photo: Google Map Investors also found the project's price and rental yield attractive, projected at about 5 per cent per annum, Po said. About 30 per cent of the buyers at Hava were investors on the lookout for tenants, he said.
