Market Chatter: More Apartments Up for Sale in Hong Kong Following Interest Rate Cuts

MT Newswires Live09-30

More developers in Hong Kong are launching new apartments for sale over the weekend, with more home buyers snagging about 200 new units at two sites in the city, The Standard reported Monday.

Sun Hung Kai Properties (HKG:0016) increased the average price of 122 apartments in Kai Tak by 6.5% to HK$20,939 per square foot following discounts, the report said.

Another project by New World Development (HKG:0017) and Far East Consortium International (HKG:0035) at the old airport in Kai Tak also offered 155 new apartments, priced at about HK$4.2 million after discounts, the report said.

The lower-priced units launched after the slashing of interest rates "grabbed a large part of purchasing power," according to The Standard, citing Louis Chan Wing-kit, a vice chairman at Centaline.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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