Three major Hong Kong property developers are launching 1,476 new units in four residential projects, potentially locking in HK$300 million (US$38.71 million).
The sales are expected to put more pressure on the struggling secondary market, the Hong Kong Economic Journal reports.
Sun Hung Kai Properties Ltd. (00016.HK) and Hang Lung Properties Ltd. (00101.HK) are launching projects in Tseung Kwan O and Kowloon Station, respectively.
Meanwhile, Henderson Land Development Co. Ltd. (00012.HK) is putting two projects in Cheung Sha Wan and Kennedy Town up for sale.
Transactions in the secondary market in 10 major residential developments fell 20 percent during the weekend compared with a week ago.
The first-hand market posted its lowest weekly transactions in 13 weeks after four consecutive weeks of decline.
With a slew of new units coming on stream, homebuyers are expected to focus on the first-hand market, Centaline Property Agency Ltd. executive director Louis Chan was quoted as saying.
On the other hand, the secondary market, is likely to remain stagnant, he said.
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