Date
27 July 2017
A two-bedroom unit at Uptown in Yuen Long was sold for HK$4 million after its owner cut the asking price by HK$200,000. Photo: HKEJ
A two-bedroom unit at Uptown in Yuen Long was sold for HK$4 million after its owner cut the asking price by HK$200,000. Photo: HKEJ

Home prices plunge below market levels amid poor sentiment

More secondary homes are being sold below market prices amid poor sentiment in the sector, the Hong Kong Economic Journal reported on Wednesday.

A two-bedroom unit at Uptown in Yuen Long had its asking price cut twice, or by HK$200,000, before a buyer acquired the property for HK$4 million.

That’s HK$7,561 per square foot, or 20 percent below the market level.

A two-bedroom flat at Taikoo Shing in Quarry Bay saw its price slashed seven times before it was sold at HK$7.67 million.

The per square foot price of HK$13,000 of the unit represented an 18 percent discount to the peak level in August last year and a return to its level over a year ago.

Another two-bedroom unit at Mount East in North Point saw its price cut by HK$1.6 million in four months.

The unit was sold at HK$8.2 million, or HK$14,900 per square foot, after an aggregate price cut of 16.3 percent. 

[Chinese version中文版]

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