The Great HK Property Fire Sale is Underway



ORIGINAL POST
Posted by Ed 48 days ago
Cash-strapped HK property owners are offering assets for sale for as much as 30% off as the coronavirus impacts mount.  
 
An investment fund manager in London indicated that some assets were already price at 20-30% off prior to the pandemic, so there are expectations of deeper discounts to come 
 
Read More on the SCMP 

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COMMENTS
Ed 8 days ago
Hong Kong’s homebuyers shun property sales for the fourth weekend in a row as they await better deals amid a glut of options
 
- Wheelock Properties sold 13 flats, or 13 per cent of the 101 units on offer at its Grand Marini in Lohas Park as of 6:45pm, sales agents said
 
- CK Asset is likely to launch its Sea to Sky apartments in the same neighbourhood next month. The developer will be joined by several
 
Hong Kong’s property sales flopped for the fourth straight weekend, as homebuyers turned their backs on unsold projects to wait for better discounts, amid a real estate slump in the city’s worst economic contraction in decades.
 
Wheelock Properties sold 13 flats, or 13 per cent of the 101 units on offer at its Grand Marini project in Lohas Park as of 6:45pm, sales agents said. The same project was 90 per cent sold two months earlier, with 18 potential buyers vying for every available unit then.
 
“These are leftover stock,” said Ricacorp Properties’ associate director Alvin Leung, adding that prices of the latest phase had been gradually raised after the successes of the previous sales.
 
“Buyers are adopting a wait-and-see attitude, in anticipation of CK Asset’s upcoming project” that is expected to launch in the same neighbourhood in June, he said. 
 
 

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