New World Development, a prominent Hong Kong-based property developer, saw its shares surge by 6.43% on September 30, 2024, driven by robust demand for its latest residential project launched in collaboration with Far East Consortium International.

The two companies unveiled a new residential development at the former Kai Tak airport site, offering 155 apartments for sale. Despite the challenging market conditions, the units were priced attractively at around HK$4.2 million after discounts, attracting strong interest from home buyers.

The surge in demand for new apartments is attributed to the recent slashing of interest rates, which has made home purchases more affordable for buyers. According to Louis Chan Wing-kit, a vice chairman at Centaline, the "lower-priced units launched after the slashing of interest rates grabbed a large part of purchasing power."