Market Chatter: Hong Kong Homebuyers Brave Typhoon Signal to Snap Up Flats After Rate Cut

MT Newswires Live
Sep 22

Hong Kong homebuyers shrugged off a No. 3 typhoon signal on Friday to purchase apartments at two major property sales, a day after banks lowered prime lending rates following the city's first monetary easing in years, the South China Morning Post reported.

New World Development (HKG:0017) and CK Asset Holdings (HKG:1113) sold 120 units, or 66% of the 190 flats on offer, the report said, citing agents.

New World reportedly sold 115 of 120 units at its House Muse project in Kowloon City, fetching an average HK$18,251 per square foot after discounts. The remaining five flats were offered through a tender process.

CK Asset, the flagship developer of tycoon Li Ka-shing, placed five of the final 70 units of Blue Coast II in Wong Chuk Hang, priced at HK$10.2 million to HK$20.2 million, or HK$22,684 per sq ft on average after discounts, according to SCMP.

(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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