Hong Kong's homebuyers defy banks' jitters in snapping up flats built by little-known developer in fourth straight sell-out weekend

three-month period ending in August

Hong Kong’s homebuyers continued to pile into the residential property market, snapping up three of four flats on offer in two districts across the city, encouraged by an improving local economy and prospects of easy financing.

Up to 194 of 265 apartments, or 73 per cent, of available new flats on offer at two projects were sold as at 5:00pm, sales agents said.

Kwai Hung Group sold 126 of 130 flats released in the first batch of the Mangrove project in Hung Hom, defying the banks that pulled the plug on mortgage financing amid concerns over the developer’s ability to complete the project. At Wong Chuk Hang in the south of Hong Kong Island, Kerry Properties sold 69 out of 135 flats at La Marina, jointly developed with Sino Land and MTR Corporation.

“The price of most homes at Mangrove are below HK$6 million (US$771,000), so it is particularly alluring to young home seekers looking for their first homes,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division, adding that combined sales on Saturday and Sunday are expected to mark the fourth consecutive weekend of sell-out launches. “The sentiment recently is quite good with the Covid-19 getting eased and the city’s economy recovering.”

three-month period ending in August

Kwai Hung Group’s Mangrove apartment complex under construction at 68 Ma Tau Wai Road in Hung Hom on 17 September 2021. Photo: Edmond So.

Hong Kong’s unemployment rate fell last month to its lowest level since the coronavirus pandemic began, with the local economy buoyed by the government’s multibillion-dollar e-voucher scheme.

Figures from the Census and Statistics Department released on Thursday showed that the rate dropped to 4.7 per cent for the three-month period ending in August, the lowest since early 2020.

More property buyers are rushing into the market to get ahead of rising prices and potentially higher mortgage rates as the local monetary authority is expected to raise interest rates in lockstep with the US Federal Reserve’s tapering policy.

Some investors are also looking to park their capital in fixed assets amid near-zero interest rates.

Hong Kong’s sales of newly completed homes are on track to reach a record 2,000 units in September, a 55 per cent increase from August, the best since May, according to Centaline Property.

Mangrove, scheduled for delivery in June 2022, comprises 130 flats in total, ranging from 186 to 333 square feet (30.9 square metres), from studios to one-bedroom flats. Prices began at HK$3.3 million, going up to HK$9.08 million with the average ranging between HK$17,281 per square foot to HK$28,016 per sq ft.

This week, several banks including HSBC, Bank of China (Hong Kong), Hang Seng Bank, Bank of East Asia (BEA) and Standard Chartered, pulled the plug on mortgage loans for uncompleted units at Mangrove, the first time in Hong Kong’s history that large banks simultaneously refused to take mortgages for incomplete units.

three-month period ending in August

Kerry Properties’ La Marina project near Wong Chuk Hang subway station on 9 September 2021. Photo: Martin Chan.

It could be that banks are not familiar with the developer, Kwai Hung, which has not offered a new housing project for sale since 2002, according to mReferral Mortgage Brokerage Services.

Still, property buyers shrugged aside the lack of mortgage loans for the Mangrove project, with more than 8,117 buyers registering their interest to buy, or 63 buyers vying for every available flat.

At Wong Chuk Hang, the 135 units of La Marina, measuring between 186 and 334 square feet, were offered for sale at an average price of HK$36,590 per sq ft, or 18 per cent higher than the average price it first launched last month.

Internet Explorer Channel Network
News Related

OTHER NEWS

Driver was behind wheel at time of Texas Tesla crash, NTSB says

Both the driver and a passenger were in the front seats with belts buckled, the NTSB found. Texas authorities previously said that "no one was driving the car." Read more »

Google is still 'all in' on health care: Chief health officer Karen DeSalvo

Alphabet's Google is “still all in on health,” according to its chief health officer, despite the demise of its recent attempt at a formalized business unit for the health-care sector. ... Read more »

Leiden company gets millions for snake venom medicine

VarmX’s drug consists of a protein inspired by the venom of the Australian brown snake, the second most venomous species in the world. Researchers at the biotech company discovered which ... Read more »

AutoNation shares hit new all-time high after reporting record quarterly earnings

AutoNation's stock reached a new all-time record of more than $130 a share Thursday after the nation's largest seller of new cars reported its sixth consecutive quarterly earnings record. AutoNation ... Read more »

L&T's ESG thrust aims to achieve carbon, water neutrality in less than two decades

L&T, along with its subsidiaries, aims to achieve ‘water neutrality’ by the year 2035. Large companies in India have been quick to embark on the road to sustainability and the ... Read more »

Tech facilitates Ease of Doing Business; Online building permission system in all cities by March 2022: Housing Secretary

Representative image Stating that technology will play a pivotal role in building the future of the real estate industry and help facilitate ‘Ease of Doing Business’, Housing and Urban Affairs ... Read more »

Facebook's Oversight Board releases quarterly transparency report, says company wasn't ‘forthcoming'

Representative image Facebook Inc.’s Oversight Board on October 21 published its quarterly transparency report and said that the social media giant had not been ‘fully forthcoming’ with the board on ... Read more »

Hainan consumer sector up 31.9% from January to September

The main factor contributing to the increase in retail sales was value-added consumer goods Read more »

East West Consolidated September 2021 Net Sales at Rs 57.75 crore, up 52.27% Y-o-Y

Reported Consolidated quarterly numbers for East West Holdings are: Net Sales at Rs 57.75 crore in September 2021 up 52.27% from Rs. 37.92 crore in September 2020. Quarterly Net Profit ... Read more »

Tinna Rubber an Consolidated September 2021 Net Sales at Rs 54.62 crore, up 76.4% Y-o-Y

Reported Consolidated quarterly numbers for Tinna Rubber and Infrastructure Ltd. are: Net Sales at Rs 54.62 crore in September 2021 up 76.4% from Rs. 30.96 crore in September 2020. Quarterly ... Read more »

Indiamart Inter Consolidated September 2021 Net Sales at Rs 182.40 crore, up 11.76% Y-o-Y

Reported Consolidated quarterly numbers for Indiamart Intermesh are: Net Sales at Rs 182.40 crore in September 2021 up 11.76% from Rs. 163.20 crore in September 2020. Quarterly Net Profit at ... Read more »

Sasken Tech Consolidated September 2021 Net Sales at Rs 108.65 crore, up 1.28% Y-o-Y

Reported Consolidated quarterly numbers for Sasken Technologies are: Net Sales at Rs 108.65 crore in September 2021 up 1.28% from Rs. 107.28 crore in September 2020. Quarterly Net Profit at ... Read more »

IDBI Bank Consolidated September 2021 Net Interest Income (NII) at Rs 1,860.03 crore, up 9.21% Y-o-Y

Reported Consolidated quarterly numbers for IDBI Bank are: Net Interest Income (NII) at Rs 1,860.03 crore in September 2021 up 9.21% from Rs. 1703.2 crore in September 2020. Quarterly Net ... Read more »

IDBI Gold ETF Consolidated September 2021 Net Interest Income (NII) at Rs 1,860.03 crore, up 9.21% Y-o-Y

Reported Consolidated quarterly numbers for IDBI Gold ETF are: Net Interest Income (NII) at Rs 1,860.03 crore in September 2021 up 9.21% from Rs. 1703.2 crore in September 2020. Quarterly ... Read more »

Tejas Networks Consolidated September 2021 Net Sales at Rs 172.78 crore, up 56.99% Y-o-Y

Reported Consolidated quarterly numbers for Tejas Networks are: Net Sales at Rs 172.78 crore in September 2021 up 56.99% from Rs. 110.06 crore in September 2020. Quarterly Net Profit at ... Read more »

Reliance shareholders approve appointment of Aramco Chairman Yasir Al-Rumayyan on board

Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. ... Read more »

Angel Broking Consolidated September 2021 Net Sales at Rs 527.34 crore, up 70.19% Y-o-Y

Reported Consolidated quarterly numbers for Angel Broking are: Net Sales at Rs 527.34 crore in September 2021 up 70.19% from Rs. 309.86 crore in September 2020. Quarterly Net Profit at ... Read more »

The existing model of capitalism has run its course — Putin

© Dmitry Feoktistov/TASS The existing model of capitalism has run its course – Putin Read more »

Deep Polymers L Consolidated September 2021 Net Sales at Rs 43.20 crore, up 423.38% Y-o-Y

Reported Consolidated quarterly numbers for Deep Polymers Limited are: Net Sales at Rs 43.20 crore in September 2021 up 423.38% from Rs. 8.25 crore in September 2020. Quarterly Net Profit ... Read more »

20 Microns Consolidated September 2021 Net Sales at Rs 162.28 crore, up 26.15% Y-o-Y

Reported Consolidated quarterly numbers for 20 Microns are: Net Sales at Rs 162.28 crore in September 2021 up 26.15% from Rs. 128.64 crore in September 2020. Quarterly Net Profit at ... Read more »

Cramer calls Tesla's quarterly results 'perfect,' sees stock going to $1,000

Jim CramerScott Mlyn | CNBC CNBC's Jim Cramer said Thursday that Tesla's third-quarter earnings were “perfect,” predicting the stock will eventually reach $1,000 per share. Read more »

VST Standalone September 2021 Net Sales at Rs 360.86 crore, up 20.15% Y-o-Y

Reported Standalone quarterly numbers for VST Industries are: Net Sales at Rs 360.86 crore in September 2021 up 20.15% from Rs. 300.33 crore in September 2020. Quarterly Net Profit at ... Read more »

Indiamart Inter Standalone September 2021 Net Sales at Rs 181.60 crore, up 12.24% Y-o-Y

Reported Standalone quarterly numbers for Indiamart Intermesh are: Net Sales at Rs 181.60 crore in September 2021 up 12.24% from Rs. 161.80 crore in September 2020. Quarterly Net Profit at ... Read more »

Kabra Extrusion Standalone September 2021 Net Sales at Rs 83.10 crore, up 20.3% Y-o-Y

Reported Standalone quarterly numbers for Kabra Extrusion Technik are: Net Sales at Rs 83.10 crore in September 2021 up 20.3% from Rs. 69.08 crore in September 2020. Quarterly Net Profit ... Read more »

IDBI Div 95 Standalone September 2021 Net Interest Income (NII) at Rs 1,853.65 crore, up 9.35% Y-o-Y

Reported Standalone quarterly numbers for IDBI Div I NIT 95 are: Net Interest Income (NII) at Rs 1,853.65 crore in September 2021 up 9.35% from Rs. 1695.13 crore in September ... Read more »

East West Standalone September 2021 Net Sales at Rs 2.26 crore, up 97.88% Y-o-Y

Reported Standalone quarterly numbers for East West Holdings are: Net Sales at Rs 2.26 crore in September 2021 up 97.88% from Rs. 1.14 crore in September 2020. Quarterly Net Loss ... Read more »

Supreme Petro Standalone September 2021 Net Sales at Rs 1,190.76 crore, up 71.57% Y-o-Y

Reported Standalone quarterly numbers for Supreme Petrochem are: Net Sales at Rs 1,190.76 crore in September 2021 up 71.57% from Rs. 694.06 crore in September 2020. Quarterly Net Profit at ... Read more »

Just Dial Standalone September 2021 Net Sales at Rs 155.98 crore, down 6.89% Y-o-Y

Reported Standalone quarterly numbers for Just Dial are: Net Sales at Rs 155.98 crore in September 2021 down 6.89% from Rs. 167.53 crore in September 2020. Quarterly Net Profit at ... Read more »

20 Microns Standalone September 2021 Net Sales at Rs 137.31 crore, up 17.78% Y-o-Y

Reported Standalone quarterly numbers for 20 Microns are: Net Sales at Rs 137.31 crore in September 2021 up 17.78% from Rs. 116.59 crore in September 2020. Quarterly Net Profit at ... Read more »

Sasken Tech Standalone September 2021 Net Sales at Rs 99.46 crore, up 1.33% Y-o-Y

Reported Standalone quarterly numbers for Sasken Technologies are: Net Sales at Rs 99.46 crore in September 2021 up 1.33% from Rs. 98.15 crore in September 2020. Quarterly Net Profit at ... Read more »

Rane Engine Standalone September 2021 Net Sales at Rs 99.61 crore, up 21.37% Y-o-Y

Reported Standalone quarterly numbers for Rane Engine Valves are: Net Sales at Rs 99.61 crore in September 2021 up 21.37% from Rs. 82.07 crore in September 2020. Quarterly Net Loss ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic