Owners compromise; Transactions with price cut increase.

(By Huang Jiaming) Developers supply privileges for first hand property to attract customers from second hand real estate market when the source of US delisting spreading, while second hand house owners also compromise to sell at price lower than market level. The owners from Tsueng Kwan which is one of the districts having most new houses in future were suppressed on price. There was owner from Home Ownership Hong Sing Garden cutting HKD 280,000 at range of 7% within a week and sold the house at free market price of HKD 3.6 million. A extremely high floor two rooms unit of Tseung Kwan O Plaza in same district was sold at HKD 4.58 million which is lower about 4% than market level. Unit of Hong Sing in Tsueng Kwan was cut by more than 7% during transaction. Bei Yushan from Midland expressed, room F in low floor of building 2 of Hong Sing Garden, a Home Ownership in Tsueng Kwan, of which the cover area is 657 sq ft and the usable area is 592 sq ft was sold at free market price of HKD 3.6 million, with the cover area sq ft price at HKD 5,479 and the usable area sq ft price at HKD 6,081. Owner cut HKD 280,000 in a week at range above 7% to attract customers. The original owner bought the above unit at about HKD 2 million of free market level in October 2010, and earned book profit about HKD 1.6 million with 80% of appreciation. Liu Zhuohao from Midland expressed, room A in extremely high floor of building 3A of Tseung Kwan O Plaza rapidly sold at price lower about 4% than market level after put on sale only 4 days. The cover area of above unit is 627 sq ft and the usable area of it is 470 sq ft. Buyer from same district spent nearly HKD 4.58 million to buy it immediately with the cover area sq ft price at HKD 7,305 and the usable area sq ft price at HKD 9,745. The original owner bought the above unit at about HKD 3.28 million in September 2010 and earned book profit of nearly HKD 1.3 million with appreciation at approximate 40%. In addition, Hong Kong Island also has owner looks bad the future market and sells house with price cut. Century 21 Yat Wing expressed, room A in middle floor of Shui Hing Court in Shau Kei Wan was just sold at HKD 2.08 million with the cover area sq ft price at HKD 5,942 and the usable area sq ft price at HKD 9,811 which is lower 10% than market level. The original owner asked for HKD 2.38 million at first and then cut HKD 0.3 million. This house was bought at HKD 1.03 million in 2010 and appreciated 1 time taking book profit of HKD 1.05 million. Lei King Mansion in same district also sold one room B in high floor at HKD 5.43 million with the cover area sq ft price at HKD 8,406 and the usable area sq ft price at HKD 11,196. The former price of this unit is HKD 5.8 million but was cut HKD 0.37 million finally. The original owner bought it at HKD 3.27 million in 2010 and earned book profit at HKD 2.16 million with property appreciation of 66%. Unit of Healthy Gardens in North Point still earn more than 3 times even sold at price cut. Room 03 in low floor of building B of Healthy Gardens in North Point sold at HKD 4.8 million with cover area in 514 sq ft and usable area in 456 and its cover area sq ft price is HKD 9,339 and its usable area sq ft price is HKD 10,526 which is 5% lower than market level. The original owner bought this house at HKD 1.168 million in October 2001 and earned book profit of HKD 3.632 million after holding it for 12 years with property appreciation of 311%.

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