2nd hand transaction reduce to half and 5 big housing estates have no transaction

Article from (Reporter: Ngan LunLok) Last Friday HK government released an extra SSD and BSD and now freeze the hot property market. There is even no mainland China customers participate in the property market. For the past Saturday and Sunday, the transaction volume has decreased 50%. Some of the owners have greatly reduced the price for sale. The government officials said that the new measures have already been put in effect. 　 After the weekend, the property market has been dropped from haven to the hell. Centaline Properties Limited has a statistics that there were only 12 cases in the big 10 housing estates and dropped to 42.9% in weekly basis. Some of the housing estates do not have transactions. In particular for City One Shatin, the owner reduced the price by 9%. The reduction is shocking. City One has reduced the price by 9% for cash According to information, 19th November 2010 the extra SSD has been released, the first weekend of big 10 housing estates have only 10 -14 transactions. To compare that with this situation, since the situation is hot at that time, the reduction could be as high as 80%. Midland Properties has only 11 transactions in the past 2 days for the big 10 housing estates, which reduces 52.2%. Midland group executive director Chan KunHing reveals that the buyers should be more considerate and the interest is deep. Hong Kong properties Kowloon zone director Chan TinChi reveals that only a few mainland Chinese. Some of the buyers have already bought in Friday. Agent is voicing the negative side For the past 2 days which the big housing estates have no transactions are Horizon Cove, KornHill, Whampooa Garden and Caribbean Coast. The reporter yesterday went to the agency to check the situation and found that the situation is bad and the agents said that a lot of buyers have cancelled to buy or see the properties. Seen as the “speculator ground” Shatin City One, there is only 1 transaction and this transaction has to reduce the price to sell. Centaline Lai ZongMan reveals that the transacted flat is G flat in tower 20 with an area of 395 square feet and first called for HKD 3.08 million but sold at HKD 2.8 million. Reduce HKD 3 million and no one buy it Market information reveals that Provident Centre D flat in tower 1 with an area of 956 square feet is calling for HKD 15million with car park but after reducing HKD 3 million there is no one interested since the price is still in the high position. Although there are cases for price reduction, a few owners are not willing to reduce the price and want to rent it out to make the transaction volume decreases. Ricardcorp Wong LongZi reveals that after the new measures released from the government, there are not many owners reducing the price and the negotiation range is only 1-3%. Some of the owners are changing the decision of selling to renting.

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