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Homeowner LOSES HK$3.3 million in flat sale

Squarefoot Editor  2023-05-09  #Movie #Property Hit News

Eager to purchase a new property, one owner of a semi-new flat in Yuen Long sold their 238-square-foot open-plan unit at a loss. The new buyer purchased the unit for HK$3.75 million at HK$15,748 per square foot.

The original owner bought the flat in 2019 for HK$3.97 million and held it for four years, ultimately losing HK$220,000 (US$28,0000) in profits.

This week, the US Federal Reserve raised interest rates by 0.25% last week. Hong Kong banks followed suit, raising prime rates by 0.125%. Because of the rate hike and rainstorm warning signals, the past weekend saw a sharp drop in flat viewings. It was in fact the quietest weekend of the year.

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