New project sold 18 units in golden week. The worst in history.

Measures suppressed the demand. Some new projects still dealing with sale problems including brochures should detail the sizes and so on after New Residential Property Sale Regulations took effect. It made there were only two new projects opened for sale during golden week with 176 units in available. Only 18 cases of trading in record since last 29th until 1st this month. It was the worst golden week in history since 2004. According to the published data on new residential property sale information network, new projects including Henderson’s GREEN CODE in Fanling and Swire Properties Limited’s DUNBAR PLACE in Ho Man Tin were put on sale from 29th April to 1st May. DUNBAR PLACE even was the first new project being launched after new regulations took effect. But there were only 18 units sold in record totally. Although GREEN CODE was being hurry prepared and success to be launched on golden week, the selling was bad. According to the dealing record, this project had totally 7 cases of trading in three days from 29th last month to 1st this month. While DUNBAR PLACE sold 11 units from 30th April to 1st May. The wholly real estate registered quantity in last month decreased 36%. If new real estate was bad, then second hand real estate was worse. According to data from Midland Realty, the whole real estate registered quantity in April only had 4,382 cases which decreased 36% by month. It was the lowest after November 2008 which had 3,786 cases of trading and the fourth lowest in more than 22 years since 1991. Liu Jia-hui, the lead analyst of the company pointed, new private real estate registered quantity among decreased about 22.3% by month to 844 cases. The trend of more than one thousand cases of trading in continually two months fell. While the registered quantity of second hand real estate fell about 30.9% to 2,464 cases and the number in whole month was the lowest in single month since there was record from 1996. The falling of registered quantity of non residential real estate aggravated. The total registered quantity of commercial building, office building, store, parking slot and other real estate was 879 cases which decreased sharply at 59.9%. Most were stock units. It is estimated that the trading of new real estate will keep falling. Liu Jia-hui continued, it needs time to sign trading contract and submit to Land Registry for register. So registered information in each month majorly reflects the market situation of prior month. Since the New Residential Real Estate Sale Regulations took effect from the end of April, so developer had slowed down the project launching and majorly put on sale stock units in before. Without new projects being launched, it is estimated that the registered quantity of new real estate in May will keep falling. But the registered quantity of second hand real estate may increase because owner willing to enlarge negotiation space and Hong Kong Housing Society’s Greenview Villa will have more trading.

28hse - No.1 HK Property Portal Squarefoot - HK Premium Property Portal