Projects in Kowloon and New Territories belonging to ten large housing projects have zero case of trading.

(By Fang Chuyin) The second hand property market keeps being suppressed because developers speed up the project launching that attracts the market focus. According to trading data of ten large housing projects on last weekend from Centaline Property, it is flat and only 3 cases made. Housing projects without trading increase to 8 and projects in Kowloon and New Territories are included. Only Taikoo Shing and Kornhill Gardens in Hong Kong Island have trading at price lower than market level. As for other property agents, ten large housing projects from Ricacorp Properties only sold 4 units on last weekend which is the same with the weekend before. Worse than 3 cases made in weekend before, 3 indexing housing projects in New Territories among gain no trading. While the trading in Hong Kong Island increased to 3 cases of which 2 in Kornhill Gardens and 1 in Heng Fa Chuen. Kowloon district only has 1 case of trading from Laguna City. However, Midland has 9 cases of trading from their ten large housing projects which rose about 125% by week. Hong Kong Island among has the most trading quantity which is 6 cases from four large indexing housing projects including Taikoo Shing, Kornhill Gardens and etc.. While this district only had 1 case of trading on weekend before. Liao Weiqiang estimated the price will be strong and the market will keep shrinking. The President of Ricacorp Properties, Liao Weiqiang pointed, it is predicted the second hand property trading will keep shrinking under dull atmosphere caused by owners' strong offering and market purchasing power being attracted by the new projects which launched in succession. In fact, source of United States delising causing down market and two lots of land being sold at anticipated floor level price in earlier bring much pressure to some owners and make them sell property with price cut. Kornhill Gardens in Hong Kong Island appeared trading at price cut in succession these days. The Assistant Region President of Ricacorp Properties, Huang Longzhi pointed, owners compromising to low down price by 3%-8% from 2%-5% drive up the property visting quantity by 20% weekly last week. Thereinto, owner of room 9 in low floor of building F of Kornhill Gardens with the usable area in 684 sq ft asked for HKD 7.8 million at first but cut to HKD 7.308 million later to reach the agreement. The decreasing range was 6% and HKD 0.492 million was cut. The usable area sq ft price is HKD 10,684. Unit of Fairview Park was cut by HKD 0.4 million and sold. Some owner from Fairview Park in Yuen Long in New Territories in which each large housing project had no trading in the past weekends offers largely price cut. The Branch Senior Sales Manager of Midland, Wu Mingluo pointed, they were assistant to make the trading of a villa. It is a house in 3 rooms layout and 950 sq ft of usable area including garden and parking slot in street 6, section M of Fairview Park. The original owner looked bad to future market and wanted to take cash in as soon as possible. It reached to the agreement when the price cut by HKD 0.4 million to about HKD 7.378 million. The usable area sq ft price was HKD 7,766 which lower 5% than market level. The buyer used to be a tenant and bought the house for own occupation. The original owner bought this house at HKD 3.93 million in January 2008 and the property appreciated about 88%.

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