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Speculator Of Villas In Residence Bel-Air Failed After Three Times Of Loan; Foreclosed Houses Were Asked For HKD 360 Million, The Peak In Southern District These Years.

Squarefoot Editor  2014-04-18  #Property Hit News
( By Yan Lunle) Property market in down trend, so many investors' holding properties become foreclosed house because they unable to pay. Investor Shi Jialong paid nearly HKD 280 million to buy two front line odd numbers houses of Residence Bel-Air 5 from PCPD (Pacific Century Premium Developments) in July 2012, but unable to bear after three times of mortgage, leading the properties into foreclosed houses, and each of them asked for HKD 180 million, which are foreclosed houses at large price in Southern District this recent years, disclosed by some agent in Southern District. According to data from Land Registry, Shi respectively bought these two villas through two companies at about HKD 132 million and HKD 148 million, of which the usable areas are respectively 3,792 sq ft and 3,589 sq ft. They borrowed from three different financial companies since last January, and borrowed again in last October and this January. Source told, one of these financial companies had applied for debt collection, and the selling amount of these villas as foreclosed house will be used to pay creditors. Foreclosed houses sharply increase to nearly one hundred units in the market. Agent pointed, the latest price of each foreclosed house is HKD 180 million, with totally amount at HKD 360 million, which means the price is higher 28.57% basing on about HKD 280 million that Shi paid. In fact, recent source pointed, Hong Kong foreclosed house quantity had sharply rose to nearly one hundred units, and estimated about 40% of the amount of these foreclosed houses came from financial company because Hong Kong Monetary Authority strictly limits banking loan. The ratio increased comparing to 10% from financial company in before. One thousand sq ft unit of Robinson Heights was cut by HKD 1 million. Another side, price cut in second hand property market continues. As some owners willing to supply 3%-5% discount, first transaction of Robinson Heights in Robinson Road Midlevels West in this month was promoted, which was in low floor room C of building 2, of which the usable area is 1,000 sq ft, and the original owner asked for HKD 17 million in the beginning of this month but cut to HKD 16 million later and sold, with sq ft price at HKD 16,000, expressed by Lin Yaochang from STATELYHOME. In New Territories, Kingswood Villas 1 ( Locwood Court) in Tin Shui Wai registered one case sold to house changing customer from other district, and the original owner bought this unit at HKD 1.638 million in July 1999, expressed by Lin Jialun from Many Wells. The buyer sold the unit before purchasing, so can pay related duty according to former ad valorem stamp duty term. It was in middle floor room D in building 3 of Locwood Court, of which the usable area is 551 sq ft, and the original owner accumulatively cut up to HKD 0.32 million and sold at HKD 3.18 million, with average usable area sq ft price at HKD 5,771, which is in market level. Besides, public house Tsing Yi Estate registered its second transaction of this month, which was in middle floor room 13 of Yee Yip House in usable area of 490 sq ft, and the price of it in green form market was HKD 2.5 million, but it was cut to HKD 2.18 million and sold to buyer of white form applicants buying second hand Home Ownership with free land premium, with average usable area sq ft price at HKD 4,449, expressed by Lin Zhenbang from Centaline Property.
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