Hong Kong's Wen Wei Po (Reporter Ngan Lun Lok)Under the global instability affect the investment environment,coupled with there are residential crown lands have failed the bids recently,so the property market flooded with negative factors,so some of the owner faced the reality and widened the bargaining space.Of which a large number of properties in New Territories launched out the sales with discounted prices,of which the large housing estates Kingswood Villas which located in Tin Shui Wai,the owners discounted 12% of the property in just one month and sold,also it have recorded there are a number of properties in Tuen Mun transacted with the discounted prices.Under the trend of discounted transactions,so it cause the purchasing powers of the owners keep on releasing,coupled with there are no new properties have put up for sale recently,so it cause the second-hand property transactions have increased in the weekend,the Centaline real estate statistics Ten-Top housing estates have recorded 18 transactions in the past two days,rose 12.5% on a weekly basis and also have catapulted for two weeks.
Centaline Asia Pacific president Mr Chan Wing Kit said that after the spicy trick passed through the legislation,the property market orientation recognition,some there are owners faced the reality and increase the bargaining spaces,also the owners of large housing estates are willing to discount in order to stimulate the buyers to accelerate the pace of buying properties.Of which New Territories was a new supply center for residential properties,so the owners will have pressure on discounting the prices,due to the fact that the decline was big coupled with there are a number of properties have put up for sale,so it have stimulated the transactions volume rose,according to Centaline Statistical data,top-ten housing estates in the New Territories have recorded 11 transactions,accounting the whole transactions volume of more than 60%.It is expected that the second-hand property market will keep on appearing the situation of 'the transactions volume rose and the prices fell'.
Duplex of Lynwood Court - Kingswood discounted HKD $800,000 of the property price in one month
Of which Kingswood Villas in Tin Shui Wai,there are owners continues to expand the bargaining space of the asking prices,so it cause
the trading volume surged in the past weekend,it have recorded 8 transactions in only two days,rose 300% by week.Also there are units
have cut the price greatly and sold,Centaline Tse Ming Leung said that Duplex of Lynwood which located in Tower 10,with 1,002 feet of an usable area,building area of 1,200 feet,the original asking price of the owners in February was HKD $6.8 million,as seeing the new properties which located nearby have launched out the sales with the discounted prices,so the owners finally discounted the price to HKD $6.0 million and sold,with a reduction of about 12%,which equivalent to an average price of HKD $5,988 per sq.ft.
Tuen Mun District also appeared a number of discounted transactions.Wells Property Chen Kung said that Flat B,Upper Floor,Tower 8,Phase 2 of Tai Hing Garden,Tuen Mun,with an utility area of 447 sq ft,building area of 583 sq ft,due to the fact that the original owners willing to expand the bargaining space,so they have finally discounted HKD $320,000 of the property price,which with a
decrease of about 10%,a first-time buyer have decided to bought it in HKD $2.780 million for self-use,to calculate the sq.ft price of the salable area was HKD $6,219.In addition,Flat B,Lower Floor,Tower 1,THE SEACREST,Tuen Mun,the original owners have discounted a total of HKD $220,000 of the price in just one month and sold to the family who are living in the same area in HKD $3.8 million.Manywells properties Lam Ying Kit said that the unit with a saleable area of 463 sq ft,building area of 668 sq ft,with the translation sq. ft price of HKD $6,652 per sq ft.
Midland Realty said that the transactions of top-ten housing estates rose 7%
Midland Realty chief executive officer of Residential Department Pu Siu Ming said that the 'spicy moves'have been settled,so the attitude of the owner have been softened significantly in recent,there are some lands have failed the bids and transacted with a low prices which means that it may have a further pressure on the property prices,as the trend of discounting the prices was keep on spreading,so it cause the accumulated purchasing power release continuously.Midland Realty Top-Ten Housing Estates have recorded about 15 transactions in the weekend,with an increase of about 7% by week and it have recorded the new high record in 22-weeks.
However,the current market demand for the properties remains restricted,so the tradings were mainly driven by the fall in property
prices.Under the low interest rate environment,the owners haven't got too much pressure on selling their properties,coupled with the properties with discounted prices keep on digesting by the market,so the future sustainability of the rally will depend on the price reductions by the owners.
However,there are some agency recorded a trading volume fell,according to the branches of Hong Kong Property top-ten housing estate statistics have recorded approximately seven transactions in the two-days holiday,decreased by over 56% when compared to 16 transactions which recorded in the previous week.HKP Senior Executive Director Ng Chong Yip said the recent flooding bearish factors on the property market,including the Pak Shek Kok land have failed the bids,the recent economic data released in mainland China was worse and ren min bi passable have softened,so it cause a negative sentiment diffuse in the second-hand property market,so the owners have seen the economic outlook uncertainties and also intend to discount the asking prices in order tosold their properties and remain sidelines.
Ricacorp said that the top-ten housing estates have recorded 23 transactions which rose 28% by week
Ricacorp Properties top-ten housing estates have recorded 23 transactions in the past two days which rose 28% by week.President
Liu Wai Kung pointed out that the first-hand new property market have affected the market sentiment in the earlier days,but recently there are not yet have a new large-scale projects launched out on sale,so it is prompting the buyers to reflux to the second-hand property market which cause the tradings increased by week reproduction.
He also refers to there are more owners have discounted the asking prices recently,so it will form a domino effect and the second-hand property prices will appear a real fall in the future.Currently the second-hand property market has amassed nearly a year of purchasing power,under the situation of there have a actual demand for the properties,which means that this purchasing force will be exposed at any time and also will be focused on small and medium sized second hand property market and the luxury market will temporarily maintain a performance of unchanged.
