Hong Kong's Wen Wei Po(Reporter Ngan Lun Lok)It have appeared mansion transactions with a great loss recently.Agents said that Celestial Heights in Ho Man Tin this year have temporarily recorded approximately 10 transactions with a loss,pitting let ratio exceeds 90%,the latest transaction with a loss of more than HKD $8 million,which have become the transaction with the highest amount of loss since the occupation of the project.Meanwhile,this transaction have appeared recently which have recorded the second highest of loss on the transaction since a transaction unit which located in Flat A,Upper Floor,Tower 1,Dynasty Court have recorded a loss of HKD $9.0 million in April.It is reported that the original owner was a mainland buyer,due to personal financial situation and sold the unit.
The outlook of the property market was uncertainty,the market turnover has been 'bondage' by spicy tricks,there are many owners have seen this uncertain situation and sell their unit,especially the units which sold before the spicy trick also having the hardest hit,including the Imperial Cullinan in Tai Kok Tsui,Valais in Sheung Shui,Tai Wai city,Celestial Heights in Ho Man Tin,which have recorded a lot of transactions with a loss so far this year.Of which Celestial Heights in Ho Man Tin have recorded more than 10 transactions so far this year,but there are about ten transactions with a loss,so the pitting let ratio exceeds 90%.
Nine out of ten tradings of the housing estates have recorded with a loss
Centaline Lau Chun Kit said that the transaction with a loss which recorded in the latest days a unit located in upper floor of Celestial Heights which developed by Cheung Kong Group,with 1,252 feet of usable areas,the original owners bought the unit with the price of HKD $5.08111 ten million in June 2008,just sold with the price of HKD $1.680 ten million,carrying a loss of HKD $6.758 million,together with the two sides commission,stamp duty and other expenses,so that the amount of loss as much as HKD $8.16280 million.Yet calculated attorney fees,management fees and other expenses.
Lau Chun Kit said that that the amount of loss of this transaction have hit a new high record since the occupation of the project,while the unit sq.feet price of only HKD $13,419,which was a rare transaction with a low prices of the same type of high-rise housing estates.Search of the Land Registry data,the original owners was come from mainland who named 'ZHOU YING',carry out second mortgages in January this year.According to the sources,this mainland owner have problems because of personal financial situation,so even if a substantial erosion,also choose to let sale.
In additional,CKH Lohas Park in Tseung Kwan O Phase 1 also recorded a transaction with a loss.Sources,the unit was located in Flat B,Upper floor,Left Wing,with an utility area of 840 feet and transacted with the price of HKD $6.74 million.The original owners bought the unit with the price of HKD $6.88 million in 2008,carrying a total loss of HKD $ 140,000,together with the commissions and stamp duty,the loss have widened to about HKD $530,000.
Siu Hin Court have recorded a mainland buyer bought a unit with paying two type of taxes
Despite hearding the news of property transactions with a loss from the mainland owners frequently,but there are still buyers buying the properties for home-use.Wells Property Chan Sao Chun said that Siu Hin Court in Tuen Mun recently recorded a mainland buyer 'property visit and buy it at the same time' transaction,the buyers have to pay stamp duty and ad valorem stamp duty,the taxes totaling HKD $308,200.The unit was located in Room 17,Lower Floor,Tower A,with 374 feet of salable area,the buyers love this housing estate because of neighboring the school sites of kids,so bought the unit with the price of HKD $1.868 million,with an average sq.ft price of HKD $4,995.
All the tradings of 'Top 10 housing estates' fell in the past weekend
On the other hand,second-hand property tradings were weak in the long-term period of time,all the tradings of 'Top 10 housing estates' fell in the past weekend.Midland Realty statistics,top-ten housing estates recorded only about 16 transactions,representing a reduction of 8 cases when compared to the past weekend,fell 33.3%.Chief Executive Officer of Residential Department of Midland Realty Pu Siu Ming cleared that the properties with discounted prices are digested by the market,coupled with there are many bargaining space of the units which put up for sale are narrowing,so it cause the prices of some housing estates have rebounded,the buyers and sellers under the see-saw,second-hand property transactions have slowed down,there will have a number of new properties put up for sale in the future in order to fight for the buyers,so it is believed that the second-hand property performance will remain volatile.
Pu Siu Ming added that except for the overall property market turnover fell,in the Mother's Day weekend,there are many owners or prospective buyers have to go out fro celebration,stifle flat inspection activities,coupled with days of wet rainy days,will also affect the site visit sentiment of the buyers.As for the other agency,Centaline have recorded 18 transactions in two days,reduced 3 transactions or 14% decrease by week,top-ten housing estates of RICACORP have recorded 16 transactions in the weekend,wtih a decrease of approximately 33% by week,Hong Kong Property have recorded 11 transactions,fell 35.3% by week.
