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Hong Kong’s glut of unsold flats could put more pressure on prices

Hong Kong home builders could face greater pressure to slash ­prices as the number of completed but unsold new flats they held increased at the end of last year. Analysts said some home builders would offload stock by cutting prices by 5 per cent to 10 per cent from the current levels on completed unsold units, stepping up efforts to lower inventory as the government’s proposed vacancy tax looms. The city’s developers held 3,295 unsold homes which were completed in 2017 and 2018 as of December, about 10 per cent…

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Investment 

Chinese developer behind Tuen Mun nano flats comes under severe selling pressure as shares plunge 80pc in Hong Kong

Chinese property developers in Hong Kong came under severe selling pressure, with the shares of two builders sinking by as much as 80 per cent in late trading on Thursday afternoon. Analysts said the stocks may have taken a hit because of banks selling shares used as collateral to borrow money and tightening liquidity conditions on the mainland. Jiayuan International Group, which is behind the T Plus micro flat project in Tuen Mun, plunged 80.9 per cent to HK$2.49 at the close. The mainland-based developer has been under pressure as…

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Property 

Beijing relaxes caps on home prices partially as unsold flats in the capital city rise

Beijing, where property curbs are most stringent amid the central government’s drive to cool overheating in the sector, has put on sale another two land sites without a cap on selling prices in a policy shift that began late last year to generate demand for flats in the market slump. The two plots in the capital city’s northeastern part of prime Chaoyang district were offered by the planning authority last week at starting prices of 2.45 billion yuan (US$362 million) and 2.39 billion yuan. A third site, put on offer…

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Property 

Grand Central flats in East Kowloon nearly sell out, giving Sino Land a strong finish to rocky year for developers

Hong Kong developer Sino Land is closing the year on positive note, after buyers snapped up close to 90 per cent of its flats for sale on Saturday. About 180 of the 208 units the company released at the fourth round sale of its Grand Central residential project in Kwun Tong in East Kowloon were sold as of 3pm. The year-end offer had drawn registrations from 1,500 prospective buyers, making it more than six times oversubscribed. Although not all were sold, the figure is a “strong” one given the market…

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Property 

Government fails to reach land supply target, as only 13,850 flats to be created, official says

Hong Kong’s private housing land supply has failed to meet the government’s 2018 to 2019 target, even as the number of private homes supplied by the tenders is at a high level, according to a senior government official on Friday. “The housing market is going through correction, but we will not slow land supply due to the home price change. We are uncertain whether it will be short-term or long-term,” said Michael Wong, the Secretary for Development. The government will release four residential plots, two in Kai Tak, and one…

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Home 

Sino Land makes quick work of 336 flats at its Grand Central residential project in Kwun Tong

Sino Land’s Grand Central residential project in Kwun Tong, East Kowloon, saw another round of buying frenzy on Sunday, as 336 of the 338 units on offer were snapped up by eager investors. According to the developer, 3,300 people had registered for the sale. “Although two of the units were not sold on Sunday, the project continues to see strong buying interest,” said Sammy Po, chief executive of Midland Realty’s residential department, the sales agent for the development. Intrepid 98-year-old woman buys US$1.9 million flat as Sino Land’s discounted Grand…

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Singapore 

Maximum tenancy period for foreigners renting HDB flats to increase, Singapore News

From next year, HDB owners can rent their flats or bedrooms to non-Malaysian foreigners for up to two years, six months more than currently allowed. The revised maximum tenancy period will apply to applications received from Jan 1, the Housing Board said in a statement yesterday. This revision will give flat owners greater flexibility to secure a longer tenancy period with non-citizen tenants who may have work/immigration passes that are valid for a longer period of two years, HDB added. The minimum rental period for an HDB flat remains at…

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Property 

Sino Land’s low-price strategy pays off as buyers snap up flats at Grand Central project in Kwun Tong

A low-price strategy has proved effective in attracting anxious buyers as a prime residential project generated the strongest sales since October amid a property market correction in Hong Kong. In stark contrast to recent launches that has seen sales reaching at best 30 per cent of what was on offer, buyers shrugged the cold weather to snap up nearly 70 per cent or 330 of the 488 flats on offer at Sino Land’s Grand Central 1,999-unit development in Kwun Tong by 3:00pm on Thursday. “I’ve done some comparisons, and I…

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Property 

Beijing building financial hotbed in southeast end – but thousands of flats snuck in

Beijing has launched a grand plan to create a glittering financial hub in its southeast end. But, so far, it is functioning as a bedroom community to thousands of urban commuters – exactly the opposite of what the local government wants. The story of Tongzhou’s envisioned financial district – the reality today versus the grand plan in coming years – points to an oftentimes mismatch between land supply and demand in Beijing and other big Chinese cities, where local governments are keen to foster new industries and generous in granting…

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Property 

Hong Kong’s building boom in tiny flats fizzles out as T-Plus in Tuen Mun gets the cold shoulder

Speculative demand over Hong Kong’s shoebox flats – each smaller than the size of a standard car parking space – appears to be over as quickly as it sprouted, following the decline in the city’s median home price. Two potential buyers showed up at 11am at the sales office of the T-Plus project in Tuen Mun to inquire about its tiny apartments, each at around 130 square feet (12 square metres), with a price tag starting at HK$2.85 million (US$364,600), sales agents said. “Two flats were sold (at T-Plus) today,”…

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