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China’s smaller cities regain their mojo in March, as homebuyers return in droves, snapping a four-month deceleration in prices

The prices of China’s new homes snapped their four-month consecutive deceleration in March, recording a modest rebound last month as the easing of price-control regulations among the country’s far-flung smaller cities fuelled demand and prices.Prices advanced by 0.61 per cent in March, from February, at a faster monthly pace than the 0.53 per cent gain a month earlier, according to a Bloomberg calculation using National Bureau of Statistics data. New abodes cost more in March in 65 cities out… Source link

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Carrie Lam joins homebuyers in expressing concern about prices rebound after Fed halts rate increases

Hong Kong’s head of government Carrie Lam Cheng Yuet-ngor has chimed in with a growing chorus of concern about a recent rebound in the city’s home prices, a day after the US Federal Reserve said it would not be increasing interest rates this year.“It does worry [me] because housing prices have already become very unaffordable, and they will become even more unaffordable if the reverse that we have seen since January this year is going to continue in the foreseeable future,” Lam said on the… Source link

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Homebuyers spring into action after developers slash prices, cutting inventory as market outlook darkens

Wing Tai Properties, the Hong Kong unit of Singapore developer Wing Tai Holdings, sold more than 90 per cent of its flats on offer at Tuen Mun on Sunday, with some units priced as low as HK$9,488 per square foot (US$1,210), reflecting the weakest level seen in the neighbourhood since 2015. As of early evening, Wing Tai sold 108 out of the 118 flats in the first batch made available at the Carmel apartment project on Castle Peak Road in Tuen Mun. Prices for the units ranged from HK$3.32 million…

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‘Government is crazy’: Increase in mortgages for first-time Hong Kong homebuyers will boost debt, limit cooling measures

A possible increase in the amount first-time homebuyers can borrow as mortgage may encourage people in Hong Kong to chase expensive property, further driving up prices in the world’s most expensive property market, analysts have said. This comes after Paul Chan Mo-po, the special administrative region’s Financial Secretary, hinted on January 5 that the government was considering relaxing “loan-to-value” ratios for mortgages to help first-time homebuyers. But he did not say when this might happen. A loan-to-value ratio represents the percentage of a property’s value a homebuyer can borrow. Is…

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Hong Kong homebuyers beware: wait for better deals in second half of 2019

Buyer’s tip: wait until the second half of the new year before purchasing a home in Hong Kong. While prices have already begun to slide in the world’s least affordable housing market, experts say a mix of events in the first six months of 2019 will weigh down prices further. Savvy buyers should let those play out before taking the plunge, they say. These include a fresh supply of both new private flats and subsidised flats, possible mortgage rate increases, and cuts in asking prices by sellers who want to…

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Homebuyers should find out how much the bank will loan before signing a purchase agreement

Purchasing a property to many people is a lifetime investment requiring substantial amount of savings. Most buyers will need to apply for a mortgage loan to finance their purchase. A well-planned budget and obtaining accurate information about a mortgage loan before committing the property purchase are therefore very important steps to take for the prospective purchasers. When a client asks about a mortgage loan, a professional estate agency practitioner should not hastily provide mortgage information to the client, or assure the client that he will be able to obtain the…

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Young Hong Kong homebuyers bank on Bangkok property with eye on future purchases at home

Hong Kong millennials, who have been priced out in the world’s most expensive property market at home, are increasingly investing in destinations like Bangkok in Thailand, where real estate prices stand at just about a fifth of those in the special administrative region. Home prices in Hong Kong, which rose for 28 consecutive months, have fallen by 4 per cent over the past eight weeks, according to the Centa-City Leading Index, a gauge of the city’s secondary housing market. Hongkongers, however, still need to save their entire incomes for 19…

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China Vanke slashes project price by 40 per cent, offers 200,000 yuan to first round of homebuyers for ‘design change’

China Vanke, the country’s second-largest property developer by sales, on Wednesday said it was offering 200,000 yuan (US$28,800) in compensation to buyers at its Shoukai-Vanke Bailujun Project in Xiamen for “design adjustments”. The offer comes after Vanke recently lowered the selling prices of the project, which has been on sale since October 2017, by 40 per cent. A 92 square metre fully furnished house with a car park was being sold for 5 million yuan. Last month, the company started offering unfurnished houses without parking for 2.8 million yuan. Vanke…

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Country Garden shares slump to 14-month low after angry homebuyers storm sales centre to protest price cuts

Shares of Country Garden, mainland China’s largest developer by sales, slumped to a 14 month low on Monday, after video circulated on social media showing protesters mobbing at least one sales centre during the weeklong national holiday. They ended 6.7 per cent lower to close at HK$9.05 in Hong Kong, their lowest level since August 21, 2017. Scores of protesters, some seen holding Chinese-language placards that read “return my hard-earned money”, others throwing rocks, mobbed a sales office for Xinzhou Mansion, a Country Garden residential project in Shangrao, Jiangxi. A…

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Britain’s PM Theresa May wants to hit foreign homebuyers with a higher tax

Britain’s high-end and luxury home builders face a squeeze as Prime Minister Theresa May prepares to impose higher taxes on foreigners looking to buy properties in the UK. Overseas buyers account for roughly half of all residential transactions in central London, according to Faisal Durrani, head of research at property consultants Cluttons LLP. UK developers are already grappling with sluggish demand amid the nation’s messy divorce from Europe, a cooling property market and prospects of higher interest rates. The capital’s stock of unsold homes under construction is at a record,…

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