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Hong Kong’s inventory of unsold residential property rises to a decade-high of 10,000 homes as trade war, protests deterred buyers

Hong Kong’s inventory of unsold residential property rose to the highest in more than a decade, as uncertainties brought by the US-China trade war and the city’s ongoing political unrest deterred buyers from big-ticket purchases.The figure stood at 10,000 unsold homes at the end of the second quarter, 1,000 units more than the end of March, according to data by the Transport and Housing Bureau.The expanding stock – fewer than Hong Kong’s first-half home sales – underscores the proposal by Chief… Source link

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Hong Kong developers unlikely to increase prices of new flats at they try to offload 8,500 unsold units, says Centaline

Hong Kong builders will probably leave their prices virtually unchanged in the second half of the year, having accumulated close to 8,500 unsold units since 2016, according to Centaline Property Agency.The developers may be keener than they have been in the past to offload the stock because of the government’s proposed “vacancy tax” which would penalise them for holding on to finished units.“Developers will hardly want to increase selling prices by 20 to 30 per cent like they did in the first… Source link

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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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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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