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Owners in Yuen Long and North Point begin to sell properties at a loss to escape the worsening social turmoil

Property owners in Yuen Long and North Point, two battlefield districts that have seen the most violent clashes in Hong Kong’s 10-week old protest rallies, are selling their flats at losses as they bail out of the market amid the worsening civic unrest.Prices may dip 3 per cent at housing estates across Hong Kong in August, agents said. They added sellers in Yuen Long in the New Territories have reduced prices by about 10 per cent, while homeowners in North Point to the east of Hong Kong Island… Source link

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Yuen Long clashes cast pall over Sun Hung Kai’s weekend home sales even as Great Eagle’s project drew buyers with cheaper prices

A weekend apartment sale by Sun Hung Kai Properties flopped in Kam Tin near the scene of violent clashes between the police and protesters, as nearly two months of incessant public unrest left their impact on Hong Kong’s real estate.Sun Hung Kai sold only seven of 145 units of its Park Yoho Napoli project in Kam Tin, a mere 3 kilometres from Yuen Long, where tens of thousands of protesters marched today in protest against a July 21 mob attack on commuters. Police fired tear gas to disperse… Source link

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Violence in Hong Kong’s Yuen Long casts long shadow over property projects in New Territories

Mob violence in areas such as Yuen Long will affect demand for new projects in the northern New Territories of Hong Kong, with sales expected to drop 20 per cent this month, Centaline Property Agency said on Tuesday.The number of new homes sold will decline to about 1,200, the agency said. “If social events, such as protests, are happening, their impact is unavoidable,” said Perry Fong, Centaline’s senior sales director. “There is a psychological impact in the short term.”Ryan Ku, client… Source link

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Hong Kong’s property bull run takes a surprise break as Sun Hung Kai’s Park Yoho Napoli flats in Yuen Long fail to sell out

The bull run in Hong Kong’s residential property market took an unexpected break on Saturday when a weekend launch by the city’s biggest developer failed to sell out.Sun Hung Kai Properties (SHK) sold 17 of the 144 flats at the Park Yoho Napoli project on Castle Peak Road in Yuen Long as of 3:30pm, according to sales agents, adding that very few more are likely to find buyers. Prices started from HK$17,307 per square foot before discounts of up to 21 per cent.In its rush to get Napoli – the……

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No takers for Sun Hung Kai Properties’ Park Yoho Napoli project in Yuen Long

The first day of the Easter holiday has proved to be big disappointment for Sun Hung Kai Properties.Hong Kong’s largest developer by market value sold just five out of 113 flats on offer at its Park Yoho Napoli project in Yuen Long – the worst for any builder since late November when only two out of 27 units were sold at Jiayuan International Group and Stan Group’s T Plus micro flats project in Tuen Mun.Market watchers said the poor sales reflects prospective buyers’ wait and see attitude, as a… Source…

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Hong Kong developer Henderson Land sells a third of 101 units at Yuen Long project

Hong Kong developer Henderson Land sold about a third of the 101 apartments on offer at its Reach Summit project in Yuen Long on Tuesday, in further evidence a recovery in the city’s property market was taking hold after a five-month correction in prices.The apartments, ranging from 255 to 381 sq ft in area, were offered at an average discounted price of HK$16,088 per square foot, an increase of 1.3 per cent over the average price of HK$15,881 offered when the project was launched late last… Source link

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Hong Kong’s cheapest apartments since 2014 to go on sale in Yuen Long amid falling prices

Hong Kong’s cheapest homes since 2014 have gone on sale – with one apartment on offer for HK$958,000 (US$122,322) – in Yuen Long in the city’s New Territories. Man Wai-hong, a member of one of the four clans in the area, will on Thursday put three apartments up for sale in Wah On Villa, a village house development. The properties range from 603 sq ft to 746 sq ft in size, and will be offered for HK$958,000 to HK$1.62 million, according to the development’s website. Few takers for latest batch…

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Just 40 per cent of new flats at Reach Summit project in Yuen Long sell as Hong Kong market loses steam

The latest sign that Hong Kong’s property market has taken a turn for the worse came on Monday when well under half of the new flats on offer at a mass housing project in Yuen Long managed to find buyers. Henderson Land Development and New World Development had sold just 60 out of the 152 small units up for grabs at Reach Summit by 8pm, a hugely disappointing figure in a city used to seeing new batches of apartments snapped up on the first day. The flats at Reach Summit…

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