Homebuyers swarmed property show rooms in Wong Chuk Hang and Kai Tak on Saturday, snapping up the 504 flats on offer in Hong Kong’s biggest sales launch in six months after the monetary authority relaxed the city’s mortgage financing rules.
The turnout, buoyed by an upbeat stock market, falling mortgage rates and a more relaxed financing limit, is a confidence bolster for Hong Kong’s beleaguered property market as it struggles with a supply glut.
“The two projects are expected to be sold out,” said Louis Chan Wing-kit, chief executive of Centaline Property Agency’s residential division. “[They are] benefiting from the new interest rate cut cycle, bullish stock market, as well as a slew of supporting measures announced by the Hong Kong government.”
In Wong Chuk Hang, where Hong Kong’s iconic Ocean Park is located, one buyer splurged HK$66.6 million (US$8.6 million) for three of Blue Coast’s three-bedroom flats and a two-room unit, Chan said, without identifying the customer.
