Hong Kong’s strict Covid-19 social distancing rule spoils mood for homebuyers, bringing streak of sell-out weekends to an end

Hong Kong’s streak of sell-out weekends of residential property ended when two developers sold fewer than a third of the combined 212 flats on offer in two districts, as the city’s strictest social distancing measures to date dampened sentiments.

MinMetals Land, the real estate subsidiary of one of China’s largest metallurgical producers, sold 60 of 161 apartments at its Montego Bay project in Yau Tong as of 5:30pm, sales agents said. In Yuen Long, Road King failed to find a single buyer for the 51 flats at its Crescent Green project.

The dismal result followed a surge in coronavirus pandemic infections in Hong Kong, which kept more potential buyers at home and away from the sales venue, said Midland Realty’s residential division chief executive Sammy Po. Earlier in the week, city authorities tightened social distancing rules to contain the spread of the disease, limiting public gatherings to only two people at a time.

Hong Kong reported 101 confirmed infections on Saturday (yesterday), bringing the city’s total accumulated tally to 6,802 cases since the outbreak began, with 112 fatalities.

“More people are choosing to stay at home amid the tightened social distancing measures, so it’s not surprising that home sales have turned sour,” Po said. “The fourth wave has made people worried.”