Sun Hung Kai Properties, ‘survivor in a long winter’, tops Hong Kong property sales with 30% of homes sold in 2023

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Sun Hung Kai Properties accounted for over a quarter of the 11,011 residential units that changed hands in 2023, topping Hong Kong’s property sales table

Citigroup expects SHKP to maintain a steady performance in terms of contracted sales despite a sluggish market outlook due to its better product mix

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Potential buyers queue up at V Walk in Nam Cheong for 350 units of Sun Hung Kai Properties’ Yoho West Phase 1. Photo: Xiaomei Chen

Peggy Sito

Published: 4:06pm, 3 Jan 2024

Hong Kong’s most valuable developer Sun Hung Kai Properties (SHKP) topped the city’s sales tables in 2023, accounting for over a quarter of the deal volume at a time when shrinking home prices and a 33-year trough for real estate transactions are weighing on one of the world’s most expensive property markets.

SHKP accounted for the sale of 3,200 out of the 11,011 units that changed hands in 2023, according to data from Dataelements, a data provider that tracks new residential properties in Hong Kong.

Dataelements estimated SHKP’s contracted sales of residential flats for 2023 at HK$20.13 billion (US$2.6 billion), representing nearly 16 per cent of the city’s aggregate. Most of the developer’s sales were in the first phase of Yoho West, a large-scale new project in Tin Shui Wai, Novo Land phase 2 in Tuen Mun and University Hill phase 2 in Tai Po.

Hong Kong’s leading real estate agency, Centaline Property reported citywide sales transactions of 10,681 primary flats last year for an aggregate sales value of HK$131 billion. The number of deals and their value rose 4.1 per cent and 14.9 per cent, respectively from 2022, the second lowest in the past decade, according to Centaline.

An exterior view of Yoho West in Tin Shui Wai. Photo: Google map

The property agency estimates transactions in Hong Kong dropped in 2023 to the lowest level in 33 years as sentiment among potential homebuyers was battered by weak economic data and soaring interest rates.