Hong Kong homebuyers show up for third weekend sale in a row, shrugging aside Trump’s threat amid rising US-China tension
- Sun Hung Kai Properties (SHKP) extended last weekend’s sell-out streak and sold 200 of the 209 flats offered in the third batch of Phase II of its Wetland Seasons Park project in Tin Shui Wai as of 8:30pm
- Wheelock & Co. managed to find buyers for only three of the 101 apartments at the more expensive Ocean Marini complex in Tseung Kwan O
Escalating tension between the United States and China has added more weight on the property industry, as more buyers held off on making large financial commitments amid rising political uncertainty and job insecurity. Hong Kong’s economy is projected to shrink 7.5 per cent in the second quarter, putting it on course for a 4.8 per cent contraction this year, according to Standard Chartered.
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The city’s real estate slump stands in sharp contrast with mainland China, where a central bank injection of liquidity for post-coronavirus economic stimulus has found its way into the property market, spurring the bounceback of prices in some of the biggest cities. Prices had been rising so quickly in Shenzhen that the city’s Housing Authority was compelled to boost supply in the second half of the year to rein in prices.