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Fourth time unlucky for China Evergrande as Hong Kong investors shun Emerald Bay project in Tuen Mun
- Mainland developer manages to sell only five flats, or 1.5 per cent, of the 338 units on offer on Sunday
- In early May, the developer managed to sell 41 units, or 12 per cent, of the 335 units on offer
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China Evergrande’s poor run of sales at its Emerald Bay residential project in Tuen Mun continued on Sunday, as property buyers become increasingly picky in an uncertain economic climate.
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It was the second of three sales to flop over the weekend, after buyers shunned Wheelock & Co’s Ocean Marini development.
The mainland developer managed to sell only five out of 338 flats, or 1.5 per cent, on offer in Emerald Bay phase two, which comprises 1,960 flats and 22 villas in total, the project’s sales agent Midland Realty said.
“The lacklustre result shows that investors are still very selective and cautious,” said Sammy Po, chief executive of Midland’s residential division, noting that buyers are aware of the project as it has been on the market for a few months.
Of the 338 units available for sale on Sunday, 125 were newly released flats in phase two of the development, while 213 were from phase one that remained unsold previously.
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China Evergrande has found the second phase to be a tough sell. It managed to sell only 49 of the 141 flats, or 34 per cent, in March. It followed it up with a 6.7 per cent success rate in April, selling 18 of the 269 units on offer. And in May, it only found buyers for 41 units, or 12 per cent, of the 335 units on offer.
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