Trade war truce lifts confidence for Hong Kong's homebuyers
2019-07-04 | Market News
More bidders showed up on Saturday afternoon as positive news on trade negotiation lifted sentiments
Wheelock Properties sold 460 of the 504 flats at its Grand Montara complex in Tseung Kwan O as at 930pm, agents said, adding that they expect the project to sell out by the day's end
Hong Kong''s third-largest weekend sales of residential property this year got off to a good start, as homebuyers piled into the market ahead of a property bull run that may be regaining its paces.
Sentiments were also bolstered by the truce in the year-long US-China trade war, as the presidents Donald Trump and Xi Jinping agreed at the G20 meeting in Osaka to resume negotiations.
Up to 460 flats, or about 90 per cent of the 504 units of Grand Montara on offer by Wheelock Properties were sold in Tseung Kwan O as of 9:30pm, according to sales agents.
"More bidders showed up in the afternoon, compared to the morning, very likely boosted by positive news from the trade talks at the G20 between China and the US," said Louis Chan Wing-kit, vice-chairman for Asia-Pacific at Centaline, adding that he expects Grand Montara to sell out by the day's end.
Prospective buyers at the sales office of Wheelock Properties vying for 504 units of Grand Montara at Lohas Park in Tseung Kwan O on 29 June, 2019. Photo: SCMP / Jonathan WongProspective buyers at the sales office of Wheelock Properties vying for 504 units of Grand Montara at Lohas Park in Tseung Kwan O on 29 June, 2019. Photo: SCMP / Jonathan Wong
Grand Montara received 7,800 bids for the 504 units on offer, or an average of 15 bids for every available flat, the second-highest registration of interest this year among sales launches. The project is popular, after the launch of its earlier phase Montara sold out last month.
The buoyant sale is welcomed news for Hong Kong's downbeat property market, which has been knocked about for several weeks by the biggest street protests in the city's history, and the US-China trade war. The market regained its pace in January after a five-month stumble, but growth slowed in recent weeks.
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