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Huaxin’s Residence Bel-Air Default House Was Sold At Price 40% Lower Than Market Level After Two Loans From Financial Company.

Image Caption
2018-11-14-(Wed)
【28Hse.com】  
Hong Kong Wen Wei Po (Reporter Li Zitian)

The external economy has not been scattered, the property market is facing a change, and even the large-scale luxury residential properties on Hong Kong Island have been affected. A Residence Bel-Air house in Pokfulam, which is worth HKD hundreds of millions, becomes default. The double house owned by China Huaxin related Company was changed hands by HKD232 hundreds of millions with square feet price at HKD58,000 . Compared with transaction square feet price of the odd number housing estate at HKD 96,000 in June this year, it fell by nearly 40% . At the same time, there is a continuous falling of price among major railway housing estates. For example, a 2 rooms household in Tseung Kwan O Metro City have recorded multiple price cuts. After the final reduction by HKD1.51 million , it was sold at HKD6.29 million. The square feet price fell below HKD15,000.

According to the data from Land Registry, an even number house in Pui Fu Lam Residence Bel-Air, which is a default house in area of 3,996 square feet, was sold at the end of last month at HKD 232 million, being cutting by HKD 148 million from HKD 380 million with down range of 38.9%, and the square feet price is HKD58,058 after discount. The newly registered buyer is WU SHUI LING LINDA.

The price reduction is nearly HKD150 million, and the book earns 16%.

The transaction on the housing estate can be traced back to June this year. It is an odd number house with a total area of 3,953 square meters. It was sold as a company equity transfer. The market news means that the unit trade price was about HKD380 million, and the usable area square feet price was about HKD96,000 . The record price of the estate had reached a historical new high. Based on this calculation, the transaction square feet price of the Huaxin even number House was 39.58% lower than that of the odd number house.

The data shows that the original owner of this even number house of Residence Bel-Air 3# stage was CHINA ASSOCIATION LIMITED, which purchased it in January 2012 by HKD 199.8 million and had borrowed from financial company and bank for three times. Deducting the mortgage of HKD 120 million by Li Xingxing for building and the HKD 20 million for secondary mortgage from Yes Lady Finance Company Limited, the current book sales only profit of HKD32.2 million yuan with an increase of 16%. The China club is a China Huaxin related company.

It’s three-tiered exhibition may value HKD2 billion.

In addition, a number of Hong Kong properties owned by Huaxin group were taken over by the liquidators earlier. They were used as the three-storey floor of the office building of Wanchai Convention and Exhibition Plaza, the main office of Huaxin, and they were commissioned to auction at the end of the month. The market valuation was as high as HKD2 billion. Its the most popular commercial default property auction in recent years.

Metro City 2 rooms reduced by HKD1.51 million and was sold.

As for second-hand property transactions, the turnover was still deserted. Many railway housing estates were sold at reduced prices. Midland Realty Lin Zhijian said that, one high-level room D in block 2 of 1# phase in Tseung Kwan OMetro City, which is adjacent to the MTR Po Lam Station, with an area of 420 square feet, which was a two-bedroom interval, was sold after many price cuts. The original owner put the unit on sale in May. At that time, the price was HKD7.8 million. In July, the price was lowered to HKD7.5 million. However, it was still not accepted. Until September, the new LP6 was sold in the same district, pushing the seller further reduced the price to HKD6.7 million. And finally it was reduced to HKD6.29 million and sold. The reduction of HKD1.51 million or 19% with the square feet price at HKD14,976.

Ricacorp Properties Zheng Yun revealed that the market recently recorded a transaction of one E-room in high-rises of block 3 in Central Park nearby Olympic station. The unit area of which is 597 square feet. It has three rooms with one set and face northwest enjoying the sea view. The original owner asked for HKD14.5 million, and then reduced it by HKD920,000 or about 6% to HKD13.58 million with the square feet price at HKD22,747. At present, the price of the same type of household starts from HKD13 million.

It is reported that in April 2002, the original owner bought the above unit at about HKD3.828 million, and the book profit was about HKD9.752 million or more than 2.5 times. Zheng Yun added that Central Park temporarily recorded about 2 transactions this month, with an average square feet price of HKD23,866.

Translated by 28Hse.com . All right reserved.