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Hong Kong Property Market - Yr.2019 May: Average price per sq feet $12323 3.75%   (last month:$11878)
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The negative effect from the Sino-us trade war draws down Hong Kong stocks; 7 cases of forfeiture of initial deposit among new houses appeared in 4 days.

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2019-05-10-(Fri)
【28Hse.com】  
Kong Wen Wei Po News (By Liang Yueqin)

Hong Kong stocks fell day by day under the negative effect from the Sino-us trade war. Many buyers flinched. There were at least 7 cases of forfeiture of initial deposit in first hand property market within this week, and in the second hand property market also had buyers giving up. The Asia Pacific vice chairman and president of the residential department of Centaline Property, Chen Yongjie pointed, there was booming last week while wait and see today in the Hong Kong property market, and the first and second hand transactions in the first four days of this week had sharply fallen by 60%, showing that the market is waiting to see the results of the Sino-US negotiations.
In the past 4 days, there were 7 cases of forfeiture of initial deposit among new houses sales, including tiny houses also bungalows (see table). According to the transaction register, one Chuang's buyer bought room A on the 21st floor of HAN Tian in Ma Tau Kok from FAME TOP INVESTMENT LIMITED by HKD7.2116 million in December 2017, which is one-bedroom in 357 sq ft, and the buyer had paid 10% of the property price in method of 180 days immediately mortgage payment, but the sale and purchase contract was terminated yesterday, so it is estimated the loss of the buyer is 10% deposit, that is more than HKD720,000.

The cases of forfeiture of initial deposit includes tiny house to bungalows.

The AVA 228, tiny house project in Cheung Sha Wan, recorded cases of forfeiture of initial deposit in succession. Among them, a buyer spent HKD5.924 million to buy the room H on 19th floor of 249 sq ft on the 1st of this month in the form of construction payment, then two days after, changed into 90 days immediately mortgage payment leading prices to fall to HKD5.213 million, however, the formal sale and purchase contract was not signed on time, so the buyer lost deposit that 5% of the price, which is over HKD260,000.

In addition, there were also second hand property buyers gave up. According to market source, low floor room A in block 3 of Avon Park in Fanling with area of 489 sq ft was sold at HKD6 million in the beginning of the month, buyer gave up suddenly being affected by the negative factor of the Sino-US trade war and the decline of stock, who had paid about HKD100,000 as temporary deposit, and the lost is about HKD220,000 including the commission of both parties. At present, the owner has increased the price by 200,000 and relaunches it at HKD6.2 million.

The applications for MONTARA is over 100 times of the quota.

On the other hand, LOHAS Park MONTARA in Tseung Kwan O developed by Wheelock Properties and MTR put on sale the second round of 116 houses today, the application of which was closed yesterday, and developer expressed, nearly 7,000 applications were collected yesterday, with nearly 12,000 cases had been collected, an oversubscription of 102 times, and the applications from group A big customers among are exceed 1,600 cases. The areas of ​​the units for sale today ranges from 362 sq ft to 816 sq ft. The discounted prices are above HKD5.89 million and the discounted average sq ft price is HKD15,612.

The cases of forfeiture of initial deposit among new houses for this week.

Room H on the 9th Floor of AVA 228 in Cheung Sha Wan: The buyer bought it at HKD5.2 million on the 28th of last month and lost deposit that is 5% of property price (HKD260,000) after forfeiture of initial deposit.
Room H on the 19th Floor of AVA 228 in Cheung Sha Wan: The buyer bought it at HKD5.213 million and lost deposit that is 5% of property price (over HKD260,000) after forfeiture of initial deposit.
Room A2 on the 5th Floor of Block 8 from St. Martin phase 2 in Pak Shek Kok: The buyer bought it for HKD9.694 million in the middle of last month, and lost deposit that is 5% of property price (over HKD480,000) after forfeiture of initial deposit.
Room A on the 21st Floor of Han Tian in Ma Tau Kok: The buyer bought it for HKD7.2116 million in December 2017, and lost deposit that is 10% of property price (over HKD720,000) after forfeiture of initial deposit.
Room D on the 60th floor of block 1 in LOHAS Park LP6: The buyer bought it at HKD16.293 million on the 17th of last month, and lost deposit that is 5% of property price (over HKD810,000) after forfeiture of initial deposit.
House H3 in LaVetta from Kao To, Sha Tin: The buyer bought it at HKD50.741 million on October 31 last year, and lost deposit that is 10% of property price (over HKD5.07 million) after forfeiture of initial deposit.
Room B on the 7th Floor in CRISTALLO: The buyer bought it for HKD47.988 million on the 27th of last month and lost deposit that is 5% of property price (nearly HKD2.4 million) after forfeiture of initial deposit.

■Table making: Journalist Liang Yueqin.
Translated by 28Hse.com . All right reserved.