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Hong Kong Property Market - Yr.2020 Jun: Average price per sq feet $11802 4%   (last month:$11348)
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A loser due to the Sino-us trade war born after 1980 sells property to repay the debt caused by the failed futures index speculation.

Image Caption
Hong Kong Wen Wei Po (By Li Zitian)

The escalation of the Sino-US trade war has dragged down the global stock market, and the owners who were failed on "futures index speculation" are in urgent need of selling flats to pay off debts. Market source pointed, there is one owner born after 1980 in Fortuna Court, immediately informed the estate agent to put on sale a 468 sq ft heritage property at HKD12.8 million with the sq ft price up to more than HKD27,000, seeing there was huge loss on the futures index investment and margin when the Hong Kong stock market opened lower nearly by 600 points on yesterday morning, who sharply lost more than HKD3 million.

The United States plans to impose tariffs on the remaining Chinese goods valued more than $300 billion. China announced its counter-measures the night before, additionally imposing tariffs on the US goods valued $60 billion that have been imposed on tariffs, and then the US stocks plunged 617 points overnight. Hong Kong stocks resumed after the holiday, plunged 624 points yesterday and fell below 28,000 points, also it crossed the 100 days and 250 days Moving Average (MA) line, further more Hang Seng index crash ed nearly 2,100 points during only 6 trading days since May 6 to yesterday, the market is full of sorrow.

Hong Kong stocks opened lower. One owner lost more than HKD3 million.

Yesterday, market source pointed, one middle-floor room A in Fortuna Court, No.1 Wong Nai Chung Road of Happy Valley was put on sale at HKD12.8 million with the usable area sq ft price at HKD27,350, which is two-bedroom house in usable area of 468 sq ft viewing the racecourse. It is reported, this house is a heritage property and now a lawyer is the estate executor of it, and a son of the many children of the deceased owner born after 1980 claimed to the agent in the district that he had lost more than HKD3 million when Hong Kong stock opened lower by nearly 600 points yesterday morning.

This owner born after 1980 yesterday informed the real estate agent to put on sale the house, hoping to cash out quickly to repay the Margin call. According to the Land Registry, the deceased owner bought the house at HKD7.8 million in November 2011. Hong Kong Wen Wei Po reporter also conducted an online valuation for this house, and HSBC, Hang Seng and Standard Chartered valued it at HKD11.48 million, HKD10.8 million and HKD11.62 million respectively. In addition, the house middle-floor room A above in usable area of 468 sq ft was sold at HKD10.2 million with the discounted sq ft price at HKD21,794 in this March.

In fact, the deteriorated Sino-us trade war recently had suppressed the pace of the second-hand property rising, and some buyers chose to wait and see, while owners are willing to cut prices to attract buyers.

A house in Healthy Gardens was sold with price cut of 4%.

Shi Changda from Centaline Property revealed, high-floor room 3 in block A of Healthy Gardens in North Point with the usable area in 456 sq ft was newly sold, which is two-bedroom interval with a store and a sea view. The owner had asked for HKD8.8 million, and was willing to reduce HKD0.34 million or 3.9% to HKD8.46 million, leading the discounted sq ft price to HKD18,553. Shi Changda pointed, the original owner bought the above house at HKD4.5 million in June 2011 and earned book profit of HKD3.96 million with an appreciation of 88% after holding it for 8 years.

Chen Zhenyu from Ricacorp expressed, the market recently recorded a second-hand transaction case in the middle floor room E of block 1A in MacPherson Place, Mong Kok, which is two-bedroom facing southwest and in usable area of about 636 sq ft. The original asking price of this house was HKD13 million, and was cut by HKD0.45 million or about 3.5% to HKD12.55 million, with the usable area sq ft price at about HKD19,733.

It is known, the original owner bought the above house at about HKD11.335 million in June 2015. After holding it for 3 years, the owner resold it after the expiration of the SSD, earning book profit of about HKD1.215 million or about 11%.
Translated by 28Hse.com . All right reserved.