Hong Kong Wen Wei Po (By Zhou Xiaoqing)
The property market during the Dragon Boat Festival holiday was dull. According to the data from the four leading real estate agents, among the ten leading housing estates, only 6-10 second hand property transactions were recorded during the three-day holiday, and Ricacorp even disclosed their transaction fell by 65% to 6 cases compared with the same period last year. However, on the weekends (8th and 9th), the transactions of more than half of the four leading real estate agents had increased. In terms of distribution, most of the cases are from the New Territories, but there are few transactions in Kowloon and Hong Kong Island.
Most transactions are from the New Territories, while the market is dull in urban area.
The President of Ricacorp Properties, Liao Weiqiang expresses there are more and more buyers have entered the market since the Sino-US trade war has not deteriorated and the attitude of the owners has softened slightly, leading the transaction number of ten leading housing estates slightly to increase on weekend. It is 100% up comparing to 3 cases on the previous weekend, but it is obviously less many than that in the same period last year. Among them, 4 transactions were recorded in the New Territories, 2 were traded in Kowloon, while Hong Kong Island continued recording zero transaction.
Most of the transactions through Centaline also from the New Territories, with 6 among 7 cases from the New Territories and only one from Taikoo Shing. The Asian Pacific Region vice president and head of the residential department of Centaline, Chen Yongjie believes the first hand property market has no focus in this week, and the coming new projects are in the stage of soft sales, making some purchasing power to return to the second-hand property market. He predicts, Hong Kong may cut interest rates twice in the second half of the year as the United States expects to reduce interest rates, benefiting the property market. It is worth noting that, the regional business manager of this company, Wu Yaozu expresses the Kingswood Villas has recorded 3 transactions this week, and 4 transactions during the 3-day Dragon Boat Festival holiday.
The attitude of “ Want to buy cheap houses” makes the trading into see-saw.
In addition to the uncertain external environment, the shortage of houses for sale is also one of the reasons for the bleak trading. The principal district director of Hong Kong Property, Wen Qiguang discloses the trading is still dull since the houses for sale is continue lack. At the weekend, the four leading estates in West Kowloon hadn’t recorded any trading, and only one transaction was recorded so far this month. This company recorded 3 transactions last weekend, down 2 cases from the previous weekend, and these transactions were from City One, Park Central and Metro Harbour View, while the other 7 housing estates had no transaction. About 7 transactions were recorded on the 3-day holiday.
The chief executive officer of residential department of Midland, Bu Shaoming points out that, many prospective buyers hoped to buy cheap houses, but the prices did not see a significant decrease since the recent houses for sales are lack, leading the second hand property trading to see-saw. According to the statistics of this company, a total of 6 transactions were recorded in the top ten blue chips housing estates last weekend, up about 1 time than the 3 cases on the previous weekend, and it has been three weeks that the transaction number was under 10, besides there were totally 8 transactions during the holiday.