Property Market Is Dull; 10 First-Hand Property Transactions Were Made in Ten Days.

28Hse Editor  2020-01-29  #Transaction
(By Yan Lunle) The second-hand property trading in the first weekend of rat year (January 25th-26th) was weak because it was the traditional dull market, and there were factors such as the pneumonia epidemic. Centaline Property recorded "zero transaction" from ten leading housing estates in the past two days. Three transactions during the four-day holiday of the Chinese New Year (January 25-28) were recorded. The first-hand property market recorded about ten transactions during the past 4-day holiday. Centaline recorded zero second-hand property transactions in ten leading housing estates. The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses many buyers have temporarily suspended the houses visiting activities. Because the property market has always been dull during Lunar New Year, and the recent new pneumonia epidemic situation has become more serious, he says. And he estimates the property market trend will depend on the latest development of the epidemic. Other large agencies besides Centaline also recorded falling transactions in ten leading housing estates at the weekend. Midland branches among recorded four transactions, a weekly decrease of 69.2%, and about six transactions during the 4-day holiday. The Chief Executive of the Midland Real Estate Residential Department, Po Siuming, predicts individual sellers to soften on pricing under the haze of pneumonia epidemic situation. Many buyers have recently inquired about the houses on sale with price-cut, so some may look for price-cut houses after the New Year holiday. Besides, Ricacorp Properties made statistics of transactions in ten leading housing estates in the past Saturday and Sunday, with only one case, a decrease of ten cases or 91% compared with the previous weekend. In conclusion, two transactions were recorded during the four-day holiday of the Chinese New Year. As for transactions in ten leading housing estates through Hong Kong Property during the four-day holiday of the Chinese New Year, there was only one transaction. However, Lee Chi-shing, the Chief Executive Officer of Hong Kong Property, is still confident in the market outlook. He believes that there will only be a slight adjustment in property prices in the short term since the current owners generally are powerful, so property prices sharply falling like that happened during the period of SARS in 2003 is less likely. Wheelock sales offices set restricting access. About the first-hand property market, about ten transactions during the past 4-day holiday were recorded, as dull as in the second-hand property market. Because of the continuing epidemic situation, Wheelock announces to temporarily close the sales offices except the one on the 10th floor of The Gateway, Tsim Sha Tsui. At the same time, the sales office refuses entry for people who had visited Hubei Province within 14 days. In addition to the disinfection measures that had been strengthened earlier, all employees, service providers, and real estate agents must also take temperature measurements before entering. Leong Chi-kin, the Vice Chairman of Wheelock, emphasized in response to media inquiries that this is only an epidemic prevention measure but is not discrimination. Also, Sino states that the Group has immediately strengthened the cleaning and disinfection measures of the sales halls, and requires employees to wear masks during work.
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