Himo Liu
Chief Executive John Lee Ka-chiu said Hong Kong’s property market needs time to adjust to a series of relaxed measures introduced in his policy address last month.
In the latest policy address last month, Lee announced that stamp duties will be cut for the local property market.
These include implementing a “pay later, exempt first” arrangement for stamp duty on property purchases by non-local talents and halving the buyer stamp duty and the new residential stamp duty.
Lee explained that the real estate market is impacted by the global economy, particularly in the context of high-interest rates. Similar to other economies, Hong Kong is encountering comparable pressures and challenges.
Following the implementation of stamp duty reduction measures, some real estate agents noted a surge in inquiries. However, purchasing property is a substantial decision, and buyers naturally take time to deliberate, which is normal and understandable, Lee said.
When asked about the recent unsuccessful bidding for lands in Tung Chung, he said that developers, when considering bids, not only take location into account but also the overall development of the market.
It’s only been a month since the policy address was delivered and everyone is cautiously observing the developments in the market, he said.
In the primary market, Henderson Land’s (0012) The Paddington in Cheung Sha Wan is expected to launch the first round of 100 flats on Sunday.
The project garnered around 300 checks for the initial batch of 100 units, oversubscribed by two times.
The 100 flats on the first price list have areas ranging from 237 to 499 square feet. The discounted prices range from HK$3.92 million to HK$9 million.
Sun Hung Kai Properties (0016) said its residential project Yoho West atop Tin Wing Station will upload its sales brochure within this week and release the price list in the short term.
In the secondary market, additional price reductions took place. In Mong Kok, a high-level studio at Eltanin Square Mile, initially listed at HK$3.95 million, sold for HK$3.55 million after a price cut of HK$400,000.
The post Property sector needs time to adjust to tax cuts, says Lee appeared first on Hong Kong News Hub.
from
https://hongkongnewshk.com/property-sector-needs-time-to-adjust-to-tax-cuts-says-lee/
No comments:
Post a Comment