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Sales Jump Over 10 percent In The Secondary
Market
Jul 29th, 2009
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Home sales in Hong Kong's secondary property
market rebounded last week due to improving
buyer sentiment against the background of a
rising stock market. Data collated by
estate agency Ricacorp Properties from deals
completed at 50 large housing estates shows
that secondary transactions climbed 11.26
per cent to 336 from 302 a week earlier as
the benchmark Heng Sang Index vaulted over
the key 20,000-point level last Friday.
The strong performance on the stock market
helped boost investor confidence in the
property market, said analysts.
David Chan Tai-wai, a director at Ricacorp,
said sales of Le Prestige - a 1,688-unit
residential project in Tseung Kwan O jointly
developed by Cheung Kong (Holdings), Nan
Fung Development and MTR Corporation - had
digested a significant portion of
consumption power in the market. But the
marketing of the project stimulated demand
and he now expected secondary transactions
to rebound to above 350 units this week.
The sales pace of Le Prestige, which is
phase 2A of the massive residential project
at Lohas Park, is much slower than sales
achieved in phase one - The Capitol - which
sold out all 2,096 units on offer in about
36 hours.
According to the Centa-City Leading Index,
which tracks prices in the secondary market,
home prices have increased 20.85 per cent
this year. Along with the rising
transaction levels, average home prices in
Hong Kong edged up 0.5 per cent over the
week.
Source: South
China Morning Post |
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