China Vanke’s Hong Kong unit sees strong sales in Tai Po project despite mortgage concerns

By Saturday evening, 223 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, wholly owned by China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division.

The flats – ranging from 214 sq ft to 873 sq ft – include 28 studios, 67 one-bedroom units, 93 two-bedroom units, 24 three-bedroom units, nine four-bedroom units and seven special units. They are part of a six-tower residential complex, projected to be completed by July 2026.

Prices for the units range from HK$2.38 million to HK$11.41 million (US$306,000 to US$1.47 million), while the price per square foot is between HK$9,185 and HK$14,392. That is over 30 per cent lower than prices of comparable properties in the neighbourhood two years ago, according to property agents.

Le Mont closed its ballot registration at 8pm on Thursday, attracting a total of 7,418 applications – an oversubscription of more than 31 times.