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Hong Kong’s weekend property sales reach 4-month high after stamp duty cuts
Hong Kong on Saturday saw its best weekend for new property sales in four months, with a total of 352 units sold across three projects, after the government lowered the stamp duty for small flats following the budget address on Wednesday.
Among the first-round offerings, Henderson Land Development’s Eight Southpark project in Kowloon City sold out all 181 available units by 6pm, while Wang On Properties sold 55 of the 60 units on offer at the Coasto project in Ap Lei Chau, according to property agents.
Kerry Properties’ Hava project in Yuen Long also performed well, selling 116 out of 121 units in its second-round sales, following last weekend’s complete sell-out of 250 units.
The strong demand came after Financial Secretary Paul Chan Mo-po, in his latest budget, adjusted the stamp duty on mass-market homes. The rate has been reduced to HK$100 ($12.90) from HK$60,000 for homes worth up to HK$4 million, instead of HK$3 million previously.
“The latest budget cuts down stamp duty for smaller flats, which will help encourage homebuyers to enter the market,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. “A recent surge in Hong Kong’s benchmark Hang Seng Index also motivated more buyers to enter the property market.”
Po said the three projects sold 97 percent of their available units on Saturday, the most in four months after the sale of 440 new flats on October 19.
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