A growing number of property owners from mainland China are unloading their Hong Kong flats to increase liquidity, even selling their assets at a discount, said a number of property agents.
Centaline property agency noted that 20 percent more flats went on sale at projects near the Kowloon MTR station during the National Day Golden Week.
“They are slashing at least five percent off the asking price, which is rare because they almost never allow a bargain,” said Marco Yu, an agent at Centaline.
Surprisingly, property hunters are not buying and bookings to view flats declined by at least 40 percent during the seven-day holiday. In addition, 18 Property Agency reported that deals fell by 40 percent.
“We are seeing a lot fewer mainland buyers who are targeting medium-sized flats, while those who can still afford to buy here would target properties priced at HK$30 million or more,” said Edward Cheung Siu-chuen, Chairman of 18 Property Agency.
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