An estimated HK$5bn in revenue generated by the sale of 1,500 new flats in less than 72 hours has thrown a multimillion-dollar commission lifeline to thousands of property agents.
Cheung Kong (Holdings) attracted HK$2bn in revenue from the sale of 1,068 units at Central Park Towers II in Tin Shui Wai.
The sale opened on Thursday evening and by Friday, 1,020 units were sold. The remaining 48 units were snapped up on Saturday.
Sun Hung Kai Properties then announced on Sunday that it had sold 400 units worth HK$3 billion in the Latitude in San Po Kong during the weekend.
Cheung Kong and SHKP paid agency commissions ranging between 2-3%on every successful deal, which means about 10,000 estate agents who focused on selling the units - about 40% of the 24,000 agents in the market - are now due to share in total commissions of somewhere between HK$100m and HK$150m.
South China Morning Post