Property sales at major housing estates lost momentum last week as potential buyers stayed on the sidelines in anticipation of Sun Hung Kai Properties adopting a low-price strategy at the upcoming sale of two new projects.
According to Ricacorp Properties, 234 deals were concluded during the week from November 17 to 23 in the 50 major housing estates in the secondary market that it monitors. This represented a 15% decline compared with the preceding week.
Patrick Chow Moon-kit, the head of research at Ricacorp Properties, said the lower transaction volume, particularly in Yuen Long and Sha Tin, was due to the forthcoming release of the SHKP properties.
South China Morning Post