(Hong Kong Bloomberg) After the discount of Sun Hung Kai Real Estate, Hong Kong's largest real estate developer, it sells more than 200 houses in a day.
A representative of Sun Hung Kai Real Estate said that the Tianxi at the Qiande District of the former Airport of Hong Kong? The 204 sets of houses available for purchases have been sold last Saturday (October 5).There are 906 units in Tianxi? The average price of the first batch of houses is 20 % lower than the price of nearby new projects.
Although Hong Kong recently lowered the mortgage loan interest rate, which boosted market emotions, real estate developers still face challenges of excess house supply.
Bloomberg Industry Research pointed out that builders are forced to reduce prices to reduce backlog property.The number of backlogs has reached the highest level in 20 years, and this will restrict any significant rebound in the property market.
Tianxi? Tian is a project developed on the land acquired on the land of HK $ 25.2 billion ($ 4.23 billion) in 2018.This price set a record at the time.
Bloomberg industry research shows that from the pricing of the first batch of houses in the Tianxi project, developers may lose money because the average sales price is 38 % lower than the estimated profit and loss balance of Hong Kong dollars per square foot.The second phase of this project is still under construction.
