10 Jan '17, 4am

Hong Kongers shunning resale homes

Home buyers in Hong Kong tend to avoid purchasing homes before the Chinese New Year period. With home buyers shifting their focus towards new discounted units by developers, transactions of second-hand homes in Hong Kong declined over the weekend, reported The Standard . During the period, there were only five deals in the city’s secondary housing market compared to nine a week before across 10 major housing estates tracked by Midland Realty. “The new residential projects, such as the second phase of Grand Yoho in Yuen Long and the second phase of One Kai Tak, have attracted the attention of many potential buyers,” said Sammy Po Siu-ming, Midland Realty’s Residential Chief Executive. He explained that buyers tend to refrain from purchasing homes before Chinese New Year, and sales of previously-occupied homes are forecasted to remain sluggish in the short term due to a shor...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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