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Reporter of China Business Network: Huang Wanyin Editor of China Business Network: Wei Wenyi

A huge single unit transaction was once again seen in new luxury housing developments in Hong Kong.

On July 24, a reporter from the Daily Economic News checked the information of the Hong Kong First-hand Residential Property Sales Supervision Bureau and found that the No. 3 house in the new luxury housing project in Hong Kong Island, Shouson Hill No. 15, was sold for HK$717 million (approximately US$92 million), and the buyer entered the market with a 35-day cash payment plan. This is also the largest first-hand residential transaction in Hong Kong Island this year.

According to Centaline Property, the No. 15 Shouson Hill project in the southern part of Hong Kong is jointly developed by Emperor International, CC Land and Shangjia Life under Capital Strategy Real Estate, and is now ready for construction. Excluding internal transfers, the project has sold a total of 6 houses so far, with a total amount of HK$3.1 billion.

The above-mentioned house No. 3 has a saleable area of ​​9,694 square feet (1 square foot ≈ 0.09290304 square meters). It is a 6-bedroom (6-suite) unit with a gym, a 3,085-square-foot garden and a 2,559-square-foot rooftop. There is also a swimming pool, a private elevator and two parking spaces.

Centaline Property Research Senior Associate Director Yang Mingyi pointed out that after the Hong Kong SAR government fully "withdrew its measures" at the end of February this year, the market atmosphere turned optimistic, and with developers actively launching new projects, the primary residential market became the focus of the market. In the first half of this year, it has rapidly absorbed a large amount of purchasing power, and the acceptance capacity has begun to slow down since June. It is estimated that the number of primary private residential transactions in the third quarter of this year will be about 2,400, which will drop by 60% quarter-on-quarter.

Note: In Cantonese, "spicy measures" refers to coercive measures taken to solve difficult problems. The strong restrictive measures previously taken by the Hong Kong government to deal with the overheated property market and prevent excessive speculation are called "spicy measures". "Withdrawing spicy measures" is equivalent to "withdrawing spicy measures", which refers to the abolition of the "spicy measures" in the property market that had been implemented in Hong Kong for 14 years on February 28.

According to statistics from Centaline Property Agency, in the second quarter of this year, 6,571 first-hand private residential sales contracts were registered in Hong Kong, with a total value of HK$83.446 billion, up 131.0% and 187.4% from 2,844 and HK$29.037 billion in the first quarter, respectively. The number of contracts hit a 20-quarter high since 7,031 in the second quarter of 2019, and the amount hit the second highest since statistics were collected in 1996, only lower than HK$88.088 billion in the second quarter of 2017.

Overall, the transaction volume and transaction amount of the first-hand residential market in the first half of this year in Hong Kong have far exceeded the performance of the same period last year. Centaline Property Agency of Hong Kong predicts that developers will continue to adopt the method of exchanging price for volume to promote real estate projects. Therefore, although the first-hand residential transaction volume in the second half of the year is obviously lower than that in the first half of the year, it is predicted that the first-hand residential transaction volume in 2024 will still reach about 13,500, an increase of nearly 30% from 10,682 in 2023, which is expected to be the highest level after 2021.

Daily Economic News