Emperor International Holdings (0163) said the mortgage increase by many banks will not have a big impact on the property market.
Executive director Donald Cheung said the mortgage rate is still low. "Unless banks raise their mortgage rates five or six times, it cannot have a great impact."
The group has filed an application with the Town Planning Board to switch its Pulse project, on Beach Road in Repulse Bay, to a hotel with 99 guest rooms. It could take three years.
CITIC International and Dah Sing Bank (2356) have raised their mortgage rates from next Monday while Fubon Bank (Hong Kong) said it would raise its rate from today.
Sun Hung Kai Properties (0016) sold 24 units at Victoria Harbour by tender. The average selling price per unit was HK$83 million, or HK$57,000 per sq ft.