Tuesday, March 19, 2019
 
Columnist
Martin Hennecke

Luxury flat buyer defaults
 
11/01/2019
 
Hong Kong's super-deluxe Mount Nicholson on The Peak has had its first case of deposit default and the buyer lost over HK$36 million. The 7,978 square foot unit was sold on December 31 at HK$721 million or HK$90,416 per sq ft and the buyer decided to default the deposit yesterday. It was the largest amount defaulted since the first-hand sales ordinance came into effect. The project was developed by Wharf Holdings (0004) and Nan Fung Development and many billionaires bought into it, including Edwin Leong Siu-hung and Alice Ho Chiu-yan. Meanwhile, Financial Secretary Paul Chan Mo-po said the government does not plan to cut tax directly despite a challenging environment amid the trade war. He said that the coming budget report will shore up enterprises, maintain employment and stabilize the economy. Wing Tai Properties' (0369) The Carmel recorded 150 subscriptions in three days while China Overseas Land and Investment's (0688) The Regent in Tai Po recorded 12 times oversubscription, receiving more than 6,400 applications. CK Asset's (1113) last seven units in Ocean Pride in Tsuen Wan will go on sale by tender next Monday. The size of the units range from 770 sq ft to 1,149 sq ft and was launched earlier by price list, between HK$27.26 million and HK$ 40.68 million or HK$35,405 to HK$35,408 per sq ft.

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