Saturday, May 25, 2019
 
Columnist
Martin Hennecke

Trade war puts punter's home on the line
 
15/05/2019
 
<p>A homeowner at Fortuna Court in Happy Valley sought to sell his flat after losing HK$3 million in the stock market recently.</p><p>The 468-square-foot unit at Fortuna Court went on sale for HK$12.8 million or at over HK$27,000 per sq ft. The owner lost HK$3 million yesterday morning when dealing index futures as the benchmark Hang Seng Index plunged nearly 600 points.</p><p>He said he did not expect the trade war to get more severe so he invested heavily last week.</p><p>Meanwhile transactions of luxury properties remain active amid uncertainty on the US-China trade war.</p><p>A 2,320-sq-ft unit in Villa Veneto in Mid-Levels changed hands at HK$68 million or HK$29,310 per sq ft, while a 1,683-sq-ft flat in The Harbourside in Kowloon Station sold for HK$85.38 million or HK$50,731 per sq ft.</p><p>Also, a 2,131-sq-ft foreign-style house at La Cresta in Kau To Shan developed by HKR International (0480) and Nan Fung Group sold by tender for HK$55.8 billion or HK$26,200 per sq ft.</p><p>Wheelock and Company (0020) vice-president Stewart Leung Chi-kin said the housing demand remains strong in Hong Kong and the ongoing trade war would not affect the developer&#39;s sales and pricing strategies.</p><p>Leung added that the Real Estate Development Association would soon discuss the criteria of luxury properties, be it size, price or the number of rooms.</p><p>He also said property developers would make rules by themselves on selling houses through tender as the government still has no clear opinions, and the discussions on this issue would continue.</p><p>The Real Estate Development Association issued new guidelines recently that flats of less than 1,076 sq ft cannot be sold by bidding.</p>

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