Friday, July 10, 2020
Martin Hennecke

Property curbs on foreigners mooted
Hong Kong is considering a provision that will allow new private buildings to be sold only to Hongkongers, the Sing Tao Daily reported, citing sources. The proportion of non-local home buyers has shrunk from 4 percent to 1 percent after the government doubled stamp duty rates to 30 percent of the purchase price in 2016. The purchase restriction may have a limited effect, but could help improve public sentiment, government sources told the sister newspaper of The Standard. Meanwhile, Cheung Kong Asset's (1113) new Seaside Sonata in Sham Shui Po costs HK$14,054 per square foot at its cheapest. Executive director Justin Chiu Kwok-hung said it is cheaper than a new flat in Sheung Shui. The company released 180 flats, ranging between 488 sq ft and 785 sq ft in size, in the first sales batch at an average price of HK$18,688 per sq ft after discounts - the lowest in the district for over two years. Chiu also said the company will not close its shopping centers despite the unrest, as most of them are situated in public housing estates. Elsewhere, Cullinan West III at Nam Cheong MTR Station recorded deposit forfeitures totaling an estimated HK$4.71 million, after the prospective sale of seven new homes were canceled on September 26. The seven flats were priced between HK$6.44 million and HK$41.54 million. In the secondary market, a 603-sq-ft flat at One Regent Place in Yuen Long changed hands for HK$7.8 million, or HK$12,935 per sq ft, after HK$700,000 was cut from the original asking price since July. The seller gained a 61 percent profit, having bought the flat in 2011 for HK$4.86 million. In commercial properties, Midland IC&I (0459) said grade A office rents fell 2.2 percent month-on-month in September, the biggest decline in nearly six years, while rents have fallen 3.9 percent since July 1.

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