Hong Kong real estate developers are planning to carry out the city's biggest weekend sale in six months by placing 597 new flats on the market between Sept. 7-9, the South China Morning Post reported.
Sun Hung Kai Properties Ltd. will sell 72 flats at Cullinan West II in the city's Sham Shui Po district, Wheelock and Co. Ltd. is looking to shed 38 units at its Monterey development in the same area, while Nan Fung Development Ltd. is divesting 487 flats at its LP6 project in Tseung Kwan O.
The weekend sale plans follow Nomura's projection of a 13% decline in property values in Hong Kong in 2019 as interest rates are expected to rise by September-end, softening demand in the world's expensive residential property market as a result. The Sept. 5 report added, citing Ricacorp Properties Ltd. figures, that buyers in the city have spent more than HK$52.88 billion over the last two months on new apartments. Most of these apartments were sold by Sun Hung Kai Properties, SCMP reported.