Chilly New Year for HK property market

PropertyGuru

25 January 2012 at 10:57 pm

The Lunar New Year's five-day long weekend witnessed very few property deals in both the primary and secondary markets in Hong Kong.

There were no new transactions at The Coronation in West Kowloon, where sales have been high and only one unit was reserved in Chatham Gate in Hung Hom. Just two months ago, 80 units were sold at Chatham Gate, while 620 apartments were snapped up at The Coronation.

Midland Realty noted that only seven units in the secondary market changed hands at the 10 benchmark residential projects.

Deals were observed only in Kingswood Villa in Tin Shui Wai and Mei Foo Sun Chuen in Lai Chi Kok.

The number of secondary market deals is the second lowest in history, with last year's Lunar New Year as the lowest at four deals.

"A lot of potential buyers and homeowners are not in Hong Kong during the holiday," said Vincent Chan Kwan-hing, Executive Director at Midland.

"On top of that, the cold and rain also kept interested buyers away from viewing flats."

Chan added that market sentiment will improve following the New Year as it is usually the time when property transactions pick up.

Meanwhile, property agents are starting to feel the chill in the market. Realtor 18 Property has confirmed that it axed 30 staff, while Centaline Property handed out 1,700 warning letters to its agents.

"These letters are only a reminder," said Louis Chan Wing-kit, Managing Director for Residential Sales at Centaline. "We do not have any plans to cut staff yet." Related Stories:Bangkok luxury condo prices on the rise

Legoland M'sia eyeing more visitors from S'pore

Risks on China's property sector may be overlooked

CNN
An Indian woman accused her husband of forcing her to have ‘unnatural sex.’ A judge said that’s not a crime in marriage
An Indian judge has dismissed a woman’s complaint that her husband committed “unnatural sex,” because under Indian law it’s not illegal for a husband to force his wife to engage in sexual acts.
Yahoo News Singapore
LTA's 'new' ERP 2.0 is a bad idea, and the sooner that is acknowledged and accepted, the better
We already wasted money on ERP 2.0, but it's not too late to backtrack, says contributing editor Aloysius Low.
BBC
Woman arrested after baby has cardiac arrest at Legoland
The five-month-old baby boy is in a critical condition, police say.
KameraOne
Thai housekeeper inherits $2.7 MILLION following French employer's tragic suicide
A terminally ill French millionaire left her devoted Thai maid a staggering inheritance of 100 million THB (2.7 million USD) on her birthday before taking her own life. The emotional housekeeper grapples with grief, memories, and managing newfound wealth amidst the loss of her beloved employer and friend.
The Telegraph
Australian MP drugged and sexually assaulted on night out
Australian police have launched an investigation after Queensland MP Brittany Lauga said she was drugged and sexually assaulted.
HuffPost
'She Was So Rude, My Family Is No Longer Allowed To Listen To Her Music': 34 Of The Absolute Best And Worst Celebrities People Have Ever Met
"I went to shake her hand, and she looked me up and down and said, 'I don't shake hands,' then walked away."
INSIDER
I started having sex at 36. I missed out on years of self-discovery but I still don't regret waiting.
I didn't grow up religious but I subscribed to the purity plan. I feel inadequate when I started having sex with my partner.
InStyle
Kate Middleton and Prince William Are Reportedly "Going Through Hell" Amid Cancer News
The couple's designer friend says she's "heartbroken" for them.
KameraOne
Got the coffee bug! Man finds hundreds of dead COCKROACHES in coffee machine
On April 28, a maintenance worker in the Thai province of Pathum Thani went to fix an espresso machine after the owners complained about experiencing difficulties with the device. To his horror, the worker discovered HUNDREDS of dead cockroaches crammed into a space inside.
The Daily Beast
Kim Kardashian Is Booed Relentlessly at Tom Brady’s Netflix Roast
NetflixReality star Kim Kardashian was clearly shocked to be booed onstage while making a special appearance at Tom Brady’s The Greatest Roast of all Time on Netflix Sunday. Kardashian, who also made a number of digs at Caitlyn Jenner, was called up from the crowd by presenter and comedian Kevin Hart to give a toast, and while she initially received some applause at the Kia Forum in Los Angeles, it was quickly drowned out by a chorus of boos, forcing Kardashian to pause as she began her speech.“
Evening Standard
Man City: Pep Guardiola explains Erling Haaland touchline incident after substitution
Norwegian was visibly unhappy despite four-goal haul vs Wolves
The Guardian
‘It shows they care’: Ange Postecoglou defends Spurs duo after Anfield bust-up
Ange Postecoglou said the half-time row between Tottenham defenders Cristian Romero and Emerson Royal at Liverpool shows that the players care
People
Emily Blunt Says She Felt Sick After Kissing Certain Actors While Filming: 'I've Definitely Not Enjoyed Some of It'
The actress opened up about the challenges of finding chemistry with her costars during an appearance on 'The Howard Stern Show'
The Guardian
Manchester United have met with Jadon Sancho during loan, Erik ten Hag reveals
Manchester United have met with Jadon Sancho during his loan spell at Dortmund and Erik ten Hag is hopeful their conflict can be resolved
The Guardian
‘I’m not worried’: Arne Slot bids farewell to Feyenoord fans as Liverpool beckon
The Feyenoord manager waved to supporters in an apparent goodbye at the end of their 5-0 thrashing of PEC Zwolle in the Eredivisie
Barrons.com
‘We Lost Quite a Bit of Money.’ Berkshire Sold Entire Paramount Stake, Buffett Says.
Berkshire Hathaway has sold its entire stake in Paramount Global losing “quite a bit of money,” Berkshire CEO Warren Buffett said at the company’s annual meeting on Saturday. Buffett also shot down speculation that Ted Weschler or Todd Combs, who together run about 10% of Berkshire Hathaway’s equity portfolio, had purchased the Paramount stake, taking responsibility for the investment himself. “It was 100% my decision and we’ve sold it all and we lost quite a bit of money,” said Buffett.
Sky News
Benjamin Netanyahu rejects ceasefire demands that would 'leave Hamas intact' - as Israeli cabinet votes to close Al Jazeera office
Israeli Prime Minister Benjamin Netanyahu has rejected ceasefire proposals because he says Hamas's call for a withdrawal of all troops from Gaza and an end to the war is unacceptable. Mr Netanyahu said agreeing such proposals would "leave Hamas intact" and leave the possibility of another attack in future. Mediated negotiations for a pause in the fighting in return for the release of hostages held by Hamas have been going on in Egypt, but a deal appears some way off.
Evening Standard
West Ham dismantled as David Moyes limbo leaves players to take their eyes off the ball
Hammers thrashed at Chelsea on sorry for day Scot
The Telegraph
China-France relationship should be model for the world, says Xi Jinping as he lands in Paris
China’s relationship with France should be a model for the world, said President Xi Jinping as he landed in Paris on Sunday.
INSIDER
Ukraine highlights Russia's 'line of hell.' Claim of dozens of tanks and military vehicles destroyed on one sector of the Donetsk front.
Fighting has intensified in the Donetsk region in recent months as Russia pushes to take more ground around Avdiivka.

Latest stories