Hong Kong Property Market Revives: Over 200 Flats Sold in a Day Amid Interest Rate Cut by HKMA

Hong Kong purchasers secure 200 apartments as market mood enhances following interest rate reduction

The highest number of newly sold apartments in a single day since May was witnessed in Hong Kong, as the market mood was lifted following a rate reduction by the HKMA.

Agents reported that Sun Hung Kai Properties (SHKP) successfully sold 115 units, constituting over 95% of the 120 units available at Yoho Hub II. This happened by 3:30pm, only five and a half hours following the commencement of the project's official sales in Yuen Long.

In the same amount of time as SHKP, Emperor International managed to secure purchasers for all 85 apartments in One Jardine's Lookout, located in Happy Valley.

Sammy Po Siu-ming, the head of the residential division at Midland Realty, anticipates that the initial batch of homes in the new One Jardine's Lookout and The Yoho Hub II developments in Happy Valley will be completely sold on the day they are launched. This is expected to push the primary market's transactions on Saturday beyond 200.

The Hong Kong Monetary Authority (HKMA) initiated a cycle of policy relaxation last week, in line with the half-percent slash in the base interest rate by the US Federal Reserve – the first of its kind in four years. The HKMA, serving as Hong Kong's unofficial central bank, modifies its own policies according to the actions of the Fed to maintain the connection of the local currency to the US dollar.