Interest in new property projects in HK waning?

Outcome of property transactions over the Golden Week public holiday seems to reflect the market's cautious outlook on projects by local developers.

There are significantly fewer mainland buyers compared with last year.

Here's more from Kim Eng Hong Kong:

Only several remaining units of existing projects were transacted over the May 1st Golden Week public holiday, with significantly fewer mainland buyers comparing with last year. Two units of the Providence Bay in Tai Po developed by a Sino Land-led consortium were sold, while another Tai Po project, Henderson Land’s The Beverly Hills, sold 1 villa.

The market lacked the focus for major launches, despite major developers being scheduled to launch at least 4 projects with over 4,100 available units this month. Three of the 4 projects are located in New Territories, with Cheung Kong’s Tseung Kwan O project and the Beaumount, which is the largest with 1,777 units. The quasi-government department, the HK Housing Authority will also launch a project called Heya Green in Shamshuipo with 327 units. It seems likely that the market will continue to be cautious on local developers’ short-term outlook, and the landlord’s share price strength and outperformance will sustain. Link REIT and Swire Properties come in strong in the property investor segment.