Developers saw quiet weekend sales post CNY cheer

Only 26 weekend transactions were recorded.

According to Barclays, although it is still very early days post the holiday lull, thus far, there are few signs of a post Chinese New Year bounce in home buying activity.

Here's more:

According to the Hong Kong Economic Journal (HKEJ), there were only 26 transactions this past weekend despite one new project launch. Chinachem’s 127 units Golden Gate in Tai Po was the first project launch in the Year of the Horse and of the 58 units on offer, it only managed to clear 14 units or 24% of the 58 units on offer.

Other primary transactions over the weekend included 3 units at Sino Land/Hopewell’s The Avenue in Wanchai and 2 units at the Housing Society’s Harmony Place in Shau Kei Wan. On a separate note, the past two weeks also saw one of the larger sale cancellations in recent months.

According to the HKET, a Mainland Chinese buyer cancelled the HK$210mn purchase of two apartments at Masterpieces in Tsim Sha Tsui. With the forfeiture of an expected HK$21mn deposit and HK$9mn in paid stamp duty, the buyer is estimated to have lost HK$30mn from the cancellation of the earlier purchase.