Origin of the event
The "Blue Coast" project jointly developed by Cheung Kong Group and MTR Group has sparked a huge housing boom in Hong Kong.
The 422 houses that were first opened for sale on April 6 attracted tens of thousands of buyers to queue up, and the scene was crowded, and the queue stretched for hundreds of meters.
According to data from Hong Kong's Centaline Real Estate, as of the opening day, the Blue Coast project had subscribed a total of 28,000 groups within 8 days, oversubscribed by 65 times, becoming the current "ticket king" of new projects in Hong Kong this year, with an average of 66 people grabbing 1 suite.
Video analysis of Li Ka-shing's price reduction and sale of houses in early August 2023
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Hot comments from netizens
01
Every time Li Ka-shing sells a property at a discount, the trend in the following year is down
02
What signal to release
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I have never seen Li Ka-shing's house unfinished
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Is this a precursor to a crash?
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This guy is right every time he makes a move, so it seems that this house price has to go down
Why is Hong Kong's property market so attractive to mainland buyers?
Hong Kong's real estate market is highly attractive to mainland buyers for a number of reasons, including:
Economic and Currency Stability: As an international financial centre, Hong Kong has a stable economic environment and monetary policy, making it highly attractive to mainland buyers seeking to preserve and increase the value of their assets.
Geographical and cultural proximity: Hong Kong and the mainland are geographically close to each other, with similar cultural backgrounds and barrier-free language communication, which makes it more convenient and cordial for mainland buyers to buy a property in Hong Kong.
Educational resources: Hong Kong is home to a number of internationally renowned educational institutions, attracting mainland families to consider buying a home in Hong Kong for their children's education.
Return on investment: Hong Kong's real estate market has long shown a high rate of return on investment, attracting many mainland buyers looking for investment opportunities.
Mainland assets sold by Li Ka-shing
How is the Hong Kong government responding to the overheating of the property market?
In response to the overheating of the property market, the Hong Kong government has implemented a series of regulatory measures, including:
· Additional stamp duty: A higher stamp duty will be imposed on non-first-time home buyers and non-Hong Kong permanent resident home buyers to curb speculative demand.
· Limit the proportion of mortgage loans: Adjust the maximum loan ratio of mortgage loans and increase the down payment ratio requirement for home buyers to reduce the risk of market overheating.
· Increase land supply and housing construction: Increase the supply of housing in the market by increasing land supply and accelerating housing construction in order to balance supply and demand.
· Introducing preferential policies for first-time home buyers: Provide preferential policies for first-time home buyers, such as more favourable mortgage loan terms, to increase the purchasing power of first-time home buyers.
What is the future trend of Hong Kong's real estate market?
The future trend of Hong Kong's real estate market is influenced by a variety of factors, including the global economic environment, local policy regulation, market supply and demand, etc.
On the one hand, Hong Kong's real estate market, as an international financial centre, is resilient and attractive, especially the high-end and luxury residential markets are likely to remain attractive to domestic and foreign investors.
On the other hand, factors such as government regulatory measures, global economic fluctuations, and the purchasing power of local residents may have an impact on the market.
Overall, the Hong Kong property market is likely to continue to experience correction and volatility, but in the long run, market fundamentals remain solid due to limited land resources and continued demand.
Price vs. market reaction
The Blue Coast project launched by Cheung Kong Group attracted a large number of buyers with an average price of HK$21,900 per square foot, which is equivalent to selling a house at a discount of about HK$28,000 per square foot. This strategy has significantly increased the attractiveness of the project, especially in the Hong Kong property market, where such discount rates are quite rare, especially for luxury residential projects.
Participation of mainland buyers
The proportion of mainland buyers who viewed properties before the opening of the project has increased from 20%~25% to more than 30%, indicating that there has been an increase in mainland buyers in Hong Kong's new property sales recently, especially the proportion of mainland buyers in new luxury residential projects is the highest.
This trend suggests that the luxury property market is still attracting a large amount of interest from non-local buyers, despite a number of regulatory measures implemented by the Hong Kong government in the past (e.g. "spicy moves") to curb the overheating of the property market.
Analysis and outlook
This phenomenon reflects several key points in the Hong Kong real estate market:
· Strong market demand: Even against the backdrop of global economic uncertainty, Hong Kong's real estate market is showing strong demand, especially in the luxury sector.
· Effective pricing strategy: With appropriate price adjustments, even high-end real estate projects can attract a large number of buyers and investors.
· Influence of Mainland Buyers: Mainland buyers are playing an increasingly important role in Hong Kong's real estate market, especially in the high-end segment.
As Hong Kong's property market continues to develop, how to balance local demand and foreign investment to ensure the healthy and stable development of the market will be an important challenge for the government and developers.
conclusion
The popularity of the "Blue Coast" project is yet another testament to the dynamism and attractiveness of Hong Kong's real estate market.
Li Ka-shing's success in attracting a large number of buyers through a discount strategy reflects the strong demand for high-quality real estate projects and demonstrates the important role of mainland buyers in Hong Kong's property market.
In the future, the trend of Hong Kong's real estate market will continue to be affected by multiple factors such as the domestic and foreign economic environment, policy regulation and control, and the relationship between market supply and demand.
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