Property News · January 7, 2020

Hong Kong developers set to vie for buyers’ affection as a glut of new flats floods the market


Hong Kong developers could come under pressure to reduce prices amid a spate of new project launches, according to market observers.Centaline Property Agency said on Monday that six developers who hold 5,120 unsold flats since 2016 are likely to speed up sales to avoid the soon-to-be introduced vacancy tax.Combined with Midland Realty’s forecast two weeks ago of 27,000 new flats likely to go on sale in 2020, the overall supply would rise to 32,120 units.Sammy Po, chief executive of Midland…

Source : South China Morning Post
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