Hong Kong Weekend Property Transactions Jump to Three-Year High [BNN Bloomberg (Canada)]
HENDERSON LD DEV S/ADR (HLDCY)
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Source: BNN Bloomberg
There were 37 transactions this weekend, up 48% from last week. Hong Kong property buyers have been rushing to snap up homes after the government removed cooling last month in an effort to boost the market. As part of the changes, foreign buyers and existing-home owners no longer have to pay the respective 15% and 7.5% levies on transactions. Instead, everyone is subject to the regular rate capped at 4.25%. In addition, the Hong Kong Monetary Authority eased mortgage rules to allow some homebuyers to purchase properties with smaller down payments. Hong Kong's new-home sales surged 10 times in the first five days after the government removed the cooling measures compared with two months ago, according to Midland Realty. Henderson Land Development Co.'s latest housing project has become a symbol of Hong Kong's property sales rebound following the government tax cuts. The developer sold almost 200 apartments in a few hours on Thursday after applications were oversubscribed by 34 tim
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