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HongKong: Owners slash prices with property market quiet

Posted on 26 March 2013

Flat prices have slipped by up to double digits as owners try to offload units amid a quiet property market. A 580-square-foot flat at Ming Kung Mansion in Tai Koo Shing changed hands for HK$7.95 million - 5 percent lower than market prices. The two-bedroom flat was priced at HK$8.5 million on Wednesday.
“Around three to four similar units were sold at HK$8.5 million-HK$8.6 million before the latest government curbs,” said Alan Cheung Kwong-yiu of Centaline Property Agency. Also, an owner finally sold his 509-sq-ft flat in Tai Koo Shing for HK$11,297 per sellable sq ft, or HK$5.75 million, after cutting prices twice. The current market price is about HK$12,800 per sellable sq ft………………………………………..Full Article: Source


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