New property price cuts work to capture the purchasing power of the second-hand market, just the past Saturday, Hong Kong's four major agents recorded the top 10 housing estates in the sale and purchase transactions between 3 to 8, continued to hover in the number of units.

In order to get rid of the goods and cash, some owners do not hesitate to drastically cut the price, or even let the transaction. Ma On Shan Tianyu Sea recently recorded a substantial price reduction of 16% of the unit sold, the original owner of more than three years, a strong loss of $1.47 million; Taikoo Shing, there are also units reduced in price by $1.32 million sold.

According to market sources, a mid-floor B unit in Block 5B of Ma On Shan Tianyu Hai was recently sold at $7.78 million, and the original owner purchased the unit in April 2020 at a price of $9.25 million, in other words, the unit has suffered a strong loss of $1.47 million over a period of more than three years. In other words, the unit has lost $1.47 million in more than three years. Looking up the information, the unit has a usable area of about 689 sq ft, 3 bedrooms and a set of intervals, and the price has dropped by nearly 16% in 40 months.

The HOS market also has cases of erosion. Century 21 Kee Fung property Yu Chui Court branch manager Yang Lijuan said, Sha Tin Yu Tian Court Yu He Court middle 05 rooms, a practical area of 466 square feet, 2-room apartments, put on the market for 2 months, the original asking price of 5.6 million yuan, reduced by 320,000 yuan to 5,280,000 yuan (free market price) Sold, or a reduction of 5.7%, the utility area of feet price of 11,330 yuan.

The original owner purchased the flat in July 2019 at $6 million (land premium paid), and held the flat for 4 years with a loss of $720,000, a drop of about 12% over the period.

Midland property residential department chief executive officer (Hong Kong and Macao) Bu Shao Ming said, the new disc "flat burst" tactics work, stimulate the release of purchasing power, individual owners of the second-hand also further expand the negotiation margin for sale, the overall property prices have downward pressure, I believe that some of the new discs to the corner of the customer gradually return to the second-hand. Midland just had 8 sales and purchases over the past weekend, recording a single-digit level for 15 consecutive weekends.

As a matter of fact, there are quite a few cases of substantial price reduction recently. Midland Weng Kaijie revealed that the first city of Sha Tin, Block 29, low-floor room B, area 451 square feet, 3-room households, to 5.83 million sold, the original owner in 2003 to 1.21 million yuan to buy. Earlier this year the same type of unit sold for $6.8 million, compared with the price of the beginning of the year fell 14 per cent.

Midland property Ng Shiu-kee said the bank facilitated the transaction of Taikoo Shing Seaview Garden Jade Banyan Court high-rise room D, a usable area of about 922 square feet, three-bedroom suite room, the original owner of the original owner in June to about 17 million yuan to put on the market, has been reduced to 16 million yuan, and ultimately reduced by 320,000 yuan to 15.68 million yuan transaction. Midland Lam Hoi Shing said, Mei Foo Sun Chuen, Phase 3, No. 67 Broadway Street, medium and high floor B room 3 rooms, utility area of 717 square feet, the original asking price of $8.6 million, has just been reduced to $7.45 million to sell, the transaction price of the original asking price fell by 13.3 per cent.

For the second-hand transactions in the doldrums, Centaline Asia-Pacific Vice Chairman and President of the Residential Division Chen Yongjie pointed out that the second-hand owners are still not as large as the rate of reduction in the first-hand new properties, buyers and sellers on the cost of there is still a gap between the slowdown in transactions.

Centaline weekend top ten recorded four transactions, one more than last weekend, but the number of units sold has been maintained for 15 weeks. Centaline Ng Yiu-cho said, Kingswood Villas this weekend broke eggs, Kingwood Residence, Block 1, mid-floor D room, 547 square feet of usable area, three bedrooms and one toilet spacing, the latest in the market at $ 4.88 million to change hands, discounted utility foot price of $ 8,921. It is learnt that the original owner purchased the property in 2017 for $4.73 million, and now it has changed hands for a profit of $150,000 only.

Ricacorp's president Tony Liu said the fact that some owners are willing to reduce the price of their flats and have been accepted reflects that the purchasing power of the market is still there. The bank recorded eight second-hand transactions over the weekend, an increase of four cases week-on-week, the most in the past five weeks. Hongkong Land Chief Executive Officer Ma Taiyang predicted that only after the wave of new flats, some of the customers will return to the corner, the second-hand is expected to gradually pick up. The bank's top ten second-hand about only recorded three transactions.