The Chairman of China Overseas Land,  Hao Jianmin

The Chairman of China Overseas Land, Hao Jianmin

Luxury home may be a buying curbs target after streaming in HK

Super luxury properties are streaming on to the local market as small-and-medium-priced units become the target of the government’s homebuying curbs. Sino Land (0083.HK) will put few villas at its south Lantau Island project up for auction from Friday until the end of March.

Located on Cheung Fu Street, Botanica Bay has 16 houses between 3,725 and 5,573 sellable square feet, each with a garden and three of them with a swimming pool.

Buyers of upscale homes tend to take small mortgages relative to prices, thus have been spared the latest round of tightening policies, said Hao Jian-min, chairman of China Overseas Land (0688.HK).

Hao said the stricter mortgage rules would only cloud the market’s mood, and no fundamental impact is expected.

Property market analyst Eddie Lam Yat-ming said the curbs would drive those needing a dwelling to buy even tinier units or simply rent.

“When even far-flung public rental housing units and apartments older than your grandfather are selling like hot cakes, one cannot but thank the Hong Kong government,” he said

Source: The Standard Finance

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