Cheung Kong (HKG:0001) La Splendeur Hong Kong
Cheung Kong (HKG:0001) yesterday launched another 128 units at its latest luxury project in Lohas Park, Tseung Kwan O, at an average price slightly lower than the previous batch.
This came as HSBC Holdings (HKG:0005) Asia Pacific chief executive Peter Wong Tung- shun said rising mortgage rates will not adversely impact the local property sector.
Hong Kong’s home sales have slowed on concern the city will slip into a recession. Real estate prices fell for the first time in seven months in July after the government introduced new housing curbs in June, while banks accelerated the increase in mortgage rates last week to the highest in 28 months.
The fifth batch of La Splendeur units are sized from 805 square feet to 1,330 sq ft, with a price tag of HK$5,679 per square foot.
That is about HK$300 lower than the median price of HK$5,978 psf for the fourth lot of units – also numbering 128 – released at the luxury scheme on Sunday.
The latest batch brings up the total number of La Splendeur units on the market to 590, which aim to generate HK$3.8 billion. Meanwhile, a site above Nam Cheong West Rail station was opened for tender yesterday, and is expected to sell for HK$13.04 billion to HK$15.85 billion, or HK$5,000 to HK$6,000 per buildable square foot.
Over at HSBC, Wong’s bid to allay market fears came as Cheung Kong shares fell below HK$100, closing 4.1 percent lower at HK$96.75 amid jitters over mortage rate hikes at HSBC and Bank of China (2388).
“When interest rates are low, most clients seek HIBOR-linked plans,” Wong said. “With mortgage rates rising, more clients turn to [the more stable] prime-linked mortgages.”
But he also warned: “If liquidity tightens further in the Hong Kong dollar market, mortgage rates may go up.”
Separately, the Hong Kong Mortgage Corporation said new loans drawn under the Mortgage Insurance Programme fell to HK$17.1 billion for the six months ended June, from HK$19 billion a year ago.
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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com
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