Real estate market
Written by: Xu Shihao
2019-11-28 18:35Last updated: 2019-11-28 18:36
The market is concerned about the economic prospects of Hong Kong and the ongoing demonstration conflict caused by anti-revision legislation. According to market sources, the Yoo Residence, a single-family home in Causeway Bay, was recently sold for 15 million yuan with parking spaces, with a price of 32,328 yuan per square foot, with a book loss of approximately 8.88 million yuan, a 37% depreciation.
According to the Land Registry data, Yoo Residence's high-rise Room A is a 464 square foot, one-bedroom, single-family home with an upper and lower two-story duplex space. The average floor space is 232 square feet without staircases. The price was RMB 45,000 per square foot. In 2016, another parking space was purchased for RMB 3 million, involving a capital of RMB 23.88 million. After five years, the owner sold the car with a parking space of 15 million yuan, with a 37% book erosion.
It is worth noting that the project was promoted with ultra-high commissions during the year, with some referring to commissions of more than 20%, and individual premium unit commissions as high as 35%. Subsequently, the Chinese-owned HNA Group spent 450 million yuan in December 2017 to buy a basket of Yoo Residence properties from the capital strategy through a "buy the shell" form. This batch of properties was sold for about 260 million yuan last year, with a book erosion of 70 million yuan. This is the biggest concession of luxury homes in Hong Kong in recent years.
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