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Amoy Garden Small Unit Sold at HK$4.08m, New Home Curbs Launched in China Main Cities

Hong Kong Property | November 30, 2016

Amoy Garden Small Unit Sold at HK$4.08m
A 255 sellable square feet flat at Amoy Gardens in Ngau Tau Kok was sold for HK$4.08 million or HK$16,000 per square foot. It is the second most expensive small unit sold from the estate. Meanwhile, a 431-square-foot two-room unit in Rhythm Garden was sold at HK$6.28 million or HK$14,571 per square foot, making it the most expensive Home Ownership Scheme flat in Kowloon.

Mainland Buyer Snaps Up 5 Flats From MacPherson Place
The new stamp duty is not cooling down Mainland buyers’ enthusiasm in Hong Kong property market. A Chinese buyer spent HK$57.2 million acquiring 5 flats from MacPherson Place in Mong Kok. The average cost per square foot is over HK$17,000. The buyer will be required to pay 30% stamp duty – HK$17.16 million for the purchase.

New Home Curbs Launched in China Main Cities
Shanghai, Tianji and Jinan launched new home curbs to prevent property market from being overheated. Shanghai raised the down payment requirement for first time homebuyers to at least 35% from 30%. People who want to buy a second home are required to make a down payment of 50%, while mortgage shall not exceed 40% of the buyer’s income. Tianji also raised the down payment for first time and second time home buyers to 30% and 40% respectively. Meanwhile, Jinan government barred banks from granting mortgages from November 28 to 30.

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