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HKR & Hysan Bought Two Tai Po Sites for HK$3.39b, Expert Expects Little Harm on Home Market by Trump's Victory

Hong Kong Property | November 10, 2016

HKR & Hysan Bought Two Tai Po Sites for HK$3.39b
Two neighbouring residential sites in Tai Po Lo Fai Road were awarded to a joint venture between HKR International and Hysan Development for HK$3.39 billion yesterday. The average prices per square foot of the two sites are HK$6,439 and HK$7,007, which are 16% and 7% higher than market valuation respectively. They are also the third and fourth most expensive site in Tai Po district.

Expert Expects Little Harm on Home Market by Trump’s Victory
Economic instability was expected by the market after the winning of US presidential election by Donald Trump. Yet Centaline Property Agency founder Shih Wing-ching said yesterday, that the strike by Trump’s victory on local property market might be little. He added that capital may flow out of stock and bond market, similar to the situation of Brexit in June. He expected a short-term property price fall of 3% to 5% until it starts to recover in the second quarter next year.

Taikoo Shing 2-room Unit Dealt With Price Cut
The government’s cooling measures result in a price cut in a recent transaction of Taikoo Shing’s two-room unit. The 580-square-foot flat in Tien Sing Mansion was sold at HK$9.38 million – HK$16,172 per square foot, HK$0.32 million lower than the asked price.

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