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Yoho West guides the property market to a pivotal turn
2023-11-25
At the end of 2023, Sun Hung Kai Properties starts selling Tin Shui Wai's Yoho West at a price higher than the second-hand property in Tin Shui Wai in the same district, attracting 5,000 people to visit the showrooms on the first opening day, which is like the situation in the fourth quarter of 2008 SHKP selling the project "La Grove" at market price in Luen Long. The property price fell by 24% in that year, which was hard hit by financial tsunami, but La Grove was still able to be so ld out in a decent price. Finally, the property price rose by 3% in January 2009.
Some analysts pointed out that the opening price HK$10888 of Yoho West is about 20% lower than the previous opening price HK$13648 of Wetland Seasons Bay 3 in the same area, but from the valuation of analysis, Yoho West's opening price was slightly higher than the latest second-hand transaction price HK$9900 of Central Park Towers nearly. In fact, Yoho West's price reduction was not too much.
According to the number of visitors on the first open day, it is estimated that Yoho West's initial public sale 288 units should be fully sold soon. The current situation is like that in the fourth quarter of 2008, so it is not ruled out that the property market will bottom out in January of 2024.
After the recent Sino-US summit, the chances of war in the Taiwan Strait have been decreasing, the US interest rate hike has ended, Hong Kong Hang Seng Index has reached bottom and Dow Jones Industrial average has continued to rebound. Therefore, at the beginning of next year, a more evident rebound will likely appear.
Until recently, the central government proposed to set up a whitelist of fifty enterprises as the target of rescue and requested state-owned banks to provide 3.2 trillion yuan to support the indebted real estate enterprises. The greater the determination of the central government to bail out these real estate enterprises, the more the real estate market will be a soft landing. As China's property market progresses, and the Hong Kong property market will also be halted to fall and stabilize.
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