Hong Kong’s homebuyers brave storm signal at city’s first post-rate cut property sales

CK Asset, one of the flagship companies of the tycoon Li Ka-shing, found five buyers for the last 70 units of Blue Coast II in Wong Chuk Hang, priced between HK$10.2 million and HK$20.2 million, or HK$22,684 per sq ft on average after discounts. Thirty-two of the units were on sale by tender.

Property agents pointed to the rate cut as the start of a downwards cycle for lending costs, adding that government measures after Chief Executive John Lee Ka-chiu’s policy address on Wednesday would stabilise the property market.

“[The] two additional rate reductions anticipated in the coming months signal the onset of a downwards interest rate cycle, thereby incentivising more buyers to position themselves in the market,” said Derek Chan, head of research at Ricacorp Properties.