Midland Realty: 3 property transactions recorded in the top 10 estates over the weekend, with notable slowdown in trading.

Midland Realty recorded 3 transactions in the top 10 estates over the weekend, a decrease of 57.1% from the previous week, hitting a 16-week low. The number of estates with zero transactions increased to 8, with all four indicator estates in Kowloon not recording any transactions. Marco Chan, Vice Chairman and President of the Residential Department of Midland Realty Asia Pacific, said that sales at West Sands new development are hot, with the 6th round of sales yesterday being sold out again on the same day, grabbing market attention. The attractive new developments, coupled with positive news in the market this month, have seen many high-quality or popular second-hand properties being sold, while other owners are optimistic about the market and reluctant to sell at a discount, resulting in a slowdown in transactions. With ample funds in the banking sector in Hong Kong recently and a significant reduction in mortgage burden, the phenomenon of "supply exceeding demand" has sharply increased, providing strong support for the property market and accelerating funds flowing into the primary market. In contrast, the secondary market over the weekend presented a subdued situation. According to statistics from Midland Realty, approximately 8 transactions were recorded in the top 10 blue-chip estates on the 4th weekend of May, a decrease of approximately 33.3% from the previous week, hitting a 7-week low. If calculated for the top 15 estates, 11 transactions were recorded over the weekend, a decrease of approximately 15.4% from the previous week. Bowie Mo, CEO of the Residential Department of Midland Realty, said that recent favorable factors in the property market have led to outstanding performance in the primary market. For example, SIERRA SEA sold out rapidly in all 6 rounds of sales, demonstrating strong market buying power. In the secondary market, there is high enthusiasm among buyers to view properties, with the number of appointments for viewing in the top 15 indicator estates hitting a 18-week high, reflecting strong demand. However, as the supply of high-quality properties gradually decreases and owners become more firm in their stance, the secondary market has temporarily entered a consolidation phase. Mo estimates that as new developments attract buyers back to the secondary market for treasure hunting, it will inject new momentum into the property market. It is expected that trading in the primary market will remain active this month and the next, while the volume of transactions and property prices in the secondary market are expected to stabilize and improve, maintaining an optimistic outlook for the future.