Hong Kong property market: Developers sell new properties at low prices to seize market share, second-hand property transactions in Hong Kong decline.

Director Wang Pindi of the Hong Kong Property Research Department stated that developers are selling new projects at low prices, leading to good sales and capturing some market purchasing power. Last week, the transaction volume of second-hand properties fell; according to the data recorded by the front-line branches of the bank, a total of 37 transactions were recorded for the top 20 major estates in Hong Kong in the past week (June 30 to July 6), a decrease of about 24.5% compared to the previous week's 49 transactions. The transaction volume of the top 20 estates in Hong Kong Island, Kowloon, and the New Territories all declined on a weekly basis. Among them, in the New Territories area, 13 transactions were recorded in the top 6 estates last week, a decrease of about 27.8% from the previous week's 18 transactions; Sha Tin City One recorded 9 transactions, a decrease of 10% from the previous week's 10 transactions; Newport City and The Vantage recorded 1 transaction each, also a decrease of 50% from the previous week's 2 transactions; Tseung Kwan O Centre decreased from 1 transaction in the previous week to "zero transactions" last week; Tung Chung City decreased from 2 transactions in the previous week to "zero transactions" last week; on the contrary, New Town Plaza recorded 2 transactions, doubling from the previous week's 1 transaction. In the 4 main estates on Hong Kong Island, 9 transactions were recorded last week, a decrease of 25% from the previous week's 12 transactions; among them, Taikoo Shing recorded 6 transactions, a decrease of about 45.5% from the previous week's 11 transactions; on the other hand, Kornhill had an increase of 2 transactions on a weekly basis. In the 10 main estates in Kowloon, 15 transactions were recorded last week, a decrease of about 21.1% from the previous week's 19 transactions; among them, Mei Foo Sun Chuen recorded 2 transactions, a decrease of about 33.3% from the previous week's 3 transactions; Whampoa Garden recorded 3 transactions, a decrease of 40% from the previous week's 5 transactions; Sorrento and The Harbourside each recorded 1 transaction, also a decrease of 50% from the previous week's 2 transactions; soaring Dragon Bay and Larvotto Bay both decreased from 3 transactions in the previous week to "zero transactions" last week; on the other hand, Maritime Bay recorded 5 transactions, increasing 4 times from the previous week's 1 transaction; Skyline Tower had an increase of 3 transactions on a weekly basis. There were a total of 7 estates with "zero transactions" last week, an increase of 2 from the previous week, accounting for an increase to 35% of the top 20 estates, including South Horizons, Soaring Dragon Bay, The Harbourside, Bayview, Yoodles Court, Tung Chung City, and Tseung Kwan O Centre.