China Vanke’s Le Mont project in Tai Po selling briskly despite mortgage concerns
China Vanke sold approximately 25% of the 228 available units at its Le Mont project in Tai Po, Hong Kong, on the first day of sales. Despite reports of some Hong Kong banks refusing to extend mortgages to prospective buyers, 58 flats were sold by 1pm on Saturday, with expectations that all units would be sold by day's end. The strong initial sales suggest continued buyer interest despite the financial headwinds faced by the developer.
The Le Mont project features units ranging from 214 to 873 sq ft, with prices between HK$2.38 million and HK$11.41 million (US$306,000 to US$1.47 million), or HK$9,185 and HK$14,392 per square foot. These prices are reportedly over 30% lower than comparable properties in the area from two years ago. The project attracted significant interest, with over 7,400 applications for the 228 units, representing an oversubscription of more than 31 times. This launch comes as China Vanke, once a leading mainland developer, navigates a liquidity crisis and challenges related to mortgage approvals for the project.
via SCMP Full Text Feed
China Vanke sold approximately 25% of the 228 available units at its Le Mont project in Tai Po, Hong Kong, on the first day of sales. Despite reports of some Hong Kong banks refusing to extend mortgages to prospective buyers, 58 flats were sold by 1pm on Saturday, with expectations that all units would be sold by day's end. The strong initial sales suggest continued buyer interest despite the financial headwinds faced by the developer.
The Le Mont project features units ranging from 214 to 873 sq ft, with prices between HK$2.38 million and HK$11.41 million (US$306,000 to US$1.47 million), or HK$9,185 and HK$14,392 per square foot. These prices are reportedly over 30% lower than comparable properties in the area from two years ago. The project attracted significant interest, with over 7,400 applications for the 228 units, representing an oversubscription of more than 31 times. This launch comes as China Vanke, once a leading mainland developer, navigates a liquidity crisis and challenges related to mortgage approvals for the project.
via SCMP Full Text Feed
