Hong Kong Property Market Sees Strong Sales Despite Global Tensions

Despite geopolitical tensions arising from the joint U.S. and Israeli attack on Iran, Hong Kong's property market has shown resilience. According to Ming Pao, the first four days of March have already seen approximately 280 primary market transactions. Buyers remain undeterred by the increased stamp duty rate of 6.5% on residential properties over HKD 100 million. A notable transaction involved the purchase of a four-bedroom standard unit at Sun Hung Kai Properties' (0016) The Cullinan, located in the Kai Tak runway area, for over HKD 139.1 million, setting a new record for standard units in the area. The transaction incurred a stamp duty of about HKD 9.05 million. Additionally, Wing Tai Properties' (1218) new development in Sai Wan, The Carmel, successfully sold all 48 units in its first batch through tender, achieving a price per square foot of approximately HKD 29,000 and generating HKD 410 million in revenue.