Hong Kong's weekend primary home sales fell 23%

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According to Maybank Kim Eng, primary residential property sales dropped 23% WoW from previous week’s 43 to 33 transactions over the weekend. 

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For Easter holiday total transaction of 97 units, the WoW drop is 66%. CSI (497 HK) and ITC Properties (199) JV project, Causeway Bay’s yoo Residence recorded 9 transactions over the weekend.

Henderson Land (12)’s Yuen Long project, The Reach, recorded another 7 transactions. Separately, top 10 secondary estate transactions dropped 20% WoW to only 12 over the weekend, and selective potential sellers continue to lower their asking prices, according to Oriental Daily and property agency Centaline.

Implication: Yet another quiet week for primary and secondary residential markets after the traditional peak season in Easter holiday, which was dragged further by weak equity market and flu cases in Eastern China.

We believe that the secondary transaction will not rebound until further price cuts offered by sellers, while developers will continue to be defensive in launching large-scale projects in short-run.