Sun Hung Kai Properties Ltd benefit from eased credit controls

The largest property developer in Hong Kong by market value, Sun Hung Kai Properties Ltd, plans to put 3,500 unfurnished apartments on the market this year at a total price of THB126 billion (US$4.1 billion).

The move comes after China eased credit controls on borrowing costs, high down payment requirements and additional transaction taxes in Hong Kong.

The developer has seen a rise in home sales profits to THB30.42 billion (US$988 million) in the last six months. A drop in mortgage rates helped the increase in home sales profits.

The company has a total of 46.7 million square feet of developable land in Hong Kong.

A three-bedroom, unfurnished apartment in Hong Kong near the embassies, schools, hospitals and main attractions today rents for THB363,365 (US$11,813) per month. A 15 percent increase from 12 months ago according to World Property Channel. 

Apartment rates in Hong Kong are higher than those in New York, London and Tokyo.

Filed Under: Hong KongNewsNews by Country


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