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.
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