Check out these 4 biggest property deals in Hong Kong in April-June

One deal closed at a whopping HK$1,588m.

Savills noted some of the major property investment transactions in Hong Kong from April-June 2013. This includes two industrial properties, one office property, and one site located in Western District.

The biggest transaction was the acquisition of Wing Hang Finance Centre by TBC for HK$1,588 mil/US$205 mil. This was followed by Kian Dai Industrial Building (HK$980 mil/US$126 mil), 33−45 Des Voeux Road West (HK$908 mil/US$117 mil), Wai Tak Industrial Building (HK$650 mil/US$84 mil).

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Government measures have succeeded in freezing price appreciation across most sectors, with speculators, funds and other investors all exiting the market.

Left in the picture are developers acquiring sites (Buyer’s Stamp Duty is refundable if a lot is bought and redeveloped within six years) and end users buying for the long term who do not need to take a view on yields.

The problem, particularly for property brokers, is that vendors are showing a stubborn streak and price discounting has been marginal. Many property owners are not over-geared and are content to take yields rather than discount prices heavily in order to sell.

The result has been extremely low volumes, in some cases reminiscent of 1997/1998 levels.