Hong Kong developers insist on offloading inventories

Just before pre-sale sales rule bite in.

According to Nomura, developers continued to offload their inventories before the new pre-sale sales rule takes effect on 29 April 2013.

Over the past weekend, a total of 61 units were sold, mostly of existing projects and small-scaled urban redevelopment projects. 

Here's more from Nomura:

Kerry cleared 20 units at Lions Rise in Wong Tai Sin after it cut ASPs by 3%. Other primary weekend sales include six units at NWD’s The Riverpark in Shatin, five units at Chuang’s Parkes Residence and five units at HLD/NWD’s The Reach in Yuen Long.

Also, after cutting the price of its One West Kowloon in Cheung Sha Wan by an average of 11% in March, Cheung Kong continued to offer incentives, including a HKD500,000 subsidy for redecoration or a car parking space, for the remaining 14 units at the 286-unit development.

Those 14 units were reported to be snapped up last week.