Hong Kong's weekend home sales climbed 16%

It has rebounded for 2 weeks in a row.

According to Maybank Kim Eng, weekend primary sales rebound 2 weeks in a row and reached 50 units over the last 2 days, a 16% hike comparing to previous week’s 43 and 33 transactions 2 weeks ago. 

Here's more:

Lions Rise (Wong Tai Sin, developed by Kerry Properties (683 HK)) recorded 16 sales which topped the primary property list. 3 units of yoo Residence (Causeway Bay, JV by ITC Properties (199) and CSI Properties (497)) were recorded over the weekend.

Meanwhile, secondary  transaction dropped significantly from 20 units in previous week to 8, with 8 out of  top 10 secondary estates recorded no transaction.

Implication: The quiet primary and secondary market indicated that participants are still ‘wait-and-see’ towards the new First Hand Property Ordinance to be effective next Monday.

Moreover, the drop of 1.41% in Centa City Leading Index for the week April 8-14th, which was the largest over the last 3 years, has also dampened the potential buyers’ demand for secondary properties, in our view.

We expect that primary and secondary transactions to remain week over the short-term.

Action: Accumulate quality developer names upon share price weakness. Henderson Land (12) is our short-term preferred play with small-unit remaining unit and commercial property sales in the pipeline