〈China Daily, April 20, 2019〉Hong Kong's largest developer by market value sold just six of 113 flats on offer at its Park Yoho Napoli project in Yuen Long yesterday, the worst for any property firm since late November when only two of 27 units were sold at Jiayuan International Group and Stan Group's T Plus micro-flat project in Tuen Mun.
Market watchers said the poor sales reflected prospective buyers' wait-and-see attitude as a plentiful supply of small flats would be released in the next few months.
SHKP's move to release the flats for open sale comes two weeks after the Real Estate Developers Association instructed its members to make available 20 per cent of flats in new projects in this particular category.
Developers have been criticised for increasingly selling new flats through tender, a marketing tactic that puts buyers at a disadvantage.
"The units sold cost between HK$4 million and HK$7 million," said Sammy Po Siu-ming, chief executive at Midland Realty's residential department. "Flats priced any higher will take longer to sell."
Some 70 per cent of the 369 flats in seven projects that go on sale during th