Hong Kong’s housing crisis: how much of the blame for homes crunch lies with city’s property developers?
- In a city facing a housing crisis where demand hugely outstrips supply, more than 4,000 completed flats remain unsold in Tai Po
- Situation has led some to accuse developers of hoarding unsold flats while biding their time for prices to rise
In the last of a three-part series on Hong Kong’s housing crisis, the Post looks at the city’s property developers and their role in the dire situation. Read part one here and part two here.
Thousands of new high-rise homes have come on the market over the past two years in Tai Po, in the eastern corner of Hong Kong’s New Territories facing Tolo Harbour.
In a city facing a housing crisis where demand far outstrips supply, a large number of completed flats have remained unsold in Pak Shek Kok, near the Hong Kong Science Park.
One in three homes is not yet sold at Centra Horizon II, a complex of 1,408 flats in 12 tower blocks built by Billion Development & Project Management and completed in the middle of last year. The flats have been vacant for a year.
A five-minute walk away, The Ontolo is only three-quarters sold. Developer Great Eagle Holdings has managed to move 540 of the 723 flats since the project’s completion in the middle of last year.
Both developers have been selling homes to walk-in buyers through this year.
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