Hong Kong property: busiest month since May as DBS, HSBC bosses pick up luxury homes
Total transactions in Hong Kong’s property market could end the year with the highest volume since 2021, Centaline forecasts
The big bosses at DBS Bank and HSBC’s money-management unit became new owners of luxury homes in Hong Kong in October amid a revival in optimism and stock market wealth, helping drive the property market to its busiest month since May.
Transactions involving new and lived-in homes, offices, shops, car parks and industrial spaces jumped 52 per cent to 5,845 units from a month earlier, according to data published by Centaline Property, the city’s biggest real estate agency. It marked the highest volume since May.
A combination of interest-rate cut, lower stamp duties and a revamp in the mortgage financing regime contributed to the resurgence, the agency said. A technical bull run, stemming from Beijing’s stimulus blitz in late September, created a wealth effect to underpin buying confidence, analysts have said.
More fruits from these policy measures are likely to be reflected in November activity data, Centaline said.
Sebastian Paredes, the CEO of DBS Bank (Hong Kong), bought a three-bedroom unit at The Aster in Happy Valley on October 22, according to Land Registry records. He paid HK$49.4 million (US$6.4 million) for the unit in a project developed by Kerry Properties.
Nicholas Moreau, the CEO of HSBC Global Asset Management, bought a luxury flat in Century Tower in Mid-Levels, also developed by Kerry Properties, for HK$50 million on October 23, according to government records.
