K Wah keeps the faith despite curbs

K Wah International, the mid-tier developer, plans to speed up sales of mainland projects to offset the impact of cooling measures on both sides of the border.

Executive director Paddy Tang Lui Wai-yu said yesterday that the cooling measures had affected the property markets in Hong Kong and on the mainland but it hoped its businesses would be in balance.

Alexander Lui Yiu-wah, also an executive director, is confident about property sales on the mainland despite the new round of tightening.

"The measures will mainly affect second-hand homes. As we are targeting the primary market and end users, the impact will be limited. Our property sales could be maintained," he said.

Chairman Lui Che-woo said the company would continue to acquire sites in Hong Kong and on the mainland as it was sitting on a cash pile of HK$7.24 billion.

KWah has spent HK$5 billion on buying five sites in Hong Kong and on the mainland, which boosted its land bank to 1.8 million square metres.

"The Hong Kong government's cooling measures are aimed at helping local people buy flats at a reasonable price. I believe property prices will become stable in future. It is a good time to buy a flat for own use. But you have to be cautious if you buy them for speculation," Lui Chi-woo said.