Protest against controversial extradition bill casts shadow on Hong Kong’s largest property sales since early May
- Only 30 out of 251 flats at Vanke Property’s Grand Le Pont sold on Sunday
- No takers for Henderson Land’s Novum East, while only one flat sold at Novum West
Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to mainland China. They are demanding that Chief Executive Carrie Lam withdraw the bill and resign.
Only 30 out of 251 flats at Grand Le Pont in Tuen Mun, the New Territories, were sold by around 6pm, according to Sammy Po, chief executive at Midland Realty’s residential department.
The flats were put up on sale by Vanke Property, the Hong Kong unit of China’s most valuable developer. Of the 251 units, 162 units were on open sale and 89 for tender.
Tycoon Lee Shau-kee’s Henderson Land fared far worse. All 33 flats at Novum East in Quarry Bay went unsold as of 6pm, while only one of 13 was sold at Novum West in Sai Wan.
Prices at Grand Le Pont started from HK$4.66 million (US$595,000) for a 353-square foot unit to HK$9.3 million for a 738 sq ft flat after discounts, according to a statement from the Shenzhen-based developer.
