Hong Kong developers find few takers for flats on sale as buyers await budget stimulus

Only five of the 136 flats at Pano Harbour sold as of 5pm, and five units out of 20 at State Pavilia

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Potential buyers at Pano Harbour’s sales office in Hung Hom on Sunday. Photo: Edmond So

Published: 5:51pm, 23 Feb 2025

Hong Kong homebuyers’ sentiment was mixed over the weekend as the city’s tepid property market awaits more supportive measures in the coming budget.

China Resources Land (Overseas) and Poly Property sold five of the 136 flats offered at Pano Harbour in Kai Tak, the site of the city’s former airport, as of 5pm on Sunday, according to agents. New World Development (NWD) sold five of the 20 units in the third round of sales at State Pavilia in North Point.

On Saturday, Kerry Properties sold all 250 flats offered in its Hava project in Yuen Long.

Some buyers entered the market ahead of next Wednesday’s budget address by Financial Secretary Paul Chan Mo-po expecting more supportive measures would be provided for the property sector, said Sammy Po Siu-ming, the CEO of Midland Realty’s residential division for Hong Kong and Macau.

Pano Harbour (centre) in Kai Tak has been developed by China Resources Land (Overseas) and Poly Property. Photo: Edmond So

“Purchasing power will be gradually released if the budget address indeed contains favourable policies,” Po said. He expected home sales to reach 2,200 this month and 2,000 in March.