Hong Kong Builders Sell Almost 300 New Homes in One Day
Hong Kong Builders Sell Almost 300 New Homes in One Day
Introduction
Hong Kong builders sold almost 300 new homes in one day. At the same time, the government says fewer new homes will be built in the next two years.
Main Body
The sales event had two projects. One is One Victoria Cove in Hung Hom. The other is Pavilia Farm III in Sha Tin. All 218 homes in the first project and all 75 homes in the second project were sold by the end of the day. The strong sales came with new data from the Rating and Valuation Department (RVD). This is a government office. It studies housing numbers. The RVD says the number of new private homes completed this year will be 8% less than last year. In 2025, 18,448 homes were completed. That was 24% less than the year before. The RVD thinks only 16,975 homes will be completed this year, and 15,362 in 2027. A researcher named Derek Chan says the supply of new homes is getting smaller. He thinks this is the main story for the next two years. He says lower supply, low interest rates, a stable stock market, and people's ability to buy will help home prices go up 15% this year. Other data from the Land Registry shows that home sales in Hong Kong were the highest in four years in 2025. There were 62,832 sales. Prices for older homes went up 3.63%. These good sales and higher prices ended a three-year drop in the housing market.
Conclusion
The quick sale of almost 300 new homes shows strong demand. Official data shows fewer new homes will be built. The market is no longer falling. But future prices depend on supply and the economy.
Vocabulary Learning
Sentence Learning
Hong Kong Developers Sell Nearly 300 New Flats Amid Projected Decline in Private Housing Completions
Introduction
Hong Kong property developers released about 300 new homes for sale, and all of them were sold in one day. This happened at the same time as official forecasts showed that the number of new private homes completed will decrease over the next two years.
Main Body
The sales event involved two projects: One Victoria Cove Phase I in Hung Hom, developed by Henderson Land Development, Hysan Development, and Empire Group, and Pavilia Farm III at Tai Wai station in Sha Tin, developed by New World Development and MTR Corporation. According to agents, all 218 units at One Victoria Cove and all 75 units at Pavilia Farm III were sold by the end of the day. This strong demand came at the same time as data from the Rating and Valuation Department (RVD) estimated an 8% drop in the completion of new private homes this year compared to last year. The RVD reported that 18,448 private homes were completed in 2025, a 24% decrease from the previous year. Forecasts show further declines to 16,975 units this year and 15,362 units in 2027. Derek Chan Hoi-chiu, head of research at Ricacorp Properties, described the supply reduction as the main theme for the next two years. He predicted that lower supply, relatively low interest rates, a stable financial market, and continued purchasing power would support a 15% increase in property prices this year. This analysis is separate from the official data on completions and sales. Furthermore, the Land Registry reported that Hong Kong’s residential sales reached a four-year high in 2025, with 62,832 transactions. Second-hand unit prices rose by 3.63%, according to the RVD. The combination of better sales and rising prices has officially ended a three-year downturn in the city’s residential property market.
Conclusion
The quick sell-out of nearly 300 new flats shows strong demand, while official data indicate a tightening supply. The market has come out of a long slump, but future price changes will depend on the balance between supply limits and economic conditions.
Vocabulary Learning
Sentence Learning
Hong Kong Developers Sell Nearly 300 New Flats Amid Projected Decline in Private Housing Completions
Introduction
Hong Kong property developers released approximately 300 new residential units to the market, all of which were sold within a single day. This occurred concurrently with official projections indicating a reduction in the completion of private housing units over the next two years.
Main Body
The sales event involved two projects: One Victoria Cove Phase I in Hung Hom, jointly developed by Henderson Land Development, Hysan Development, and Empire Group, and Pavilia Farm III atop Tai Wai station in Sha Tin, developed by New World Development and MTR Corporation. According to agents, all 218 units at One Victoria Cove and all 75 units at Pavilia Farm III were sold by the end of the day. The strong uptake coincided with data from the Rating and Valuation Department (RVD) estimating an 8% decline in the completion of new private residential units this year compared to the previous year. The RVD reported that 18,448 private homes were completed in 2025, a 24% decrease from the prior year. Forecasts indicate further declines to 16,975 units in the current year and 15,362 units in 2027. Derek Chan Hoi-chiu, head of research at Ricacorp Properties, characterized the supply contraction as the dominant theme for the coming two years. He projected that the combination of declining supply, relatively low interest rates, a stable financial market, and sustained purchasing power would support a 15% increase in property prices for the year. This analysis is distinct from the verified data on completions and sales. Additional data from the Land Registry showed that Hong Kong’s residential sales reached a four-year high in 2025, with 62,832 transactions. Second-hand unit prices rose by 3.63% according to the RVD. The confluence of improved sales and rising prices has officially ended a three-year downturn in the city’s residential property market.
Conclusion
The immediate sell-out of nearly 300 new flats reflects robust demand, while official data point to a tightening supply pipeline. The market has exited a prolonged slump, though future price movements remain contingent on the interplay of supply constraints and macroeconomic conditions.