Colliers: Demand for primary properties in Hong Kong remains strong, with the potential for primary transaction volume to double in July compared to June

According to the Wise Financial APP, Bruce Bou, the CEO of the residential department of Meilian Property, stated that with the continued strong demand for first-hand properties and the market's increasing expectations for a rate cut by the US Federal Reserve in September, more potential buyers will be stimulated to accelerate their entry into the market and search for high-quality projects. It is expected that the new property market will remain lively in the second half of the year, with the first-hand transaction volume in July expected to double compared to June. As of 2 pm today, the "Park Yoho Genova III" project developed by New World Development (00017) and Far East Consortium (00035) has received nearly 5,300 applications, with 108 units available in the first round of sales, oversubscribed by nearly 48 times. The deadline for applications is Saturday (20th) at 6 pm, and the first round of sales will take place on Sunday (21st) with on-site lucky draw sales. Bruce Bou expects that Park Yoho Genova III will attract 70% end-users and 30% investors to enter the market, with rent reaching HKD 60 per square foot and rental yield exceeding 3%. Meilian Property, together with mortgage brokers, offers "High Loan-to-Value Ratio H-Financing Discounts" to buyers of Park Yoho Genova III, with a loan-to-value ratio of up to 90%, an interest rate as low as H plus 1.3% for the entire term, capped at P minus 2% (P is 6.125%), resulting in a capped interest rate as low as 4.125%, with a maximum term of up to 30 years. Assuming the purchase of a unit priced at around HKD 4.27 million, buyers can take up to 90% mortgage through the mortgage insurance plan, requiring only about HKD 427,000 for the down payment. Based on the current H-Financing capped interest rate, the actual interest rate is 4.125%, with a term of 30 years, resulting in a monthly installment of HKD 18,643. Zhang Haixi, Director of Mortgage Referral Operations, stated that the initial price list of the project is attractive, with 90% of the units priced below HKD 10 million after discounts, allowing buyers to enter the market with up to 90% mortgage through the mortgage insurance plan