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Local housing market transactions in October tumbled to its record low of 3,576. The total turnover amounted to only HK$10.5 billion, its lowest level since the second half of 2003. AFP

Local property agency Ricacorp Properties released a research report yesterday, saying that the housing market transactions registered in the Land Registry in November, which reflected the local property market situation in October, tumbled to a record low of 3,576. The total turnover amounted to only HK$10.5 billion, its lowest level since the second half of 2003.

However, the agency says the housing market in Hong Kong may bounce back 60 percent by the end of this year.

Patrick Chow, head of research at Ricacorp Properties, said the impact of the global financial crisis has taken a toll on the local property market, while some local banks have tightened their mortgage loan approvals, further trimming the market's transactions.

"However, the property market will show a rebound in December, as the market panic gradually ebbs away and the purchasing power picks up again following the previous drop in property prices," Chow said. He added that the two residential projects recently launched by Sun Hung Kai Properties (SHKP) will help stimulate both the primary and secondary housing markets.

"The key is that some local banks are now beginning to loosen their mortgages accordingly, which facilitates the market operation to return to its normal," Chow said.

Chow expects the primary-market transactions in December may grow 5.4 times to 750 to 800 units, while the secondary property market may also rise 30 percent to more than 4,000 transactions.

La Grove in Yuen Long and Peak One in Shatin, the two new residential projects recently promoted by SHKP, have altogether sold around 580 units in three days, after they were open for sale last Friday.

"The purchasing power is still here. When the property market revitalizes, the genuine customers will appear," Chow said.

Another local property developer, New World Development, also plans to launch a new residential project in Yuen Long once the company receives its sales permission, managing director Henry Cheng said yesterday.

Centaline Property Agency associate director for research Wong Leung-sing predicts local property developers may launch more new projects in the coming week or two, encouraged by the positive responses to the two new residential projects.

Wong also said the actual property transactions in the territory's 10 major private residential projects jumped by 55 percent in November.

"The rebound in housing market transactions shows that the market foundation is strong," Wong said, noting that the surge in transactions may also lift the property prices.

"People previously sold out their properties at such a low price, because they are terrified by the gloomy economic situation," Wong said. He, however, predicted the secondary market transactions may narrow down if more new projects come up.

(HK Edition 12/02/2008 page2)