Hong Kong homebuyers flock to latest Sierra Sea units as mortgage rates ease
The temporary truce in the tariff wars between the US and China also helped improve sentiment in the property market, according to agents
All units found buyers within six hours of the sale, which began at 10am, according to agents. Another 25 units were available via tender.
“Benefiting from a decline in the one-month Hibor, mortgage burdens have eased,” said Derek Chan, head of research at Ricacorp Properties.
The lower Hibor was attributed to higher liquidity entering the city’s capital markets as the Hong Kong Monetary Authority began intervening in the currency market.
Hong Kong pegged its dollar to the American currency in 1983, and in 2005 it instituted a trading band of HK$7.75 to HK$7.85 per US dollar. The HKMA intervenes in the open market when the local currency is expected to trade beyond its band.
