HSBC Global Research said SHKP (00016) sold 182 units at "Park YOHO Venezia" (total 499 units) in Yuen Long at an ASP of HK$10,640psf, representing 95% of launched and 36% of total units.
The research hosue estimated the units sold fetched HK$1.28bn.
HSBC believes the encouraging sales response reflects continuing demand from end-users, who are reported to be the majority of the buyers. The initial sales response of "Park YOHO Venezia" is also stronger than that of the earlier phase, Park Vista Phase 1A (total 362 units), which sold 47% of units launched over the first weekend in early December 2015.
Despite the stabilising home price trends, HSBC sees ongoing headwinds in the residential market in 2H. Recent macro uncertainties could add to downside risks to home prices arising from a slowing economy. This is however partly mitigated by expectations of delayed US rate hikes.
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