Residential Properties - Hong Kong Religious Group Sells US$14 Million Amid Market Recovery
Hong Kong's Property Market Recovery
The Watch Tower Bible and Tract Society of Pennsylvania is aggressively selling residential properties, amassing HK$110 million (US$14 million) as the property market gains momentum. Following a half-percentage point cut by the Federal Reserve in late September, the society has sold 11 units at Ocean Shores in Tseung Kwan O, according to Melissa Tsang, sales manager at Hong Kong Property. This sale follows five additional units sold prior to the rate cut.
Interest Rate Changes and Market Sentiment
- Positive signs emerge from the property market after a prolonged slump.
- Developers are increasing prices in response to improved buyer sentiment.
- The city's commercial banks reduced prime lending rates in September in tandem with the Hong Kong Monetary Authority (HKMA) cutting its base rate.
Government Actions to Support Borrowers
In a recent policy address, Hong Kong's Chief Executive John Lee Ka-chiu announced plans to further stimulate the market. New mortgage financing rules allow buyers to secure as much as 70% financing, boosting the debt-servicing ratio to 50% from 40%, thereby helping bolster market interest.
Other Religious Organizations in the Property Market
The Watch Tower group is not alone in divesting assets. The Association of Evangelical Free Churches of Hong Kong has recently listed its Evangel Seminary site for sale, driving interest in residential properties across the region.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.