HONG KONG (Reuters) – Hong Kong is showing that its affinity for real estate has been unaffected by a year of anti-government protests and concerns over the coronavirus, with a large housing project launched this month registering the highest response in over two decades.
When the Pavilia Farm development in the New Territories district opened for subscription, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: “Expected waiting time: 8 hours.”
The project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first 391 units. When completed in late 2022 it will have 3,000 apartments.
All 391 units were sold, the developer said on Sunday night, adding more units would be launched soon.
Realtors said the take-up at Pavilia was the strongest in more than 20 years