New World Development saw buyers forfeit around HK$6.8 million (US$877,000) on 13 units at The Pavilia Farm in Tai Wai this month. Sun Hung Kai Properties also saw 13 cancellations amounting to some HK$16 million in the second phase of Grand Yoho in Yuen Long in November.
The impact of the coronavirus pandemic has kept Hong Kong’s unemployment rate at a 16-year high of 6.4 per cent, with some 257,800 people without work between August and October. Last month Cathay Pacific laid off nearly 6,000 employees in Hong Kong, the biggest in the airline’s history. There are fears that after the government’s HK$81 billion wage subsidy scheme comes to an end in November, the jobless rate could rise even further.
The number of cancellations in November alone could reach anywhere between 60 and 70, said Derek Chan, head of research at Ricacorp Properties, who attributed it to the pandemic and recession. Some may have even walked away from the purchases because of the pessimistic market outlook, he added.
Source: SCMP (20 Nov, 2020 ) Read the Full Article
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