New World Development will pilot 50 percent off sale of houses


2021-12-06: [Article Link]  On 6 December, Hong Kong’s real-estate developer’s new world development (00017.HK) took the lead in responding to “the home of the home” by saying that it would sell high-quality, affordable housing units at a cost, not-for-profit price, with a price of 50% to 60% of the market price. First, it was told that the new world’s development would start with 300 housing units, which, when they mature, would be scaled up. In the first phase, a new world development will pilot a plot of land west of the New World and provide funding for a "new world" to build a three-room unit with a functional area of between 28 and 51 square meters (300 to 550 square feet). In selling this house, a series of innovative initiatives will be used to develop the new world. There is also a new model, known in the new world as the “progressive contribution,” whereby buyers can calculate first-stage loans for 50% of their purchase unit (equivalent to 25% of the market price), and the remaining 50% can be sold on a one-time or a phased basis within 10 years of the transaction. According to journalists, these innovations were introduced to address the problem of Hong Kongers’ underpayment and the prevailing pressure on lending. In the case of one applicant, the maximum monthly interest is HK$33,000, with an asset ceiling of HK$850,000; for two or more families, with a monthly ceiling of HK$66,000, with an asset ceiling of HK$1.7 million. The new world development suggests that since the new initiative involves existing housing sales and mortgage policies, further discussion with banks and relevant regulatory agencies is needed to address the detailed issues. Hong Kong, China, has been the most difficult city in the world to afford housing for many years. For example, 70-100 square metres of housing cost HK$220,000 per square metre and HK$190,000 per square metre, while the new border between Hong Kong and Shenzhen is also as high as HK$134,000. From July 2003 to July 2018, Hong Kong's private housing price index rose from 58.4 to 394.8, which was 5.7 times higher, with Hong Kong Island, Kowloon, and New Territories category A private housing rising by 7.1, 6.9 and 6.2 times, respectively, with an annual increase of more than 10%. In 2016, Hong Kong's private housing space was more than half that of 50 square metres. Today, at the crossroads of history, some of the big families representing the Hong Kong Development Business Camp have made a choice. Prior to that, the new world development of the Jung Xuan family announced that it would donate a total of more than 270,000 square metres of agricultural land for the construction of public housing.


Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.



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New World Development will pilot 50 percent off sale of houses


2021-12-06: [Article Link]  On 6 December, Hong Kong’s real-estate developer’s new world development (00017.HK) took the lead in responding to “the home of the home” by saying that it would sell high-quality, affordable housing units at a cost, not-for-profit price, with a price of 50% to 60% of the market price. First, it was told that the new world’s development would start with 300 housing units, which, when they mature, would be scaled up. In the first phase, a new world development will pilot a plot of land west of the New World and provide funding for a "new world" to build a three-room unit with a functional area of between 28 and 51 square meters (300 to 550 square feet). In selling this house, a series of innovative initiatives will be used to develop the new world. There is also a new model, known in the new world as the “progressive contribution,” whereby buyers can calculate first-stage loans for 50% of their purchase unit (equivalent to 25% of the market price), and the remaining 50% can be sold on a one-time or a phased basis within 10 years of the transaction. According to journalists, these innovations were introduced to address the problem of Hong Kongers’ underpayment and the prevailing pressure on lending. In the case of one applicant, the maximum monthly interest is HK$33,000, with an asset ceiling of HK$850,000; for two or more families, with a monthly ceiling of HK$66,000, with an asset ceiling of HK$1.7 million. The new world development suggests that since the new initiative involves existing housing sales and mortgage policies, further discussion with banks and relevant regulatory agencies is needed to address the detailed issues. Hong Kong, China, has been the most difficult city in the world to afford housing for many years. For example, 70-100 square metres of housing cost HK$220,000 per square metre and HK$190,000 per square metre, while the new border between Hong Kong and Shenzhen is also as high as HK$134,000. From July 2003 to July 2018, Hong Kong's private housing price index rose from 58.4 to 394.8, which was 5.7 times higher, with Hong Kong Island, Kowloon, and New Territories category A private housing rising by 7.1, 6.9 and 6.2 times, respectively, with an annual increase of more than 10%. In 2016, Hong Kong's private housing space was more than half that of 50 square metres. Today, at the crossroads of history, some of the big families representing the Hong Kong Development Business Camp have made a choice. Prior to that, the new world development of the Jung Xuan family announced that it would donate a total of more than 270,000 square metres of agricultural land for the construction of public housing.

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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