Hong Kong Home Buyers Disappear Too

SCMP: Hong Kong buyers stay away as flats at subsidised De Novo development in Kai Tak go on sale

Barely more than a quarter of eligible buyers for a subsidised flat in a Kai Tak housing project made a purchase on Tuesday amid a cooling housing market in Hong Kong
Just 19 units were sold on the first day of a four-day sale for the 338 flats of De Novo, a development by the Urban Renewal ­Authority.

...“It’s now a buyers’ market, meaning buyers have relatively more choices, and they will look beyond just De Novo,” said Lau, who observed prices of secondary homes in the city on average dropped 5 to 6 per cent in the first quarter this year.

One eligible buyer, surnamed Kwok, said he did not make a purchase because he felt the discount was “too little”.