Hong Kong Property Developers Take Tough Measures! CK Asset's #LYOS Clamps Down to Reclaim Price Differences!

In recent years, the real estate market has continued to decline, with the Centa-City Leading Index CCL recently dropping to 139.18 points—a weekly decrease of 1.26% and a fall below the 140-point level, returning to levels last seen at the end of September 2016. This marks a 27.26% drop from the historical high of 191.34 points in August 2021.

Due to the significant slump in property prices, buyers who purchased new units at the peak of the market in recent years have decided to cut their losses and cancel their purchases. However, recent market rumors surfaced this evening about CK Asset’s new project in Hung Shui Kiu, #LYOS, where the developer is reportedly seeking to reclaim the price difference from buyers who canceled their deposits. CK Asset chief sales manager William Kwok Tze-wai, Kwok Tsz-wai, "There's not much to say."

Launched for sale in 2021, #LYOS, which stands for "Live Your Own Style," began occupancy in September 2023. The development consists of nine blocks providing 341 units with saleable areas ranging from 202 to 806 square feet.

Mass Cancelations and Price Recovery Efforts

In fact, on May 6 this year, #LYOS witnessed a significant event where deposits for 15 units were cancelled in a single day, involving funds of about HK$91.46 million, with CK Asset forfeiting HK$9.92 million.

A week later, on May 13, during a press conference, Kwok emphasised that the company would seek to recover any price differences if the latest transaction prices were lower than those before the cancellations.

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