“Huge risks” for home buying: Lau Si Io

2013-4-15

From：Macau Business

Secretary for Transport and Public Works Lau Si Io has urged investors and homebuyers to have a full grasp of the real estate market, and to assess their financial capacity ahead of making any deals.

Mr Lai told reporters on Friday that in the current environment, the risks are huge.

However, he declined to elaborate.

Mr Lau did not confirm if the government is planning a new round of measures to curb rising real estate prices.

Meanwhile, many developers continue to rush to sell flats of unfinished buildings before a bill regulating presales becomes law.

State-owned developer China Overseas Land & Investment Ltd has already sold over 75 percent of the serviced apartments at The Paragon, in NAPE district, our sister publication Business Dailyreports.

Since the pre-sales of the high-end residential project were launched in 2011, the firm has already pocketed HK$2 billion (US$258 million), the developer told the Hong Kong Stock Exchange.

Polytex Corp Ltd’s Pearl Horizon has already sold over 2,000 of its 5,200-plus flats, despite the complex having not yet received government approval for its floor plans, according to information provided by the Lands, Public Works and Transport Bureau to our sister publication Business Daily.

Copyright@Macau Business