China Vanke’s Le Mont project in Tai Po selling briskly despite mortgage concerns

China Vanke has sold around a quarter of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers.

By 1pm on Saturday, 58 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, a unit of China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. He expected the flats to be sold out by the end of the day.

The flats – ranging from 214 sq ft to 873 sq ft – include 28 studios, 67 one-bedroom units, 93 two-bedroom units, 24 three-bedroom units, nine four-bedroom units and seven special units. They are part of a six-tower residential complex, projected to be completed by July 2026.

Prices for the units range from HK$2.38 million to HK$11.41 million (US$306,000 to US$1.47 million), while the price per square foot is between HK$9,185 and HK$14,392. That is over 30 per cent lower than prices of comparable properties in the neighbourhood two years ago, according to property agents.

The Le Mont project is located in Tai Po. Photo: Handout

Le Mont closed its ballot registration at 8pm on Thursday, attracting a total of 7,418 applications – an oversubscription of more than 31 times.

China Vanke, once the largest real estate developer on the mainland but now battling a liquidity crisis, faced renewed challenges after several banks in Hong Kong rejected mortgage applications from potential buyers of the project.

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