Hong Kong's property market has experienced a full-scale recovery since the start of 2026, with prices and transaction volumes rising in tandem. Amid this buoyant atmosphere, urban residential projects have been launched consecutively, fueling an escalating wave of subscription enthusiasm and continuously shattering market records across the city.
On August 22, CHINA RES LAND (HKEX: 01109) conducted the first round of sales for its "Residence I" project in Cheung Sha Wan, Kowloon. During the sales phase, the project ultimately garnered 47,101 registrations, a feat that not only sets a new record for first-round new home sales in Kowloon but also surpasses the previous high of 42,517 registrations achieved by Sun Hung Kai Properties' "SIERRA SEA" Phase 2B, making it the latest "subscription king" in Hong Kong's history for initial property launches. Based on the 180 units offered in the first price list, "Residence I" saw oversubscription of more than 260 times.
According to reports, the 180 units on the first price list include 22 one-bedroom, 123 two-bedroom, and 35 three-bedroom units, with saleable areas ranging from 304 square feet to 657 square feet (1 square foot is approximately 0.0929 square meters). After deducting a maximum discount of 16%, the discounted selling prices range from HK$5.298 million to HK$13.236 million per unit, with discounted prices per square foot ranging from HK$16,538 to HK$21,128. Additionally, the project offered 21 units for sale via tender.
On the launch day, a reporter observed at the sales office that by 9 a.m., numerous buyers and real estate agents had already arrived. By 11 a.m., the second floor of New Harbour Centre, where the sales office is located, was packed with people, and even the coffee shop on the ground floor was fully occupied, filled with buyers and agents holding project brochures or wearing badges identifying their real estate agencies, totaling an estimated over a hundred individuals. Buyers had previously obtained queue numbers through a lottery draw and were waiting on-site for staff to call their numbers to enter the selection area.
In an interview with on-site media, Ronnie Bu, Senior Director of Midland Realty, stated that among buyers handled by Midland Realty, approximately 60% intended to purchase for self-occupancy, while about 40% were buying for investment purposes. He projected that upon project completion, the rental level could reach HK$70 per square foot, with a potential rental yield of around 4.5%. Additionally, a "big spender" planned to invest approximately HK$40 million to purchase four units at once, including two three-bedroom, one two-bedroom, and one one-bedroom units.
Louis Chan, Asia-Pacific Vice Chairman and Head of Residential at Centaline Property, told the reporter that among buyers handled by Centaline, about 70% aimed to buy for self-use, with around 30% purchasing for investment. Centaline also handled a group of "big spenders" intending to spend HK$40 million on four units, comprising two two-bedroom and two three-bedroom units, with the client expecting to use them for long-term investment. Another group of clients sought to acquire three units for approximately HK$32.65 million, including two three-bedroom and one two-bedroom units, for long-term rental income. Chan further revealed that around 20% of buyers handled by Centaline came from mainland China.
As of the time of reporting, CHINA RES LAND had not yet announced the final sales results of the first round. However, by 8 p.m. that evening, market sources indicated that all 180 units from the initial launch had been fully sold.
Commenting on the reasons behind the overwhelming popularity of "Residence I," Chen Rongqiang, founder of Yisha Real Estate Technology Co., Ltd., analyzed that the project boasts excellent high-end transport links (such as airport and high-speed rail connections) and comprehensive livelihood facilities (including wet markets, schools, and shopping malls), with the brand recognition of CHINA RES LAND further enhancing its appeal. Moreover, the relatively reasonable pricing has generated market attractiveness. A key reason for the restrained pricing is that the project is a pre-sale property with a construction period of over two years, meaning it is not a project where buyers can take possession quickly.
Since 2021, Hong Kong's property market underwent a correction period lasting over three years. Starting in 2025, the market gradually warmed up, and it is now in a phase of simultaneous price and volume growth, with frequent appearances of "big spenders" purchasing multiple properties at once. On July 29, data released by the Hong Kong government's Rating and Valuation Department showed that in June, the city's private residential property price index stood at 323.2 points, up 12.7% year-on-year and 0.31% month-on-month, marking a continuous rise for 13 consecutive months. Compared to the 299.6 points recorded in December last year, the index has accumulated a gain of 7.88% in the first half of this year.