When you first open a Hong Kong property price list, the table of numbers, abbreviations, and footnotes can seem overwhelming. Developers in Hong Kong publish detailed price lists for each new development, often running to 20 or more pages. These documents contain the actual selling prices for every unit, the payment schedule, available discounts, and terms that directly affect your total cost. Understanding how to read them is essential for making an informed purchase. This article explains the key components of price lists and payment schedules, using real examples and common practices in Hong Kong's property market.
What Is a Price List and Why It Matters
A price list is a formal document issued by a developer that states the selling price of each unit in a new development. Under Hong Kong's Residential Properties (First-hand Sales) Ordinance, developers must publish a price list at least three days before the start of sales. The price list must include the unit number, floor area, saleable area, price per square foot, total price, and any applicable discounts. It also specifies the payment schedule, which tells you when and how much you must pay at each stage of the purchase.
The price list is not just a list of numbers. It is a legal document that governs the transaction. Once you sign a preliminary agreement, the developer cannot change the price or terms listed in the price list for that unit. For buyers, the price list is the primary tool for comparing units within a development and across different developments. It also reveals pricing strategies, such as higher prices for higher floors, corner units, or units with better views. By studying the price list, you can identify which units offer the best value.
Reading a Price List: Key Columns and Terminology
A typical Hong Kong price list contains the following columns. Each column provides specific information that you need to understand before making an offer.
Unit Number and Floor
The first column shows the unit number and floor. For example, “25A” means unit A on the 25th floor. In Hong Kong, floor numbering sometimes skips numbers considered unlucky, such as 4, 14, 24, 34, and 40, because the Cantonese pronunciation of “4” sounds like the word for “death.” Developers may label the floor after 3 as 5, or use letters like “3A” for the floor that would otherwise be 4. Always check the actual floor level, not just the label, because this affects the price and the view.
Saleable Area and Gross Floor Area
Two area measurements appear: saleable area and gross floor area. Saleable area is the actual floor area within the unit, excluding common areas like staircases, lifts, and lobbies. Gross floor area includes the saleable area plus a share of common areas. In Hong Kong, most price lists and advertisements use saleable area as the basis for pricing. The price per square foot is calculated using the saleable area. For example, a unit with a saleable area of 500 square feet priced at HK$10,000,000 has a price per square foot of HK$20,000. Always compare prices on the basis of saleable area, not gross floor area, because the ratio between the two varies by development.
Price per Square Foot
This column shows the unit price per square foot of saleable area. Developers sometimes quote two prices: one before discount and one after discount. The price before discount is the list price. The price after discount is the amount you actually pay after applying all available discounts. The difference can be 10% to 20% or more. Always look for the “after discount” price per square foot to compare units fairly.
Total Price
The total price is the list price for the unit, before any discounts. This is the figure used in the preliminary agreement. The final price after discounts will be lower. For example, a unit listed at HK$12,000,000 might have a total price after discounts of HK$10,800,000. The price list usually shows both figures in separate columns.
Discounts and Rebates
Developers offer various discounts to attract buyers. Common discounts include early bird discounts, payment method discounts, and loyalty discounts. The price list will list each discount separately, with the percentage or fixed amount. For example, a developer might offer a 5% discount for buyers who pay in full within 90 days, a 2% discount for existing customers, and a 1% discount for using a specific mortgage plan. The total discount is the sum of all applicable discounts. Some developers also offer rebates, which are cash payments back to the buyer after the sale. Rebates are not always shown on the price list; they may be in a separate promotion document. Always ask the sales agent for a complete list of all discounts and rebates.
Payment Schedule: When You Pay
The payment schedule is a table that shows the timing and amount of each payment you must make from the date of signing the preliminary agreement to the completion of the sale. Hong Kong developers typically offer two main payment methods: lump sum payment and mortgage payment.
Lump Sum Payment Schedule
Under a lump sum payment plan, you pay the entire purchase price in one or two installments within a short period, usually 90 to 180 days from the date of the preliminary agreement. The schedule looks like this:
- 5% deposit upon signing the preliminary agreement
- 95% balance within 90 days (or 180 days) after signing
Some developers allow a slightly longer period, such as 120 days, but the principle is the same. The advantage of lump sum payment is that you receive the largest discounts, often 5% to 10% off the list price. The disadvantage is that you need a large amount of cash available quickly. This method is suitable for buyers who have sold their previous property or have sufficient liquid assets.
Mortgage Payment Schedule
Under a mortgage payment plan, you pay a deposit and then draw down a mortgage to pay the balance. The schedule typically has three stages:
- Deposit: 5% to 10% of the purchase price upon signing the preliminary agreement.
- Interim payments: 5% to 10% paid in installments over 6 to 24 months, depending on the construction progress. For example, you might pay 5% when the foundation is completed, 5% when the building structure is completed, and 5% when the internal finishes are done.
- Final payment: The remaining balance, usually 70% to 85%, paid upon completion of the development, when you take possession of the unit.
The exact schedule varies by development. Some developers allow you to defer the final payment for up to 36 months after completion, known as a “deferred payment plan.” However, these plans often come with lower discounts or higher interest rates. Always read the fine print.
Stamp Duty Payment
In addition to the purchase price, you must pay stamp duty to the Hong Kong government. The stamp duty is calculated as a percentage of the purchase price or the property value, whichever is higher. As of 2025, the stamp duty rates for residential property are as follows:
- Up to HK$3,000,000: 1.5%
- HK$3,000,001 to HK$6,000,000: 2.25%
- HK$6,000,001 to HK$10,000,000: 3%
- HK$10,000,001 to HK$20,000,000: 3.75%
- Above HK$20,000,000: 4.25%
For non-permanent residents or buyers who already own a property in Hong Kong, additional stamp duties apply. The Buyer's Stamp Duty (BSD) is 15% of the purchase price for non-permanent residents. The Special Stamp Duty (SSD) applies if you sell the property within three years of purchase. These duties are paid at the time of the assignment, usually within 30 days of completion. The payment schedule should include a line item for stamp duty, but not all price lists show it. You must budget for it separately.
Hidden Costs and Fees
Beyond the purchase price and stamp duty, there are several other fees that appear in the payment schedule or are payable separately. Understanding these costs helps you avoid surprises.
Legal Fees
You will need a solicitor to handle the conveyance. Legal fees in Hong Kong typically range from HK$5,000 to HK$15,000 for a straightforward purchase, depending on the complexity. Some developers offer a list of recommended solicitors with fixed fees. You can also choose your own solicitor. The fee is usually paid at the time of signing the preliminary agreement or the formal sale and purchase agreement.
Mortgage Application Fees
If you take out a mortgage, the bank charges an application fee, usually around HK$1,000 to HK$3,000. Some banks waive this fee if you also open a deposit account or take out other products. The mortgage also involves a valuation fee, which the bank pays to an independent surveyor to value the property. The valuation fee is typically HK$2,000 to HK$5,000 and is charged to you.
Management Fee Deposit
When you take possession of the unit, you must pay a management fee deposit, usually equivalent to three months of management fees. The management fee is calculated per square foot of saleable area and varies by development. For a 500-square-foot unit, the monthly management fee might be HK$3,000 to HK$5,000. The deposit is refundable when you sell the unit, but it is an upfront cost.
Government Fees
There is a small government fee for registering the assignment at the Land Registry, usually a few hundred dollars. There is also a fee for the certificate of compliance, which is part of the development's completion process. These fees are minimal but should be included in your budget.
How to Compare Price Lists Across Developments
When you are deciding between two or more new developments, comparing their price lists side by side helps you identify the better deal. Here are the key factors to compare.
Price per Square Foot After Discount
Always compare the price per square foot after all discounts have been applied. Some developers inflate the list price and then offer large discounts to make the deal seem more attractive. The after-discount price is the true price you pay.
Payment Schedule Flexibility
Compare the payment schedules. A development that offers a longer period for interim payments or a lower deposit requirement may be more suitable if you need time to arrange financing. For example, Development A might require a 10% deposit and 90% balance in 120 days, while Development B might require a 5% deposit and 95% balance in 180 days. Development B gives you more time to gather funds.
Discount Structure
Some developers offer a flat discount percentage for all units, while others offer tiered discounts based on the unit price or floor. For example, a developer might offer a 10% discount for units below HK$10,000,000 and a 5% discount for units above that. If you are buying a more expensive unit, you may get a smaller discount. Compare the net price after discounts for the specific unit you are interested in.
Stamp Duty and Other Costs
Stamp duty is a percentage of the price, so a more expensive unit incurs higher stamp duty. Include stamp duty in your total cost comparison. Also, consider management fees, which can vary significantly between developments. A development with a lower purchase price but higher management fees may end up costing more over time.
For a deeper understanding of how these factors interact, see our article on market trends and cycles.
Common Traps and Misunderstandings
Even experienced buyers can fall into traps when reading price lists. Here are some common pitfalls.
Floor Number Discrepancies
As mentioned earlier, floor numbers may skip unlucky numbers. A unit labeled as 25A might actually be on the 24th physical floor. The price per square foot for that unit will be lower than for a unit on the true 25th floor. Always confirm the actual floor level with the sales agent and check the floor plan.
Unit Orientation and View
Two units on the same floor with the same area can have very different prices if one faces the sea and the other faces a wall. The price list does not always state the view. You must look at the floor plan and the sales brochure to understand the orientation. Our guide on reading a sales brochure explains how to interpret floor plans and view indicators.
Discount Conditions
Some discounts have conditions that are difficult to meet. For example, an early bird discount might require you to sign the preliminary agreement within the first week of sales. If you miss that window, you lose the discount. Another condition might require you to use a specific mortgage provider or law firm. Always read the fine print of each discount and ask the sales agent to confirm that you qualify.
Payment Schedule Penalties
If you miss a payment deadline, the developer can charge interest on the overdue amount, often at a high rate, such as 2% per month. In extreme cases, the developer can cancel the sale and keep your deposit. Make sure you have a clear plan for meeting each payment deadline. If you are relying on the sale of your current property, factor in potential delays.
Practical Steps for Analyzing a Price List
When you receive a price list, follow these steps to extract the information you need.
- Identify the units you are interested in. Based on your budget and preferences, select three to five units on different floors or in different sections of the development.
- Calculate the price per square foot after discount. For each unit, subtract the total discount percentage from 100%, then multiply the list price by that percentage to get the net price. Divide by the saleable area to get the net price per square foot.
- Compare the net price per square foot across your selected units. Look for patterns. Are higher floors more expensive per square foot? Are corner units priced higher? This tells you the developer's pricing strategy.
- Check the payment schedule. Determine which payment method (lump sum or mortgage) gives you the best overall cost, considering your available cash and financing options. Add up all the payments and fees, including stamp duty, legal fees, and management fee deposit.
- Ask for a written breakdown of all discounts and rebates. Get the sales agent to confirm in writing that you qualify for each discount. Do not rely on verbal promises.
- Compare with other developments. Use the same method to analyze price lists from competing developments. This helps you decide which development offers better value for your specific needs.
For a broader context on the market, read our complete guide to buying property in Hong Kong. It covers the entire process from search to completion.
Understanding the Role of the Sales Brochure
The price list works together with the sales brochure. The brochure contains floor plans, photographs, and descriptions of the development. You need both documents to fully evaluate a unit. For example, the price list tells you the price of unit 20A, but the brochure tells you that unit 20A has a balcony and a sea view. The combination of price and features determines whether the unit is good value. Our article on reading a sales brochure provides detailed guidance on interpreting floor plans, view indicators, and finishing standards.
Leasehold vs. Freehold: Impact on Price
In Hong Kong, almost all residential property is leasehold, meaning the government owns the land and grants a lease for a fixed period, typically 50 years for new developments. The remaining lease term affects the price. A unit with a shorter remaining lease term is generally cheaper than a comparable unit with a longer lease, because the value of the lease declines as it approaches expiry. The price list usually states the lease term for the development. If you are comparing two developments, factor in the lease term. For a full explanation, see our article on understanding leasehold and freehold.
New Developments vs. Second-hand Properties
Price lists for new developments are more transparent than for second-hand properties, where the price is negotiated privately. However, new developments often have a premium compared to second-hand units in the same area. The price list for a new development may show prices that are 10% to 30% higher than comparable second-hand units, because of the new finishes, facilities, and the developer's brand. You should compare the net price per square foot of a new development with recent transaction prices for second-hand units in the same district. Our article on new developments vs. second-hand discusses the trade-offs in detail.
How the Hong Kong Property Market Works
The pricing of new developments is influenced by the overall market conditions, including interest rates, economic growth, and government policies. Developers set the price list based on their assessment of demand and competition. In a rising market, developers may increase prices gradually during the sales period. In a falling market, they may offer additional discounts or rebates. Understanding the market cycle helps you time your purchase. For an overview of the market structure, see how the Hong Kong property market works.
Final Checklist Before Signing
Before you sign the preliminary agreement, verify the following items from the price list and payment schedule:
- Unit number and floor match the brochure and the show flat.
- Saleable area is correct and matches the brochure.
- List price and after-discount price are clearly stated.
- All discounts you qualify for are listed and the total discount percentage is correct.
- Payment schedule dates are realistic for your financial situation.
- Stamp duty amount is calculated correctly based on your buyer status.
- Legal fees, management fee deposit, and other charges are disclosed.
- Lease term and any restrictions (e.g., foreign ownership rules) are understood.
If anything is unclear, ask the sales agent for clarification in writing. You can also consult a solicitor or a property consultant. Taking the time to decipher the price list thoroughly can save you from costly mistakes.
Related Articles
- The Complete Guide to Buying Property in Hong Kong
- How the Hong Kong Property Market Works
- New Developments vs. Second-hand Properties
- Understanding Leasehold and Freehold
- Market Trends and Cycles
- Reading a Sales Brochure