A two-bedroom on Un Chau Street, Cheung Sha Wan, listed at HK$4.35 million. The agent said two of this month's viewers asked the same question: can mainland money clear in time. Both had been told by their Shenzhen banks that outbound remittances for Hong Kong residential purchases now carry a supplementary declaration step, introduced in Q1. One withdrew. The other is still waiting. The flat dropped from HK$4.5 million in April and has not moved since.

Xia Baolong landed Tuesday. His office called it a megaproject site inspection. The government tabled its first five-year plan Monday, housing supply targets in the opening section. Northern Metropolis unit figures aired the same day on RTHK. None of it names the buyer. The secondary market recovery the HKMA flagged in its April monetary policy report rested on cross-border demand returning; the outbound declaration step is now the distance between that demand and a signed form. The agent on Un Chau Street told the seller last week that HK$4.35 million is still HK$100,000 above where anyone is prepared to move.