Prices of decades-old secondary homes in Hong Kong’s New Territories have slumped by more than 30 per cent in recent days as they lose appeal among buyers.
Sun Hung Kai Properties sold all 180 units on offer in the second phase of its Novo Land project within the first four hours on Wednesday afternoon, according to agents.
Hong Kong can do a lot more to enhance its long-term sustainability by adopting nature-based decarbonisation practices and tightening regulations, an environmental conference was told.
Hong Kong’s property developers are extending favourable finance terms to luxury home deals, after big-ticket sales declined by almost half in July.
A 70-city index of home prices in July dropped compared with the prior month and a year ago, with lower-tier cities taking the brunt of the decline, according to the National Bureau of Statistics.
Eighty-nine per cent of Hong Kong employees polled said they would rather work remotely, while only 45 per cent actually have that choice.
More than 24,000 potential buyers had registered to buy a total of 321 flats at Henderson Land’s One Innovale-Archway in Fanling and Sun Hung Kai Properties’ Novo Land in Tuen Mun.
Plans for skyscrapers that would soar above Chinese cities may come back down to earth thanks to a new government-imposed height limit that complicates such projects for cash-strapped developers.
Hongkongers’ demand for homes in the Greater Bay Area slumped by as much as 80 per cent in the first half, according to Andy Lee, CEO of Centaline China.
Government should consider suspending construction of subsidised flats aimed at low to middle income households and reallocate the land to address a chronic shortage of public rental properties, says chairman of JLL Hong Kong.
Property developers in Hong Kong will continue to price new projects competitively after the total value of housing transactions declined by a quarter in July amid an uptrend in the city’s interest-rate cycle.
Beijing’s plan to rotate teachers across schools in 16 districts in the capital will promote equality, and shake up the market for addresses around coveted elite schools, analysts say.
Higher costs driven by a surge in materials prices are likely to make property developers more restrained when they are bidding for land, according to analysts.
As Hong Kong’s high street shop rents slump to the lowest point since early 1988, businesses are cashing in on the opportunity to set up in prime locations.
Lived-in Home Ownership Scheme (HOS) flats lost 10 per cent of their value between January 2020 and May 2022, according to a new index compiled by Hong Kong Metropolitan University.
The current batch of flats were priced between HK$17,106 and HK$21,346 per square foot after an average discount of 16 per cent, cheaper than other prices in the neighbourhood.
An increase in demand from mainland Chinese students as Hong Kong’s coronavirus crisis has eased has boosted the rents in housing estates close to universities, particularly in Kowloon Tong and Sha Tin, according to tenants, landlords and agents.
The vacancy rate in Hong Kong’s premium office market climbed to 12 per cent in June, the highest since the third quarter of 2003, as a rising number of companies adopt flexible work arrangements and cost saving measures to cope with the economic downturn.
Rents in Shanghai’s housing market weakened in June even after the end of lockdown. It will take time to replace the professionals who skipped town and workers who lost their jobs during the crisis.
Restricted from cutting prices amid a slump, developers have cooked up a new way of delivering a discount. In one case a company offered to ‘pay’ up to five times the market rate for watermelons.
Sun Hung Kai Properties’ New Town Plaza in Sha Tin and Sino Land’s Tmtplaza in Tuen Mun aim to give consumers who are now accustomed to e-commerce new reasons to visit.
Hong Kong’s stock exchange issued resumption guidance, asking the Chinese developer to update investors on debt restructuring, audited accounts and probe on lost deposits as conditions to end stock suspension.
The average office rent fell nearly 10 per cent in May in Kowloon, leaving rents in parts of the district close to what they are in Shenzhen and Guangzhou.
Guangdong province has ample land and offshore areas for the development of wind farms and nuclear power stations, experts said during SCMP’s inaugural Climate Change Hong Kong Summit.
Hong Kong is the fourth most expensive city globally for luxury goods and services, a notch lower than last year, as a dearth of tourists crushed hotel room rates, Swiss private bank Julius Baer says.
Goldman says that a historic rebound in Chinese stocks suggests the end of selling was near. Others see market volatility as the biggest hurdle to recovery.
Family offices are cautious on China’s growth story and remain wary of committing more investments to the country in line with a UBS survey.