Property Investment Market and Trend
  • Number of bids for Kai Tak residential plot falls below 2017 market peak, as recession, pandemic weigh on developer appetite

    The first residential plot at the site of Hong Kong’s former airport put on sale by the government this year has drawn a less than enthusiastic response from developers.The tender of Area 4E Site 1 at Kai Tak closed on Friday and drew 10 bids, according to the Lands Department. Residential plots at the former airport drew on average more than 16 bids during a market peak in 2017, according to JLL data.The response reflects caution among developers amid a recession, the coronavirus pandemic and…

  • Hong Kong home prices to extend decline after October’s 0.6 per cent surprise drop as Covid-19’s fourth wave dents confidence

    The fourth wave of coronavirus infections is expected to drag Hong Kong’s home prices down further after they “unexpectedly” fell 0.6 per cent in October.In an earlier-than-expected release, the government’s Rating and Valuation Department on Thursday revealed that the secondary market home price index dropped to 380.9 last month.“Even though the epidemic was relatively stable, the property price index last month unexpectedly softened,” said Derek Chan, head of research at Ricacorp Properties…

  • Property firm China Overseas Land & Investment shrugs aside Beijing funding curbs to acquire Zhuhai plot for record US$1.6 billion

    Property developer China Overseas Land & Investment (Coli) has shrugged aside tightening government curbs on financing to acquire a residential and commercial plot in Zhuhai for the record sum of 10.5 billion yuan (US$1.6 billion), it said on Wednesday.The plot can yield 450,000 square metres in gross floor area, of which about 385,000 square metres have been earmarked for homes. The rest of the land has been set aside for commercial use, such as the development of hotels, shopping malls and…

  • Hong Kong’s small businesses welcome scrapping of double stamp duty on commercial property

    The scrapping of Hong Kong’s double stamp duty for non-residential property has been welcomed by the city’s small businesses.The move, announced by Chief Executive Carrie Lam Cheng Yuet-ngor during her policy address on Wednesday, will slash transaction costs for commercial real estate starting on Thursday.The scrapping is expected to help companies receive a fair price for their assets, as it will lower transaction costs. The move will effectively “lure buyers back to the market”, Simon Wong,…

  • China Resources Land’s property management unit launches US$1.6 billion IPO in Hong Kong

    The property management arm of mainland developer China Resources Land has launched an initial public offering in Hong Kong that could raise up to US$1.6 billion (HK$12.3 billion), the latest in a list of Chinese companies hoping to raise funds on the city’s stock exchange.China Resources Mixc Lifestyle is offering 550 million shares at a maximum price of HK$22.30 each, the company said in a prospectus released early on Wednesday. There is an option to sell an additional 82.5 million shares to…

  • Cost of buying a bigger home is putting Chinese couples off having a second child, survey finds

    Buying a bigger home to raise more children is so expensive that parents in China are deciding against having a second baby, undermining government efforts to boost the population, according to a new survey.More than a third of respondents in the survey by Ke.com Research said they are against having a second child, with nearly half of those citing the heavy economic burden as their major concern.“Buying a home is just too expensive and we cannot afford a bigger one for having a second child,”…

  • Chinachem shifts focus to mass housing from luxury projects in ‘noble target’ set by former chairwoman Nina Wang

    Chinachem Group is changing its land-bidding strategy to focus on mass housing and move away from super-luxury trophy projects as the Hong Kong developer marked its 60th anniversary in the business.The developer now enjoys the liberty of elevating social and environmental objectives to the same level of importance as profit motives, away from the scrutiny of public shareholders as part of late billionaire Nina Wang Kung Yu-sum’s family trust. Thus, it has no plan to bid at the upcoming…

  • Buyers and sellers return to Hong Kong’s commercial real estate as anticipation of double stamp duty abolition spurs deals

    Hong Kong’s commercial and industrial property transactions more than quadrupled in value this month, helped by Swire Properties’ sale of Cityplaza One, as deals increased in anticipation of the government’s move to scrap a double stamp duty for commercial real estate.The value of property bought and sold jumped to HK$13.74 billion (US$1.77 billion) for 318 deals in the first 22 days of November, from HK$2.62 billion for 208 transactions in the same period last year, according to data by…

  • Desperate Hong Kong office landlords may ditch fixed monthly rent for ‘membership’ schemes to lure tenants as Covid-19 changes work habits, says...

    Hong Kong’s office rental market is likely to undergo a radical change, with some landlords switching to a “tiered membership” model similar to that used by co-working space providers, according to property services giant JLL.As the Covid-19 pandemic continues to wreak havoc in the world’s most expensive commercial property market, landlords are coming under increasing pressure to compete for corporate tenants, many of whom are adopting more flexible working arrangements and drastically cutting…

  • Hong Kong to abolish double stamp duty on commercial property in move designed to boost small firms’ cash flows

    The Hong Kong government is expected to abolish the double stamp duty for commercial property in a move seen as helping small and medium companies shore up their cash flows amid the city’s worst economic crisis on record.According to sources familiar with the matter, Carrie Lam Cheng Yuet-ngor, the city’s leader, may announce the move during her policy address on Wednesday. The stamp duty for residential property, however, would remain in place, they added.Introduced to tackle speculative…

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