Property 

Hong Kong’s pre-owned housing market rips higher, as analysts warn of pause ahead

The recent uptick in the secondary market where buyers kept snapping up homes costing less than HK$6 million (US$765,267) in major estates is expected to take a breather in coming weeks as prices near their previous peaks, analysts said.“The recent rise in home prices has been quite fast, accumulating solid increases. Also, a number of bargains in the market have been snapped up and homeowners have kept asking prices firm,” said Willy Liu, chief executive of Ricacorp Properties.Ricacorp said it… Source link

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Property 

Hong Kong co-working space too crowded, some operators may pull back in 2019, Savills says

Hong Kong has too many co-working spaces following rapid expansion in the sector, and some operators will withdraw from what has become a highly competitive market, industry analysts say.“There were too many operators coming to the city, all of a sudden,” said Ricky Lau, deputy managing director and head of office leasing at Savills Hong Kong.The global real estate services company believes 2019 will witness some pull back from the co-working concept. “It is still a bit too fast for Hong Kong,… Source link

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Property 

New transport projects will create nine hubs in Hong Kong, boost property, says Colliers International

New railway lines and road networks will lead to the emergence of nine office, retail, business and cultural hubs in Hong Kong over the next five to seven years, according to a new study by property consultancy Colliers International Hong Kong.Property in the districts of Admiralty and Tamar, Wan Chai, Central and Western districts, Eastern districts, West Kowloon, Kowloon City, Sha Tin, Tuen Mun and Hung Shui Kiu and Lantau North will report a boost in prices amid improved potential, the study… Source link

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Property 

Demand for office space in Hong Kong cools by the most in five months, but rents edge higher

New office lease activity in Hong Kong dropped by nearly a third in March – the most in five months – amid softening demand from mainland Chinese companies, JLL’s latest report showed.The 30 per cent drop in office lettings pushed up the overall available space to 95,700 square feet or 4.8 per cent, up from 4.7 per cent recorded in February.“If we are talking about month on month basis, it is the biggest drop since November 2018 when it dropped 55 per cent,” said Denis Ma, head of research at……

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Property 

Luxury hotels St Regis and Rosewood eye big spenders as tourists flock to Hong Kong

The opening of two upscale hotels in the city in the past month underscores the upbeat outlook for the sector, with the 542 additional rooms and suites expected to be easily absorbed as tourists flock to the city, analysts said. Tourist arrivals rose to 12.4 million in the first two months of the year, up 16.6 per cent from a year earlier, according to the Hong Kong Tourism Board. Occupancy at top hotels rose to 88 per cent in February compared with 86 per cent a year earlier. On Thursday,…

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Property 

China's land auction premiums rebound as credit taps reopen to developers

Chinese developers have become more aggressive in acquiring land at auction in second-tier cities,emboldened by improved financing and a stronger sales outlook.The average land auction premium over starting bidding prices in 300 major Chinese cities monitored by property consultancy China Index Academy rose to 23.7 per cent in March, compared with 10 per cent in February.The average land premium among second tier cities reached 24 per cent during the month, while average land prices jumped 46… Source link

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Property 

Pay close attention to stamp duty when buying property in Hong Kong

I would like to share a case regarding stamp duty liability so as to remind both property agents and consumers of the importance of understanding the types and amount of stamp duty payable before entering into any provisional agreement for sale and purchase.An agent introduced an industrial property to a prospective buyer. When asked about the ad valorem stamp duty payable on the transaction, the salesman told her that she did not have to pay any stamp duty if she sub-sold the property as… Source link

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Property 

Home sales rise by 64.3 per cent in Chongqing, the barometer of China’s national market

The sales of new homes in the megacity of Chongqing in southwest China jumped by 64.3 per cent in March to 2.12 million square metres, according to consultancy Cric. It had recorded a cooling in its property market in the second half of 2018.The city, with an area 74 times that of Hong Kong, recorded the sale of 31.23 million square metres of new homes last year and is China’s largest market in terms of area of residential apartments sold. It is also indicative of the overall China market, with……

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Property 

From a hotel in a hole to China’s tallest tower, Shimao heir apparent ditches cookie cutter for landmark buildings

Jason Hui Sai-tan, the 41-year-old president of Chinese developer Shimao Property Holdings, wants to turn the oft-used aphorism in China’s real estate industry on its head, as he looks forward to building the country’s tallest building, fresh from helping his father build China’s deepest hotel.“Land is flour, and we would like to make exquisite cake instead of cookie-cutter bread,” says Hui, who has set his sights on a 700-metre office tower in Shenzhen following the launch of the 18-storey… Source link

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Property 

China’s banks defy Beijing by pumping loans into property, despite economic slowdown

Despite Beijing’s push for state-owned banks to lend more to private companies, half of new loans issued by China’s big six banks last year went to individual property buyers.Data retrieved through a South China Morning Post analysis of the banks’ reported annual results underscores the challenges faced by Beijing in guiding more money into the real economy, amid mounting worries about higher household debt and a new housing bubble.It also illustrates the problems facing China’s private sector… Source link

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