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Hong Kong developers promise to sell 20 per cent of flats in housing projects on open market as government condemns ‘unfair’ tender process

The industry body for Hong Kong’s property developers said its members would from now on ensure that 20 per cent of flats in a new project are sold on the open market, as the government warned it could take action against those that sell through tender.Lawmakers have slammed developers for the increasingly widespread and “unfair” practice of selling new flats through tender, a marketing tactic they claim puts the buyer at a disadvantage. And they were quick to criticise Thursday’s decision by… Source link

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Hong Kong developers should offer cheap new flats on open market instead of going through opaque tender process, industry guild warns

Hong Kong’s property developers are being urged to offer cheap flats on the open market instead of selling through tender, an opaque marketing tactic that can lead to buyers being overcharged.The Real Estate Developers Association (REDA), which represents 800 members including most construction firms in Hong Kong, said it will host a meeting shortly to discuss the issue with its members. The move comes after the proportion of new flats being sold through a bidding process in the city almost… Source link

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Hong Kong can ease its housing crisis by giving more families a chance to buy public housing flats

Under Hong Kong’s Tenants Purchase Scheme, introduced in 1998, 140,298 public rental housing units have been sold to existing tenants. Initially, about 57 per cent of the units available for sale found buyers and, in the past decade, this has increased to 72 per cent. By promoting home ownership, the scheme has increased the labour force participation rate and decreased unemployment among families that have bought these units.But there have been two other important effects. The scheme has also… Source link

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Hong Kong property agents still up to old tricks despite new rules on adverts for flats

In Hong Kong’s sky-high property market, looking for a home can be frustrating, especially when an agent tells an excited flat-hunter that an advertised bargain is actually out of date.It will be even more exasperating if the agent then floods the potential buyer with offers that are not as good, in the hope of closing a pricier deal.It was tactics such as this which led industry watchdog the Estate Agents Authority (EAA) to bring in new rules against misleading or inaccurate property… Source link

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Singapore 

Can you spot this 20-year-old Bishan flat’s secret bathroom?, Singapore News

It goes without saying that a resale apartment – one that hasn’t been renovated in 20 years – would be in dire need of a total makeover. However, that wasn’t the only reason why Ken Pua, the owner of this 5-room Bishan flat, sought out the help of Hue Concept Interior Design. His goal: to create a tidy, well-designed home that would make efficient use of available space (all 1,300 square feet of it, to be precise). To find out more about his Renovation Journey (and the hidden bathroom that…

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Hong Kong’s first-home buyers snap up Henderson’s Vantage flats in Hung Hom, giving respite to declining property prices

Hong Kong’s weekend property buyers are back, as more than 2,000 people thronged a sales office to bid for 246 flats offered by Henderson Land Development in Hung Hom.The selling price of Henderson’s Vantage project starts from HK$3.83 million for the smallest 170 square feet unit, to HK$8.57 million for the biggest units at 425 sq ft (39.5 square metres), or a price range of HK$17,809 to HK$23,061 per sq ft. Every unit at the apartment complex was sold by 5:30pm, sales agents said.Nine… Source link

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To solve a uniquely Hong Kong conundrum, let all public renters buy their flats

The Tenants Purchase Scheme (TPS) was introduced in 1998 to help achieve the government’s policy goal of 70 per cent home ownership in Hong Kong. Since then, 140,298 units have been sold to sitting tenants, representing a substantial stock of public assets worth at least HK$300 billion – an amount much larger than the construction cost of the Sha Tin-Central railway. It has also had another effect – on the labour market. Census statistics help tell the story. The 39 public housing estates… Source link

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China’s liaison office officials have buying up local flats, drawing focus on tax-exempt status

The Beijing government’s office in Hong Kong, which is exempt from stamp duties, has made a recent string of acquisitions in Hong Kong’s residential market, building up a large portfolio that could be worth billions of dollars, according to market watchers.Newman Investment, whose five directors have the same names as officials from the Administration and Finance Department of the central government’s liaison office, bought 20 flats at Grand Central in Kwun Tong, a residential project jointly… Source link

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Property 

Few buyers for latest batch of flats at Sino Land project Grand Central as lacklustre start to year for Hong Kong property market continues

Hong Kong home seekers remained cautious as subdued sales at Sino Land’s Grand Central development in East Kowloon on Saturday continued the slow start for the world’s most expensive housing market this year.A total of 15 flats were sold on Saturday out of the 161 available, according to market sources. The development in Kwun Tong has a total of 1,999 flats, ranging from 333 sq ft to 1,543 sq ft.The latest batch was sold at an average discounted price of HK$21,616 per square foot, up 2.1 per… Source link

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Hong Kong’s glut of unsold flats could put more pressure on prices

Hong Kong home builders could face greater pressure to slash ­prices as the number of completed but unsold new flats they held increased at the end of last year. Analysts said some home builders would offload stock by cutting prices by 5 per cent to 10 per cent from the current levels on completed unsold units, stepping up efforts to lower inventory as the government’s proposed vacancy tax looms. The city’s developers held 3,295 unsold homes which were completed in 2017 and 2018 as of December, about 10 per cent…

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