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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Forget the overseas holiday, Chinese consumers will soon shop online for half of all luxury goods they buy, says HSBC

Luxury spending on the mainland will continue to grow at twice the global average thanks to price harmonisation and improvements in online shopping, according to research by HSBC.Domestic outlays for luxury goods are estimated to grow 12 per cent this year, double the 6 per cent global average, even as the Chinese economy is widely anticipated to moderate, according to the report “Panda Luxury Staycation”, compiled by the bank’s global research department.Beijing has cut its economic growth… Source link

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China 

Hong Kong-listed Prada joins luxury brands in lowering prices in China

Prada has joined other luxury brands in reducing prices to reflect lower value-added tax in China, but analysts and buyers are doubtful whether this is enough to boost sales in China amid a softening in consumption.From April 1, Prada Group has reduced prices on all Prada and Miu Miu products sold through its directly operated stores in China and online by 3 per cent, the company said in an email on Wednesday evening.China lowered its VAT for the manufacturing sector from 16 to 13 per cent… Source link

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Chinese consumers – accounting for 33 per cent of all luxury goods spending globally last year – to tighten purse strings in 2019

Spending on luxury goods in mainland China is expected to increase by 10 per cent in 2019, slowing from the 20 per cent recorded in the previous two years, according to a report on the country’s market for such items by global consultancy Bain & Company.A slowing economy has affected people’s incomes and personal wealth, which will deter China’s affluent classes from buying luxury items, said Bruno Lannes, a partner at Bain.“We need to realise that China’s economy is slowing down,” he said. “In… Source link

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China 

BMW, Mercedes among luxury carmakers to cut prices in mainland China amid weaker demand, lower VAT

A clutch of luxury car brands including Mercedes-Benz, BMW and Volvo have cut the prices of their vehicles in mainland China after the government announced it would lower value-added tax.The price reductions, amid lacklustre sales in the first two months of this year, added to evidence that the world’s largest auto market is grappling with weaker consumer demand after nearly three decades of sizzling growth.Chinese Premier Li Keqiang said last week that Beijing would slash the VAT on… Source link

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Vietnam 

Hyatt announces plan for luxury hotel and residences on Phú Quốc – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Chicago-headquartered Hyatt Hotels Corporation recently announced that a Hyatt affiliate had entered into an agreement with Vietnamese corporation BIM Group to develop the Park Hyatt Phu Quoc Hotel as well as 65 residences on Phú Quốc Island, Kiên Giang Province. Slated to open in 2022, Park Hyatt Phu Quoc and residences are poised to introduce the brand’s refined luxury and exceptional service to Việt Nam’s emerging resort destination. Situated on the southwestern tip of Phú Quốc Island on an area of…

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Even the resilient luxury housing segment is not immune to Sweden’s property downturn

Residential skyscrapers are rare in Stockholm, a city permeated by five-storey, classic stone buildings built at the turn of the last century.That’s now changing. The most spectacular addition to the skyline is nearing completion: A 125-metre, brutalist structure that could be mistaken for a tower of Lego blocks.Innovationen offers panorama windows and balconies overlooking the red, yellow and orange facades of the Vasastan neighbourhood. The apartments cost a hefty 100,000 kronor (US$11,000) a… Source link

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Manila beats Boston, Paris, Tokyo as world’s hottest luxury home market

Manila is the hottest luxury home market in the world, beating out the likes of Boston, Tokyo and Paris, property consultancy Knight Frank said.Luxury prices shot up 11 per cent in 2018, as the capital city of the Philippines got a boost from a robust economy, shortage of luxury homes and increased appetite for them by wealthy foreigners living there.The ranking of 100 cities is based solely on how much their luxury home prices increased last year.The only other Asian city in the top 10 list… Source link

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Unable to sell luxury homes in Beijing, mainland developer Tahoe Group offers discounts of up to US$1.3 million

As the ongoing US-China trade war weakens appetite of deep-pocketed mainland buyers for luxury homes, some developers have been offering massive discounts of up to 9 million yuan (US$1.3 million) to make sales.Just a few days after Lunar New Year, mainland developer Tahoe Group began offering aggressive discounts for four luxury projects in Beijing, property agents said. A 410 square metre four-storey home at Cathay Courtyard in the south of the Chinese capital was being offered at 24 million… Source link

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Property 

Mainland renters outpace Western tenants as biggest spenders for luxury rental homes in Hong Kong

Corporate tenants from the mainland have overtaken their Western peers as the dominant force in Hong Kong’s luxury residential leasing sector, as a growing number of Chinese firms establish ­offices in the city.The top-end of the luxury residential leasing market has seen an uptick in demand in recent months, as companies look to Hong Kong as a financing and trade hub, analysts said.“We see more mainland corporates, particularly newly listed firms in Hong Kong, will be generous when it comes to… Source link

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