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Prices of second-hand homes in Hong Kong declined in June amid extradition bill protests, Ricacorp says

The average price of second-hand homes in 50 major residential estates in Hong Kong dropped 0.2 per cent last month from a record high in May, brokerage Ricacorp Properties said on Wednesday.Protests in the special administrative region against a controversial extradition law depressed prices, which fell from an average of HK$15,593 (US$1,995.6) per square foot in May to HK$15,555 per square foot in June, according to Ricacorp, which tracks prices across these 50 residential estates.“Home… Source link

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Protests cast a shadow on restaurant rents in Causeway Bay and Central

The ongoing protests that have expanded to different districts of the city will hurt restaurants, putting further pressure on landlords to cut rents if the demonstrations persist, say industry observers.In the past six weeks, Hong Kong has been rocked by a series of mass rallies and clashes between protesters and the police, sparked by the now-suspended extradition bill which would have allowed the transfer of fugitives to regions such as mainland China and Taiwan.This resulted in road closures… Source link

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Hong Kong protests will put off 350,000 mainland Chinese tourists this year, HSBC estimates

The massive protests that have rattled Hong Kong in recent weeks will put hundreds of thousands of mainland Chinese tourists off visiting the city this year, according to HSBC.The bank believes that the number of visitors from the mainland will continue to grow in 2019, but at a slightly slower rate than it had forecast before people took to the streets in their millions to demonstrate against the now-suspended extradition bill.It has revised down its estimated growth of mainland tourist… Source link

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Hong Kong protests fail to dampen demand for micro flats as T-Plus project in Tuen Mun sells 245 out of 344 units

The allure of a property “bargain” in Hong Kong may be stronger than concerns about the recent social unrest that has rocked the city if sales of tiny, heavily discounted, flats at a major project in Tuen Mun today were anything to go by.By 6pm on Sunday, 245 of the 344 units on offer at T-Plus had been bought, making it the largest weekend property sale since the huge rallies against the government’s proposed extradition bill began last month. Sales are set to continue until 11pm and resume on… Source…

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Developers set to unleash 817 flats in the biggest weekend sale since extradition bill protests rocked Hong Kong

Property sales are back in full swing. Six developers are selling 817 units, including Hong Kong’s smallest flat, in the biggest weekend sale since protests against the controversial extradition bill started in early June.Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency, said market sentiment has improved as tensions have eased between the US and China after the G20 summit and anticipation that possible interest rate cuts by the… Source link

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Fear of protests disrupting operations forces companies in Admiralty to look for co-working space

Some big companies in Admiralty are seeking co-working space as part of contingency plans to prevent any disruption to their operations in case of prolonged protests in the central business district, but such talks are mostly exploratory, say market observers.“We have received inquiries from big corporates in Admiralty to rent flexible working space as their plan B,” said Thomas Hui, chief executive of co-working space operator theDesk.He said that companies were looking at anywhere between 10… Source link

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Outlook for Hong Kong retail rents bleak as trade war and protests dampen sales

Hong Kong’s retail leasing market is expected to slow further in the second half as sales continue to slump because of the US-China trade war and uncertainty over protests against the extradition bill, industry observers say.Overall rent for shops along prime shopping streets fell 1.2 per cent quarter on quarter from April to June, with Central recording the sharpest drop at 3.8 per cent, real estate research and consultancy firm Savills said.“In the first half of the year, business has been… Source link

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Violent protests are a blot on Hong Kong’s reputation as a stable business hub, says Hopewell’s Gordon Wu

Violent protests will harm Hong Kong’s image as a solid business hub, as investors are worried that the city could descend into anarchy and mob rule, said Gordon Wu Ying-sheung, chairman of Hopewell Holdings, one of the first businessmen to condemn the protesters who stormed and vandalised the Legislative Council.“The violent protests are definitely not good for the city’s business environment,” Wu, 83, told the media on Wednesday. He added that if the law and order situation continues to… Source link

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Hong Kong’s affluent are looking to Singapore for insurance and wealth diversification, amid ongoing civil protests in the city

Insurance technology start-up Singapore Life has reported a 30 per cent uptick in demand from Hong Kong’s high net worth individuals seeking insurance products with legacy planning options, as the recent protests in the city has spurred more Hongkongers to consider parking their wealth in Singapore.Founder Walter de Oude told the Post that over the past three months he has seen some “20 to 30 per cent” growth in applications for its universal life insurance products from Hong Kong residents… Source link

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Hong Kong cuts residential land supply with uncertainty around trade war, protests expected to weigh on prices

Hong Kong has cut by a third the supply of private residential housing from its land sale programme for the three months to September, on the day unrest in the special administrative region became a talking point between Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe at the G20 summit in Osaka.Two plots of land that can yield 1,350 apartments, a commercial/hotel site that can provide gross floor area of 863,000 sq ft and a mega commercial plot near the express rail terminal… Source link

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