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HMV’s liquidation sale now unlikely as creditors opt to sell 100,000 records and DVDs by tender. The culprit? Hong Kong’s sky-high rents

HMV’s much anticipated liquidation sale is unlikely to happen now after the troubled retailer’s creditors on Friday decided to opt for a tender sale to clear out roughly 100,000 CDs, DVD, Blu-Ray discs and other remaining stock.They blamed Hong Kong’s famously high rents for the decision to call off what would have been the city’s largest liquidation sale in a decade. The plan now is to sell off the whole collection in one go to the highest bidder.“The creditors worried that a liquidation sale… 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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Vietnam 

HCM City office rents soar – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The office market in HCM City had a strong start to the year, with new records being set. — Photo Hoàng Hải HCM CITY — The office market in HCM City had a strong start to the year, setting new records, according to a report by property services provider Savills. Vacancies had been continuously declining, especially in the central business district, with all recent entries rapidly absorbed, it said. Rents remained robust with another 2 per cent QoQ gain, continuing its five-year momentum into this year. Rents for grade…

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Hong Kong finance firm comes up with loan scheme targeting Gen Z ease their way into a world of soaring rents

Finance companies are targeting Hong Kong’s young renters who are not only finding it difficult to step on the property ladder in the world’s most expensive real estate market but also keep up with soaring rents.United Asia Finance (UA), one of the city’s largest money lenders, said on Wednesday that it would offer loans of up to 10 times the monthly rent or a maximum of HK$200,000 to ease renters’ financial burden that can accounts for up to 50 per cent of an individual’s monthly income.UA did… Source link

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Hong Kong office space rents to further soften as US-China trade war lingers

Prime office rents in the Central business district are forecast to decline by as much as 7 per cent this year as mainland Chinese companies pare back their expansion plans amid uncertainties ranging from the US-China trade war to cooling domestic economic growth, according to Knight Frank’s latest global outlook report released on Thursday. “There are already signs of market softening since November, the first time in 29 months. An uncertain China-US trade relationship and the mainland’s own market challenges have curtailed demands from some mainland firms for prime office…

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Property 

Hong Kong rents could be about to march higher after five months of deflation, analysts say

Hong Kong renters hoping for a prolonged bout of deflation could be in for disappointment in the next few months as data shows rental prices may be about to round the bottom, bringing an end to a soft patch that started in August. On average, residential rents dropped 0.3 per cent to HK$35.8 per square foot (US$4.56) in January from December, the smallest contraction in the past five months, according to data released by Centaline Property Agency on Wednesday. “It is a sign showing the end of the correction,” said…

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High data centre rents have allowed three firms to dominate US$883 million Hong Kong market

Land scarcity and some of the highest rents in Asia-Pacific have allowed three operators of data centres to dominate the market – estimated at US$883 million – in Hong Kong. According to a report released on Wednesday by Toronto-based consultancy Structure Research, which focuses on data centre and internet infrastructure, NTT Communications, a subsidiary of Japan’s largest telecommunications company, Nippon Telegraph and Telephone Corporation, Sunevision Holdings, the technology arm of Hong Kong property developer Sun Hung Kai Properties and US-based global co-location data centre operator Equinix command 55 per cent…

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The SFC throws in the towel on Central rents, signs on for new office space at One Island East

The Securities and Futures Commission (SFC) plans to move out of its Central office to save on rental costs as it forecasts a deficit of HK$230 million (US$29.3 million) for the year ahead. The city’s securities regulator has taken out an eight-year lease in Swire Properties’ One Island East in Quarry Bay. The move, set to take place under a lease beginning in January 2020, would likely reduce office rental costs for the regulator by about half, according to an agenda published online by the Legislative Council on Tuesday. The…

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Hong Kong’s Central district to see further 5 per cent gain in office rents this year, Nomura says

The world’s most expensive place to rent office space may be about to get even costlier amid higher demand from co-working firms, according to Nomura. The cost of renting office space in Hong Kong’s main business district, Central, will rise by up to 5 per cent this year, according to an adjusted forecast by Nomura analyst Joyce Kwock on Monday. The revised estimate marks a 180 degree turn from the bank’s prior estimate for a 5 per cent drop in office rental rates this year. Kwock cited higher demand from…

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Property 

Hong Kong’s richest woman, Pollyanna Chu, rents out a floor of The Center to her own company at premium to market rate

Pollyanna Chu Lee Yuet-wah, Hong Kong’s wealthiest woman, has leased a floor she owns in the city’s most expensive office tower to a publicly traded company she co-founded with her husband for a premium to the market price. Level 72 of The Center on Queen’s Road Central, owned by Chu, was leased to Kingston Financial Group for HK$109 million (US$13.89 million) over three years, including a three-month rent-free period, according to a statement to the Hong Kong stock exchange. The Chu family – comprising the financial company’s chairman Nicholas Chu…

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