Property 

Swire becomes first Hong Kong developer to offer relief, lowers rents temporarily at Pacific Place in protest-hit Admiralty

Swire Properties said on Friday it would offer “temporary rental adjustments” to tenants at Pacific Place, its flagship shopping centre in the protest-hit district of Admiralty, becoming the city’s first developer to cut rents.Some shops at Pacific Place, home to international luxury brands such as Louis Vuitton, Chanel and Cartier, had to shut down early during weekends after protesters gathered in the area to demonstrate against the now-withdrawn extradition bill.“We can confirm that Pacific… Source link

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Real estate professionals expect home prices, sales and rents will drop in next 12 months due to protests, survey finds

Real estate professionals expect home prices, sales and rents will fall in Hong Kong over the next 12 months as protests continue with no end in sight, accordingly to a newly released survey.That is quite a change from the survey in June, the month peaceful protests kicked off in a colourful stream of umbrellas. Then the real estate professionals said they expected prices, sales and rents would go up.The Confidence Index – by the Royal Institution of Chartered Surveyors (RICS) and local online… Source link

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Rents at The Center, Hong Kong’s most expensive office tower, cut by 5 per cent as companies defer expansion plans amid protests

Some owners of individual floors at The Center have cut rents by 5 per cent for the first time since they took over Hong Kong’s most expensive grade A office building, as anti-government protests have forced companies to hold back their expansion plans, according to agents.Rents at a number of buildings have also been reduced, including Bank of China Tower, where asking lease rates have been cut by 4.3 per cent to HK$156 in July compared to June, according to figures from CBRE.Rents at the 73… Source link

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Hong Kong restaurateurs develop taste for takeaway shops, avoid setting up dine-in premises to cope with rising rents

An increasing number of restaurateurs are choosing to set up takeaways instead of dine-in premises in Hong Kong to get past the city’s expensive rents, which have topped the world for several years in a row.The number of food factory licences, also called takeaway licences, increased 7.4 per cent year on year to 7,671 as of the end of 2018. This represents an increase of 19 per cent in three years, from 6,459 in 2015. The number of food vending machine licences rose 130 per cent year on year to……

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Allan Zeman says he’s open to cutting rents to help Hong Kong businesses get through protest turmoil

Prominent Hong Kong businessman Allan Zeman, who has made his name famous through high-end restaurants and is a significant landlord in Central, says he is open to cutting rents to help tenants survive the protests that have rocked the city.Business for some restaurants is off by as much as 40 per cent, estimated Zeman, who said he remains bullish on the city’s future despite the grim economic toll that the US-China trade war and months of protests have taken on its economy.Retail outlets have… Source link

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Shops in Causeway Bay see sales hit by Hong Kong protests, says landlord Hang Lung, as retail rents seen tanking

Hong Kong’s retail sector has been hit by weeks of protests that have frequently descended into violence, according to Hang Lung Properties, a major landlord in one of the city’s best known shopping areas.The company’s chief executive Weber Lo said the mass rallies had damaged sales of its tenants in Fashion Walk, Causeway Bay, while Knight Frank predicted rents for high-street shops will fall by up to 10 per cent in 2019.“[In light of] the recent confrontations, as Hongkongers we of course… 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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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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Why Hong Kong’s office market has the edge over Singapore’s, despite the eye-popping rents in Central

The fight over the extradition bill, which has heightened concerns about the erosion of Hong Kong’s freedoms and autonomy, has led to a flurry of warnings about an exodus of businesses and capital to more stable sanctuaries.  The refuge receiving the most attention is Singapore, Hong Kong’s arch-rival in the battle for dominance in Asian finance. In the real-estate sector, the city state enjoys several advantages over its chief competitor. For starters, occupancy costs for Grade A office… Source link

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Why rents in China’s top cities are unlikely to see that midyear rise

Rents in China’s top cities, which rise every summer on the back of an influx of fresh college graduates joining the workforce, are unlikely to increase by much this year as it has reached the upper limit of their affordability and warnings from local governments, say market observers.Average monthly rent in first-tier cities such as Beijing have stayed flat at 90 yuan per square metre in the first three weeks of June, little changed from the same period last year, according to property listing… Source link

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