Louis Vuitton is returning to Times Square, three years after the French luxury brand shut its store, a sign of a brighter outlook for Hong Kong’s luxury retail market.
The measures effective from Monday range from the removal of restrictions on homebuyers to support for the funding needs of developers.
Rising demand for data centres is unlikely to provide relief for Hong Kong landlords and asset owners looking to convert their empty office spaces into industrial property, US asset manager PGIM Real Estate says.
All 260 flats on offer at Onmantin were already on Saturday after the project received 7,500 orders from prospective buyers.
Prices of second-hand homes have increased for the first time in almost a year as the recent removal of cooling measures gave a much-needed boost to the beleaguered property market.
The first 18 office units have been priced from HK$7.2 million to HK$22.7 million, or around HK$12,000 to HK$14,000 per square foot, NWD said in a statement on Thursday.
Hong Kong’s economic recovery is slowly filling up retail spaces, pushing vacancy rates to a three-year low. The rebound, however, is bypassing the northwestern part of the city in Yuen Long and Sheung Shui.
Chen Hongtian, who had snapped up mansions and offices in Hong Kong and London, faces demands from banks to repay more than US$200 million of overdue loans following the market slump.
‘It’s overall a pretty outstanding location, and pretty outstanding locations will be successful,’ Christian Ulbrich says.
Hang Lung Properties is targeting discerning Chinese consumers’ penchant for luxury goods as it prepares to undertake the expansion of its flagship mall in Shanghai.
Some analysts have expressed concern that buyers may hesitate to purchase homes should the rate cut not materialise this year.
Property agents have raised sales forecasts for the year amid project launches at discounted prices, but say a lack of a rate cut could pare those estimates.
Vanke has held discussions with parties including state-owned investment company Guangdong Holdings and a Tianjin-based state-owned firm to exit its investment, said people familiar with the matter.
Country Garden is pushing back some onshore bond payments to later dates despite a round of extensions last year, underscoring the financial stress at the Chinese property developer.
Prices weakened in March, extending sequential erosion since May 2023. China’s efforts to stem declines in home prices have not produced the desired results, prompting Goldman Sachs to predict a more aggressive policy response.
China needs more than 15 trillion yuan (US$2.1 trillion) to overturn a three-year housing crisis, Goldman says. Rescue efforts have not been good enough and the market downturn could still get worse.
Vice-Premier He Lifeng completed a two-day inspection tour of Zhengzhou, Henan province, over the weekend with a focus on China’s troubled real estate market.
Embattled China Vanke said it was well-prepared to resolve its liquidity problems and operational difficulties, while denying that travel restrictions were imposed on its key managerial staff.
China is encouraging more property owners to swap their old homes for new ones as a way to rejuvenate the market. Zhengzhou, home to the largest iPhone factory, is among at least 30 other mainland cities to introduce the trade-in scheme.
A total of 130, or 70 per cent, of the 184 units on offer were sold on Saturday, according to sales agents.
Shanghai-based developer, facing 61.86 billion yuan (US$8.5 billion) in debts, says it needs more time to consider restructuring plan amid slumping sales and slow asset disposal as the property market crisis grinds on.