Developer stocks rose on Thursday after authorities in Hangzhou announced plans to buy unsold homes, but analysts question whether such aid is the best way to rescue the market.
Agile says it ‘will not be able to fulfil all payment obligations under its offshore debts’ because of liquidity pressure. Presales declined 68 per cent year on year to US$905 million from January to April.
The flagship developer of tycoon Li Ka-shing has slashed the price of some of the remaining flats at its project in the Northern Metropolis by almost a third compared with when it was first launched in 2021.
Hoka, the running shoe brand known for its thick soles, is opening two stores in Hong Kong this year as it ramps up its presence in Asia amid a fitness and health boom.
Travel spending during the Labour Day holiday rose 12.7 per cent year on year, but hotel chains’ revenue per available room and occupancy rates both fell.
Hongkongers continue to be enticed by discounts as they snapped up flats at Sun Hung Kai Properties’ new project in Yuen Long on Saturday, with young people accounting for 70 per cent of buyers.
‘Beijing is finally on the right course to clean up the mess in the property sector,’ Nomura analysts said on Friday.
The value of mortgage insurance rose to HK$13.71 billion (US$1.75 billion) in April, the most since HK$16.07 billion in June last year, data from mortgage broker mReferral shows.
Hangzhou’s move marks the most aggressive measure to revive the local housing market, following an apparent green light from the nation’s top leadership last month.
Developer puts another noncore asset on the chopping block to bolster its liquidity and appease creditors, part of its three-pronged strategy to overcome a financial crisis.
Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector.
More than half of middle-income households in Hong Kong believe house prices are poised to rally now that all of the restrictions in the market have been scrapped, according to a survey by Citibank.
The appetite for commercial property in Asia-Pacific is likely to remain subdued until interest-rate cuts arrive later this year or early next year, according to a CBRE survey. Investors in Hong Kong were notable net sellers last quarter.
Mainland Chinese buyers account for anywhere from 30 per cent up to 80 per cent of the sales in some recent launches, agents say, raising hopes that their buying power will bring price stability to the market.
Temu, Shein, AliExpress and TikTok Shop boost the logistics-related property sector as they scramble to secure space to fuel their growth.
The mix of tenants in malls and at street level is changing as restaurateurs pounce on slumping rents to expand, often taking the spaces left behind by retailers forced to leave during the pandemic.
The comments by Chan showed how Hong Kong has been caught since 2019 by a series of turbulent events, including months of anti-government protests, US sanctions and a Covid-19 pandemic in its third year.
Upmarket home rents in Hong Kong and Shenzhen declined in the year’s first half, bucking the global trend of increases among 30 cities tracked by property consultancy Savills.
The owners of the iconic Hong Kong restaurant, previously a huge draw for tourists with its prime location, are now paying less than half the monthly HK$230,000 (US$29,300) they were forking out on a lease signed pre-pandemic.