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.
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.
Sales of the units, which ranged from 340 sq ft to 783 sq ft at HK$18,597 to HK$28,350 per square foot, were suspended after a red rain signal on Saturday.
Hong Kong’s property transactions came close to a three-year high in April, with 9,880 units changing hands according to official data, as the removal of cooling measures continued to boost demand.
Swire Pacific, which has made healthcare a key growth area, has completed the acquisition of a controlling stake in Shanghai-based cardiovascular treatment provider DeltaHealth.
A new wave of property stimulus measures is brewing that should fuel a recovery in market sentiment across China as the country’s top decision-makers pledged to tackle housing inventories, according to analysts.
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.