Digest
Surge in sale of luxury pre-occupied HK homes
Sales of homes on the secondary market in Hong Kong costing HK$20 million or more surged 44 per cent from March to 154 last month, outpacing overall sales in the secondary market, which fell about 25 per cent to 7,531, according to Hong Kong Property Services (Agency). This means 2 per cent of homes sold were valued at HK$20 million or more, the highest proportion in 10 months. Residence Bel-Air, in Cyberport, saw the most sales of homes for HK$20 million or more, with 10 transactions sealed last month. Paggie Leung
'Landlord's market' in Beijing's grade-A offices
Demand for grade-A office space in Beijing from international and domestic companies remained steady. This, coupled with very low vacancy rates, created a strong 'landlord's market', according to international property consultant Knight Frank. Office landlords, especially those of premium buildings in prime central commercial areas, continued to raise asking rents. The average rent for Beijing's grade-A offices climbed 12.5 per cent quarter on quarter to 362 yuan (HK$445) per square metre per month in the first quarter of this year. During the rest of this year, a number of developments are to be delivered, providing total gross floor area of 398,948 square metres. Knight Frank said several of the developments are in the central business district and Beijing Financial Street areas, but vacancy rates would nevertheless remain low in prime areas. Knight Frank said office rents would remain on an uptrend but the growth rate might slow, as rents had continuously set new record highs. Peggy Sito
