PUBLISHED : Wednesday, 21 September, 2011, 12:00am
UPDATED : Wednesday, 21 September, 2011, 12:00am

HK office take-up slips as woes in West hit demand

Net take-up in the Hong Kong office market dipped in the third quarter as the economic quagmire in the West affected sentiment, according to international property adviser DTZ. However, the market is traditionally quiet during the summer season, it said. Take-up on Hong Kong Island and in Kowloon went in opposite directions, with the former falling to 207,311 square feet from a high of 506,199 square feet in the second quarter, and the latter rising from 156,151 square feet to 348,550 square feet. On Hong Kong Island all the main office districts except Sheung Wan experienced a quarterly drop in take-up. Alva To Yu-hung, DTZ's head of consulting for Greater China, said: 'Central/Admiralty is particularly sensitive to the change in economic situation as the financial industries, which are the main tenants of the district, have become more sceptical of the economic prospects for the coming quarters and are putting on hold the expansion plans that would have been given a go-ahead a few months ago.' Peggy Sito

Shenzhen home prices higher than in Shanghai

Shanghai's average home price was 14,089 yuan (HK$17,200) a square metre in the week ending September 18, according to Soufun Holdings, owner of the country's biggest real estate website. The average price in the southern city of Shenzhen was 17,622 yuan a square metre, while the price in Guangzhou was 12,095 yuan a square metre, Soufun said in a report. Property sales fell in 20 of the 35 mainland cities surveyed that week, the report said. Peggy Sito


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