Hong Kong Property Services

Real-estate agents forced to diversify to survive

Raymond Lee, of Savills, Greater China, says the company will now be competing in the mass housing market. Photo: Edward Wong

International consultant Savills, which until now has focused on broking big-ticket property transactions in Hong Kong as well as introducing overseas properties to Hong Kong buyers, is expanding its sales force to enter the mass housing market in the city.

Wednesday, 24 April, 2013, 5:20am

Real estate agents get help to fight corruption

More than 115,000 deals were made last year.

The Independent Commission Against Corruption has issued anti-corruption guidelines for the highly competitive real estate industry which is expected to be even more cut-throat following measures to curb home prices.

1 Apr 2013 - 5:06am 1 comment

Agents shut shops as curbs put sales on ice

Investors and speculators are staying away from the residential market, forcing some agents to shut up shop. Photo: Nora Tam

Property agents across the city are closing their branches as a series of government property-cooling measures continues to bite. Investors and speculators have been forced out of the market following the introduction of the measures, leaving estate agents battling to stay afloat amid the resulting plunge in sales activity.

7 May 2015 - 12:48pm

Comparisons can solve gross problem

Sun Hung Kai Properties' Riva development. Photo: May Tse

How strange it is to find myself agreeing with those vampire squids from the Real Estate Developers Association. REDA members have made the most outlandish profits by misleading and distorting the true sizes of flats people have bought over the decades, while the government looked on.

21 Mar 2013 - 2:50am 3 comments

Flat sales to remain buoyant after Lunar New Year, say agents

Some 100 units were sold in SHKP's The Wings II development in Tseung Kwan O. Photo: Nora Tam

Sammy Po Siu-ming, a director of real estate agency Midland Realty, said that after the strong sales performance in January he expected developers to become more aggressive with launches of new flats during the Lunar New Year holiday.

6 Feb 2013 - 4:59am

Developer caution hangs over land sale prospects

The new stamp duty is affecting luxury residential development. Photo: AFP

Two sites for tender in Sha Tin and Sai Kung could net the government up to HK$2.4 billion, but developers have turned cautious following the introduction of the latest cooling measures, Ricacorp Properties says.

2 Jan 2013 - 4:24am

2012: when car parks became cash shelters

Nearly 3,000 car parking spaces were sold in the city in the first 20 days of December, the highest number in 16 years. Photo: David Wong

Happy Holidays to all.

The new year is traditionally a time to take a look at how things have gone in the past 12 months and vow to start afresh.

1 Jan 2013 - 5:36am

Fewer new flats sold over Christmas holidays this year

Prospective buyers examine a model of Yuen Long's The Reach on display at its sales office at Miramar Shopping Centre. Photo: Nora Tam

Hong Kong's property market is not benefiting from the Christmas spirit, with just a few new homes sold over the holiday period as the latest round of cooling measures bite.

27 Dec 2012 - 1:59am

Tax takes huge toll on sales, industry

REDA chairman Stewart Leung says the drop in sales from the new duty will force thousands of agents out of the market. Photo: Paul Yeung

Hong Kong's real estate industry has grown rapidly in the past thanks to the city's famously non-interventionist economic approach.

But those heady days appear to be over with one of the biggest brakes on players' profits now government policy, according to Real Estate Developers Association (REDA) chairman Stewart Leung Chi-kin.

21 Dec 2012 - 3:46am

Hong Kong housing market 'painfully slow', says Ricacorp's Patrick Chow

Patrick Chow

Hong Kong home sales are mired in a slow and painful contraction and estate agents predict a recovery is not on the cards until after the Lunar New Year.

"The market is painfully slow," said Patrick Chow Moon-kit, head of research for Ricacorp Properties. "The situation will last for a while."

10 Dec 2012 - 1:53pm

Hong Kong property market deals near low for the year

The model of The Reach, a residential project jointly developed by Henderson Land and New World Development at Yuen Long. Photo: Sam Tsang

Home sales in Hong Kong dipped to close to the year's low last week, with just 107 transactions recorded in the secondary market in the major 50 housing estates in Hong Kong.

Data from Ricacorp Properties, which monitors weekly sales in the estates, showed deal numbers for November 19 to 25 were down 32 per cent from the 157 deals recorded during in the previous week.

28 Nov 2012 - 3:13am

Flat agent's rapid action sees clients save millions by avoiding new tax

Sammy Po Siu-ming, a director of Midland Realty.

"An inch of time is an inch of gold" is the motto that drives Midland Realty director Sammy Po Siu-ming.

31 Oct 2012 - 3:08am

Developers raise agents' commissions to sell more flats

A model of Yuen Long project The Reach, where the developers launched sales on Friday, a day early. Photo: Nora Tam

Estate agents are being offered higher commissions by developers who want to speed up sales of their properties before prices slide further.

According to property agents, Henderson Land and New World Development on Saturday offered agents a 3 per cent commission for every flat sold after they met their sales quota of 28 flats for The Reach in Yuen Long - up from 2.5 per cent.

31 Oct 2012 - 3:08am

Secondary-market sales down 30pc as new flats lure buyers

Home sales in Hong Kong's secondary market fell 30 per cent week on week last week as purchasing power was absorbed by the primary housing sector - a trend that is expected to continue as new projects are launched in coming weeks.

24 Oct 2012 - 2:57am

Sales of small flats fall as price rises deter buyers

Secondary market sales of apartments costing HK$2 million or less fell 31 per cent month-on-month in April as potential buyers were deterred by a spike in prices, Midland Realty said.

There were 1,408 small flat transactions last month, down from 2,052 in March, which was the highest figure since last June.

2 May 2012 - 12:00am