Hong Kong’s economic recovery is slowly filling up retail spaces, pushing vacancy rates to a three-year low. The rebound, however, is bypassing the northwestern part of the city in Yuen Long and Sheung Shui.
Hang Lung Properties is targeting discerning Chinese consumers’ penchant for luxury goods as it prepares to undertake the expansion of its flagship mall in Shanghai.
Some analysts have expressed concern that buyers may hesitate to purchase homes should the rate cut not materialise this year.
Property agents have raised sales forecasts for the year amid project launches at discounted prices, but say a lack of a rate cut could pare those estimates.
‘The quality of business journalism has improved,’ since the awards progressed into their eighth year, said Moses Cheng Mo-chi, the chairman of the Council of the Hang Seng University of Hong Kong.
Vanke has held discussions with parties including state-owned investment company Guangdong Holdings and a Tianjin-based state-owned firm to exit its investment, said people familiar with the matter.
Hong Kong developers are pricing new flats at a deeper discount as the property market attempts to rebound from a multi-year slump. Great Eagle is joining the fray with discounts at its project in Ho Man Tin.
Country Garden is pushing back some onshore bond payments to later dates despite a round of extensions last year, underscoring the financial stress at the Chinese property developer.
Accounting firm vows investigation, possible legal action against creators of ‘fabricated’ letter circulating on social media, which names partners it claims were involved in ‘auditing failure’ tied to the indebted developer.
Debt-laden property developer Times China Holdings is faced with a winding-up petition as it becomes the latest property company creditors are seeking to liquidate.
Prices weakened in March, extending sequential erosion since May 2023. China’s efforts to stem declines in home prices have not produced the desired results, prompting Goldman Sachs to predict a more aggressive policy response.
China needs more than 15 trillion yuan (US$2.1 trillion) to overturn a three-year housing crisis, Goldman says. Rescue efforts have not been good enough and the market downturn could still get worse.
Vice-Premier He Lifeng completed a two-day inspection tour of Zhengzhou, Henan province, over the weekend with a focus on China’s troubled real estate market.
Embattled China Vanke said it was well-prepared to resolve its liquidity problems and operational difficulties, while denying that travel restrictions were imposed on its key managerial staff.
China’s banks are removing some of their long-term fixed-income products and cutting rates offered to depositors in an effort to shore up profitability, as challenges including a slumping property sector, mounting local government debt, and slow consumption recovery weigh on bank earnings.
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.