https://www.scmp.com/rss/47361/feed The latest news, analysis and opinion on Wheelock Properties. In-depth analysis, industry insights and expert opinion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhu Wenqian,Cheryl Arcibal Zhu Wenqian,Cheryl Arcibal A consortium led by Sino Land, alongside state-backed mainland developers China Overseas Land & Investment and China Merchants Land, has won a tender for the Kam Sheung Road Station Phase Two development, signalling continued confidence in Hong Kong’s Northern Metropolis and its long-term growth prospects, particularly among mainland developers. The group – which also includes Great Eagle Holdings – plans to invest more than HK$13 billion (US$1.7 billion) to build high-quality residential... https://www.scmp.com/business/companies/article/3350904/sino-land-led-consortium-clinches-kam-sheung-road-phase-two-us17-billion-investment?utm_source=rss_feed https://www.scmp.com/business/companies/article/3350904/sino-land-led-consortium-clinches-kam-sheung-road-phase-two-us17-billion-investment?utm_source=rss_feed Tue, 21 Apr 2026 11:30:30 +0000 Julie Zhang Julie Zhang Homebuyers continued to signal confidence in Hong Kong’s residential market on Saturday, with about three quarters of 248 new flats put up for sale snapped up by late afternoon. A total of 53 out of 88 units were sold at The Pavilia Farm III, while 129 of 160 units at KT Marina II in Kai Tak were taken as of 4.30pm, according to Midland Realty. The Pavilia Farm III, a project jointly developed by New World Development (NWD) and MTR Corp atop Tai Wai Station in Sha Tin, saw buyers throng the... https://www.scmp.com/business/article/3350573/hong-kong-buyers-snap-more-180-new-homes-market-confidence-returns?utm_source=rss_feed https://www.scmp.com/business/article/3350573/hong-kong-buyers-snap-more-180-new-homes-market-confidence-returns?utm_source=rss_feed Sat, 18 Apr 2026 09:39:43 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers are preparing to launch nearly 1,300 units in the coming days and weeks, with some edging up prices amid improving homebuying sentiment. On Sunday, 261 units at La Mirabelle I will be released, with average prices ranging from HK$15,335 (US$1,958) to HK$19,613 per square foot after discounts of up to 15 per cent, according to Sino Land, one of the project’s developers. The pricing marks a 1 per cent increase on the previous batch, which Sino said reflected the quality of the... https://www.scmp.com/business/article/3349556/hong-kong-developers-roll-out-1300-homes-prices-edge-firmer-demand?utm_source=rss_feed https://www.scmp.com/business/article/3349556/hong-kong-developers-roll-out-1300-homes-prices-edge-firmer-demand?utm_source=rss_feed Thu, 09 Apr 2026 23:00:09 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers snapped up new launches on Tuesday as developers accelerated sales amid concerns over slower rate cuts and geopolitical tensions in the Middle East. By about 3.50pm, all 254 flats released at the La Mirabelle project in Tseung Kwan O had been sold, according to market agents. “Today’s positive sales results at La Mirabelle is a vote of confidence for the Hong Kong residential market,” said Daryl Ng, chairman of Sino Group. “The Hong Kong residential market fundamentals are... https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed Tue, 31 Mar 2026 09:49:52 +0000 Peggy Ye,Cao Li Peggy Ye,Cao Li Buyers snapped up most of the nearly 400 new homes released for sale in Hong Kong on Saturday, offering an early gauge of housing demand in one of the biggest launches since the Chinese New Year holiday. As of 7:30pm, about 310 of the 360 units released at Chinachem Group’s Zendo House in Tsim Sha Tsui and Wing Tai Properties’ Cloudview in Sheung Shui had been sold, according to Centaline Property. Louis Chan Wing-kit, vice-chairman and president of the agency, said confidence in Hong Kong’s... https://www.scmp.com/business/article/3346584/developers-roll-out-360-flats-two-hong-kong-projects-amid-improving-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3346584/developers-roll-out-360-flats-two-hong-kong-projects-amid-improving-sentiment?utm_source=rss_feed Sat, 14 Mar 2026 05:40:16 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong-listed mainland Chinese developer China Overseas Land & Investment won a bid for a 3,132-square-metre (33,712 sq ft) residential plot in Kowloon East, beating some of the city’s largest developers with a higher-than-expected tender. The state-backed developer beat eight rivals to secure a 50-year grant for the parcel in Ngau Tau Kok with its bid of HK$1.8 billion (US$230 million), according to a statement from the Lands Department on Tuesday. The site is expected to yield 470... https://www.scmp.com/business/article/3343088/hong-kong-residential-plot-fetches-us230-million-chinese-developer-outbids-city-rivals?utm_source=rss_feed https://www.scmp.com/business/article/3343088/hong-kong-residential-plot-fetches-us230-million-chinese-developer-outbids-city-rivals?utm_source=rss_feed Tue, 10 Feb 2026 12:34:34 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers continued to show strong demand for new residential launches over the weekend, potentially pushing primary market transactions to a five-month high, according to agents. By 3.30pm on Saturday, about two-thirds of the 108 units released at Park Seasons – a Lohas Park project in Tseung Kwan O developed by Wheelock Properties and the city’s subway operator MTR Corp – had found buyers, agents said. On Friday, all 60 units on offer at K. Wah International’s Kabitat Tin Hau... https://www.scmp.com/business/article/3341104/hong-kong-homebuyers-keep-robust-demand-new-launches-draw-brisk-sales?utm_source=rss_feed https://www.scmp.com/business/article/3341104/hong-kong-homebuyers-keep-robust-demand-new-launches-draw-brisk-sales?utm_source=rss_feed Sat, 24 Jan 2026 09:01:03 +0000 Zhang Shidong Zhang Shidong Sun Hung Kai Properties (SHKP), the city’s biggest developer, put more than 200 units on sale at a residential project on Saturday amid hopes of a steady recovery in the city’s home market. SHKP sold all 229 units on offer at the Sierra Sea project in Sai Sha Wan on Saturday, according to real estate agents. The per-unit price ranged between HK$4.04 million (US$518,000) and HK$10.7 million, but with a 15 per cent discount the selling prices were from HK$3.44 million to HK$8.27 million. The... https://www.scmp.com/business/china-business/article/3340255/shkp-tests-market-resilience-new-batch-flats-hong-kongs-sierra-sea-project?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3340255/shkp-tests-market-resilience-new-batch-flats-hong-kongs-sierra-sea-project?utm_source=rss_feed Sat, 17 Jan 2026 08:09:02 +0000 Peggy Ye Peggy Ye Hong Kong’s leading property developers are accelerating new residential launches, with two major firms unveiling plans to roll out more than 4,500 flats this year as sentiment shows signs of improvement, but analysts caution that a surge in supply may add fresh pressure to a market that has only begun to stabilise. Developers, including Wheelock Properties and Kerry Properties, are pressing ahead with large-scale launches, adding new supply on top of still-elevated inventory from previous... https://www.scmp.com/business/banking-finance/article/3339073/hong-kong-developers-rush-new-flats-sentiment-lifts-pressuring-fragile-recovery?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339073/hong-kong-developers-rush-new-flats-sentiment-lifts-pressuring-fragile-recovery?utm_source=rss_feed Wed, 07 Jan 2026 11:30:23 +0000 Cheryl Arcibal Cheryl Arcibal A nephew of the late Hong Kong shipping tycoon Y.K. Pao has bought a HK$75 million (US$9.6 million) luxury flat in Repulse Bay, continuing a trend among the city’s wealthy buyers who have been snapping up high-end homes in recent months. Crosspark Limited, an entity linked to Raymond Pao Lun-kwok, bought the 2,491 sq ft, four-bedroom flat in Grand Garden in the affluent Southern district on December 8, according to the Land Registry. The previous owner paid HK$80 million in 2018, the records... https://www.scmp.com/business/article/3336577/hong-kong-shipping-barons-nephew-buys-us96-million-flat-repulse-bay?utm_source=rss_feed https://www.scmp.com/business/article/3336577/hong-kong-shipping-barons-nephew-buys-us96-million-flat-repulse-bay?utm_source=rss_feed Tue, 16 Dec 2025 04:08:20 +0000 Cheryl Arcibal,Themis Qi Cheryl Arcibal,Themis Qi A company associated with Vincent Gao Leyi, the founder of Hong Kong-based hedge fund CoreView Capital, has bought a luxury home in the city’s Southern district for about HK$579 million (US$74.3 million), according to official records. Matrix Properties was identified as the buyer of House 6 at the upscale development No 15 Shouson Hill in one of the city’s most exclusive enclaves, Land Registry documents showed. According to the Companies Registry, Gao serves as a director of Matrix Properties... https://www.scmp.com/business/companies/article/3333521/hong-kong-hedge-fund-founder-buys-luxury-home-shouson-hill-us743-million?utm_source=rss_feed https://www.scmp.com/business/companies/article/3333521/hong-kong-hedge-fund-founder-buys-luxury-home-shouson-hill-us743-million?utm_source=rss_feed Thu, 20 Nov 2025 07:17:32 +0000 Cheryl Arcibal Cheryl Arcibal Chinachem Group has secured a 70,127 sq ft site in Tsuen Wan in the New Territories for more than HK$2.47 billion (US$318 million), beating eight other bidders, according to the Lands Department. The other bidders were Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Great Eagle Holdings, China Overseas Land & Investment, K. Wah International Holdings, Wheelock Properties and a consortium of Sino Land, Kerry Properties and China Merchants Land. The award gives Chinachem –... https://www.scmp.com/business/article/3333300/chinachem-secures-plot-hong-kongs-tsuen-wan-us318-million?utm_source=rss_feed https://www.scmp.com/business/article/3333300/chinachem-secures-plot-hong-kongs-tsuen-wan-us318-million?utm_source=rss_feed Tue, 18 Nov 2025 13:33:34 +0000 Salina Li Salina Li Charles Tong Chi-kar, the vice-chairman and executive director of Tomson Group, has bought a HK$112 million (US$14.4 million) home in Mid-Levels West, joining a growing number of affluent buyers who are increasingly confident in Hong Kong’s residential market. Sold for HK$48,060 per square foot, the 2,335 sq ft four-bedroom unit at The Legacy, developed by Henderson Land, was handed over to Tong on Monday, according to the Land Registry. Tomson Group, known for its luxurious Tomson Riviera... https://www.scmp.com/business/companies/article/3332446/tomson-groups-charles-tong-buys-us144-million-hong-kong-home-amid-luxury-market-surge?utm_source=rss_feed https://www.scmp.com/business/companies/article/3332446/tomson-groups-charles-tong-buys-us144-million-hong-kong-home-amid-luxury-market-surge?utm_source=rss_feed Wed, 12 Nov 2025 06:30:44 +0000 Yulu Ao Yulu Ao Wheelock Properties sold all 60 units on offer within two hours at its latest residential project in Wan Chai on Sunday, as lower borrowing costs and improving sentiment continued to draw buyers back to Hong Kong’s primary housing market. The developer sold the entire project at Spring Garden within the first two hours of the first round of sales, generating proceeds of about HK$560 million, according to Ricky Wong Kwong-yiu, vice-chairman and managing director of Wheelock Properties. Most of... https://www.scmp.com/business/china-business/article/3331227/wheelocks-wan-chai-project-sells-out-two-hours-amid-housing-rebound?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3331227/wheelocks-wan-chai-project-sells-out-two-hours-amid-housing-rebound?utm_source=rss_feed Sun, 02 Nov 2025 09:40:49 +0000 Salina Li Salina Li Buyers connected to Hong Kong property developer Great Eagle Holdings have bought another home in the New Territories after snapping up dozens of units across the city in recent months. The 773 sq ft three-bedroom unit at Grand Mayfair II in Kam Tin South, developed by China Overseas, Sino Land and K Wah, was sold for HK$11.99 million (US$1.54 million), or HK$15,510 per square foot, and handed over to Rising Thrive on October 2, according to Land Registry records. Alexander Lo Chun-him, Kan... https://www.scmp.com/business/article/3328506/hong-kong-developer-great-eagles-executives-jointly-acquire-us15-million-flat?utm_source=rss_feed https://www.scmp.com/business/article/3328506/hong-kong-developer-great-eagles-executives-jointly-acquire-us15-million-flat?utm_source=rss_feed Fri, 10 Oct 2025 07:05:41 +0000 Salina Li Salina Li The son of former financial secretary Henry Tang Ying-yen has bought property in Kowloon, joining a growing number of affluent buyers snapping up homes in Hong Kong amid improving confidence in the residential market. Two connected units at Wheelock Properties’ Kadoorie Hill luxury project were sold for HK$36.4 million (US$4.7 million) each and handed over on October 3, according to the Land Registry. The flats were bought through two entities, Jumbo Bridge and Risking Sky. William Harry Tang... https://www.scmp.com/business/article/3328109/henry-tangs-son-buys-2-flats-wheelocks-kadoorie-hill-boost-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3328109/henry-tangs-son-buys-2-flats-wheelocks-kadoorie-hill-boost-property-market?utm_source=rss_feed Tue, 07 Oct 2025 08:06:49 +0000 Peggy Sito Peggy Sito Sino Land has won a residential site tender in Tuen Mun for HK$1.09 billion, beating major Hong Kong and mainland Chinese developers – including CK Asset Holdings, Kerry Properties and China Overseas Land & Investment – as the city’s housing market shows early signs of recovery. The transaction, which marked the Hong Kong government’s first residential plot sale this financial year, involved a site at Hoi Chu Road in Tuen Mun, a district in proximity to Shenzhen Bay. “The sought-after site... https://www.scmp.com/business/companies/article/3321760/sino-land-wins-tuen-mun-land-tender-hk1-billion-bid-amid-improved-housing-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/3321760/sino-land-wins-tuen-mun-land-tender-hk1-billion-bid-amid-improved-housing-market?utm_source=rss_feed Wed, 13 Aug 2025 12:28:07 +0000 Salina Li Salina Li Wharf (Holdings) swung to a loss last year after the commercial property developer wrote down the value of its projects in mainland China amid the nation’s real estate slump. The company reported a loss of HK$3.22 billion (US$414 million), from a HK$945 million profit, after a write-down of as much as HK$5.99 billion from the revaluation of its investment properties. Its underlying net profit, a reflection of the company’s business operations after excluding revaluations, fell 21.5 per cent to... https://www.scmp.com/business/companies/article/3302251/wharf-swings-2024-loss-mainland-china-write-downs-add-sales-slump-office-glut?utm_source=rss_feed https://www.scmp.com/business/companies/article/3302251/wharf-swings-2024-loss-mainland-china-write-downs-add-sales-slump-office-glut?utm_source=rss_feed Thu, 13 Mar 2025 10:15:07 +0000 Cheryl Arcibal Cheryl Arcibal One in six Hongkongers is considering purchasing a home in the next five years and a third of those prospective buyers are entering the market for the first time, a survey by HSBC found. Given the city’s population, HSBC estimates the number of prospective homebuyers at 300,000 households. This means housing supply will fall short of expected demand, as the government aims to supply 132,000 private units and another 123,000 public units to the market over the next decade, according to HSBC. Of... https://www.scmp.com/business/article/3289749/one-6-hongkongers-are-eyeing-home-purchase-next-5-years-hsbc-survey?utm_source=rss_feed https://www.scmp.com/business/article/3289749/one-6-hongkongers-are-eyeing-home-purchase-next-5-years-hsbc-survey?utm_source=rss_feed Fri, 06 Dec 2024 11:02:55 +0000 Salina Li Salina Li Top Hong Kong developers have submitted bids for a government land tender in the New Territories, but experts believe the response could be lukewarm because of high inventory levels and rising construction costs. The tender for the only residential land to go on sale in the second quarter of the current financial year closed at noon on Friday. The Lands Department said it had received a total of six bids. Five developers confirmed submitting bids – Sun Hung Kai Properties (SHKP), Wheelock... https://www.scmp.com/business/article/3283899/hong-kong-property-sun-hung-kai-wheelock-and-ck-asset-submit-bids-sha-tin-plot?utm_source=rss_feed https://www.scmp.com/business/article/3283899/hong-kong-property-sun-hung-kai-wheelock-and-ck-asset-submit-bids-sha-tin-plot?utm_source=rss_feed Fri, 25 Oct 2024 10:13:00 +0000 Cheryl Arcibal,Salina Li Cheryl Arcibal,Salina Li Hong Kong developers are likely to report weak earnings this year and next despite recent stimulus measures, as the commercial market prepares for a supply glut and residents seek to splurge either on the mainland or overseas, according to ratings agency Moody’s. The forecast comes a week after Chief Executive John Lee Ka-chiu unveiled a more liberal mortgage-financing policy, which added to the optimism that was sparked by global central banks starting to raise interest rates. The less than... https://www.scmp.com/business/article/3283577/hong-kong-developers-ck-asset-sun-hung-kai-swire-feel-earnings-pain-moodys?utm_source=rss_feed https://www.scmp.com/business/article/3283577/hong-kong-developers-ck-asset-sun-hung-kai-swire-feel-earnings-pain-moodys?utm_source=rss_feed Thu, 24 Oct 2024 00:30:08 +0000 Cheryl Arcibal,Enoch Yiu,Yulu Ao Cheryl Arcibal,Enoch Yiu,Yulu Ao Hong Kong has taken steps to revive the city’s property market by easing mortgage financing rules to pre-2009 levels, after a policy tweak in February produced only a short-lived burst. Homebuyers will be able to obtain as much as 70 per cent financing effective immediately, regardless of the value or use of property, the Hong Kong Monetary Authority (HKMA) said in a statement. The debt-servicing ratio has been raised to 50 per cent from 40 per cent, standardising the level for both residential... https://www.scmp.com/business/article/3282622/hong-kongs-monetary-authority-eases-mortgage-lending-restrictions-jump-start-market?utm_source=rss_feed https://www.scmp.com/business/article/3282622/hong-kongs-monetary-authority-eases-mortgage-lending-restrictions-jump-start-market?utm_source=rss_feed Wed, 16 Oct 2024 11:07:22 +0000 Salina Li Salina Li Two of Hong Kong’s biggest property developers warned that they may report losses in the first six months of 2024, as dwindling foot traffic at their Harbour City and Times Square shopping centres underscored the sorry state of the city’s retail slump. The Wharf (Holdings) and Wharf Real Estate Investment Company (REIC) both expect “possible turnarounds” from profits to losses in their first-half results, the companies said in filings to the Hong Kong stock exchange on Monday. Wharf REIC may... https://www.scmp.com/business/companies/article/3272283/wharf-reic-warn-rare-losses-hongkongers-northbound-sojourns-add-retail-slump?utm_source=rss_feed https://www.scmp.com/business/companies/article/3272283/wharf-reic-warn-rare-losses-hongkongers-northbound-sojourns-add-retail-slump?utm_source=rss_feed Mon, 29 Jul 2024 06:48:12 +0000 Salina Li Salina Li A Hong Kong government land tender in the New Territories has received a better than expected response including bids from major developers, despite slumping property transactions and high inventory levels. Eleven developers submitted bids before the tender closed at noon on Friday, including CK Asset Holdings, Sino Land, Great Eagle, Citic Pacific, China Overseas Land & Investment and China Merchants Land. The amounts of the bids were not disclosed. The 2,300-square-metre site in Yuen Shun... https://www.scmp.com/business/article/3270200/hong-kong-land-sale-far-exceeds-expectations-10-developers-bid-sha-tin-project?utm_source=rss_feed https://www.scmp.com/business/article/3270200/hong-kong-land-sale-far-exceeds-expectations-10-developers-bid-sha-tin-project?utm_source=rss_feed Fri, 12 Jul 2024 06:58:07 +0000 Home purchases in Hong Kong are slowing down after an initial spate of enthusiasm sparked by the government’s rollback of cooling measures nearly three months ago, with buyers taking only 17 per cent of new flats offered by Wheelock Properties in Tseung Kwan O on Saturday. As of 8pm, 27 of 154 units on offer at Park Seasons in Lohas Park were sold. The slow sales were “expected” as “many other units of the project had been sold in the previous launch”, said Sammy Po Siu-ming, CEO of Midland... https://www.scmp.com/business/article/3264096/hong-kong-buyers-shun-new-flats-wheelocks-park-seasons-project-home-sales-slow-may?utm_source=rss_feed https://www.scmp.com/business/article/3264096/hong-kong-buyers-shun-new-flats-wheelocks-park-seasons-project-home-sales-slow-may?utm_source=rss_feed Sat, 25 May 2024 10:30:07 +0000 Hong Kong’s homebuyers turned out for the latest weekend launch of new residential property, as the developer’s discounts assuaged concerns that interest rates could remain high for a longer period. Wheelock Properties sold 126 flats, or three-quarters of the 168 units on offer at its Park Seasons project at the Lohas Park in Tseung Kwan O, according to the developer. The sale comprised one-bedroom and two-bedroom flats measuring between 322 and 496 square feet (46 square meters), priced at... https://www.scmp.com/business/article/3259750/hong-kongs-homebuyers-set-aside-high-rate-concerns-they-snap-wheelocks-park-seasons-flats-after?utm_source=rss_feed https://www.scmp.com/business/article/3259750/hong-kongs-homebuyers-set-aside-high-rate-concerns-they-snap-wheelocks-park-seasons-flats-after?utm_source=rss_feed Sat, 20 Apr 2024 10:07:35 +0000 Hong Kong homebuyers are piling into flats on sale in Tseung Kwan O on Saturday, taking advantage of the cheapest prices seen in the area in five years and the government’s abolition of purchasing curbs last month. Wheelock Properties sold out its entire first batch of 368 units on offer at Seasons Place by 6pm on Saturday, recording sales worth HK$2.36 billion (US$301.8 million). The number of units offered in the first round were the largest seen this year so far. “A new batch of units are... https://www.scmp.com/business/markets/article/3256473/hong-kong-property-homebuyers-flock-wheelocks-seasons-place-tseung-kwan-o?utm_source=rss_feed https://www.scmp.com/business/markets/article/3256473/hong-kong-property-homebuyers-flock-wheelocks-seasons-place-tseung-kwan-o?utm_source=rss_feed Sat, 23 Mar 2024 10:30:16 +0000 Hong Kong developer Wheelock Properties has priced a first batch of 130 units at its Seasons Place residential project in Tseung Kwan O at a five-year low for the district. The project, which is the first of a three-phase residential development in Lohas Park Phase 12, or Phase 12A, will have 650 units and is being developed with transit operator and developer MTR Corp. These three phases of Lohas Park – 12A to 12C – will provide a total of 1,985 units. According to a price list released on... https://www.scmp.com/business/article/3255411/hong-kongs-wheelock-prices-lohas-park-project-seasons-place-five-year-low-tseung-kwan-o?utm_source=rss_feed https://www.scmp.com/business/article/3255411/hong-kongs-wheelock-prices-lohas-park-project-seasons-place-five-year-low-tseung-kwan-o?utm_source=rss_feed Thu, 14 Mar 2024 11:47:57 +0000 Hong Kong’s luxury property segment is showing signs of a revival, with mainland Chinese buyers returning to the market after an absence of a few years because of the pandemic. Market observers expect developers to ramp up the supply of luxury property amid increasing demand and likelihood of a potential decline in interest rates later this year. Two brand new properties totalling HK$1.2 billion (US$153.5 million) were bought by different mainland Chinese buyers last week, according to Eddie... https://www.scmp.com/business/article/3249229/mainland-chinese-buyers-return-hong-kongs-luxury-property-market-amid-signs-pickup-activity?utm_source=rss_feed https://www.scmp.com/business/article/3249229/mainland-chinese-buyers-return-hong-kongs-luxury-property-market-amid-signs-pickup-activity?utm_source=rss_feed Sun, 21 Jan 2024 07:51:35 +0000 Hong Kong’s first weekend property sales this year kicked off on Saturday, with buyers snapping up nearly 60 per cent of the units offered at a small residential project in Wong Tai Sin while shunning more expensive flats at a Kai Tak development. As of late afternoon, Wang On Properties had sold 95 of the first batch of 165 units on offer at Phoenext, the first new residential development to be put on public sale in 2024. The one and two-bedroom flats – measuring 200 to 356 square feet and... https://www.scmp.com/business/article/3248335/new-wong-tai-sin-homes-sell-well-hong-kongs-first-weekend-property-sales-2024?utm_source=rss_feed https://www.scmp.com/business/article/3248335/new-wong-tai-sin-homes-sell-well-hong-kongs-first-weekend-property-sales-2024?utm_source=rss_feed Sat, 13 Jan 2024 11:32:39 +0000 Continued sluggishness in Hong Kong’s residential market has pushed a growing number of the city’s property agents to vie for business by offering high rebates to clients. This state of affairs helped homebuyer Samantha Sung, 26, purchase a 430-square-foot, two-bedroom flat at Wheelock Properties’ Koko Mare development in Lam Tin in April. Sung said an agent from Midland Realty accompanied her on the day of the sale and helped her deposit a cheque, promising to rebate 70 per cent of his... https://www.scmp.com/business/article/3242079/hong-kong-property-how-high-rebates-are-helping-developers-lure-more-homebuyers-amid-sluggish-market?utm_source=rss_feed https://www.scmp.com/business/article/3242079/hong-kong-property-how-high-rebates-are-helping-developers-lure-more-homebuyers-amid-sluggish-market?utm_source=rss_feed Sun, 19 Nov 2023 10:50:24 +0000 SCMP Reporters SCMP Reporters When the Australian-Chinese activist Tse Tsan-tai and the British journalist Alfred Cunningham published the first print run of the South China Morning Post in November 1903, Hong Kong was already a bustling entrepot teeming with a vibrant business community that served foreign merchants in their commercial activities. At least a dozen of those companies that preceded the birth year of the Post remain to this day. AS Watson, 1828 The company traces its roots to 1828 as the Canton Dispensary and... https://www.scmp.com/business/companies/article/3240188/watson-hsbc-and-star-ferry-many-hong-kongs-oldest-businesses-predated-post?utm_source=rss_feed https://www.scmp.com/business/companies/article/3240188/watson-hsbc-and-star-ferry-many-hong-kongs-oldest-businesses-predated-post?utm_source=rss_feed Wed, 08 Nov 2023 00:15:13 +0000 The government’s first land tender of the financial year has fetched the lowest price for Hong Kong Island since June 2002 and is more than 25 per cent lower than prices seen in November, amid prospects for further interest rate increases and a plentiful supply of new housing. A subsidiary of Wheelock Properties won the tender for a site at the junction of Sai Ning Street and Victoria Road in Kennedy Town for HK$1.72 billion (US$219.86 million), according to the Lands Department. The plot is... https://www.scmp.com/business/article/3226685/wheelock-wins-kennedy-town-tender-lowest-price-hong-kong-island-2002?utm_source=rss_feed https://www.scmp.com/business/article/3226685/wheelock-wins-kennedy-town-tender-lowest-price-hong-kong-island-2002?utm_source=rss_feed Wed, 05 Jul 2023 14:00:15 +0000 The first government land tender of this financial year ended up attracting far fewer bids than expected as the prospect of further interest rate hikes and new housing supply dimmed the outlook for Hong Kong’s property market. The tender for the site at the junction of Sai Ning Street and Victoria Road in Kennedy Town fetched just six bids on Friday, according to the Lands Department. The land, on the western side of Hong Kong Island, is expected to yield about 450 flats, some with a sea... https://www.scmp.com/business/article/3226163/hong-kong-property-plot-land-flats-kennedy-town-fetches-just-6-bids-high-interest-rates-market-gloom?utm_source=rss_feed https://www.scmp.com/business/article/3226163/hong-kong-property-plot-land-flats-kennedy-town-fetches-just-6-bids-high-interest-rates-market-gloom?utm_source=rss_feed Fri, 30 Jun 2023 11:42:08 +0000 Some 30 stainless-steel sculptures of characters created by martial arts novelist Jin Yong, known as the JRR Tolkien of Chinese literature, will be displayed at the same time as Art Basel in Hong Kong, which is promoting itself as an art-collection hub for wealthy investors. The objects will be created by Chinese sculptor Ren Zhe, who was among the nearly 8,800 candidates recently granted a Hong Kong visa under the Top Talent Pass Scheme launched in December to attract professionals to the... https://www.scmp.com/business/commodities/article/3215952/budding-chinese-artist-ren-zhes-steel-sculptures-based-novelist-jin-yongs-characters-go-display-art?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3215952/budding-chinese-artist-ren-zhes-steel-sculptures-based-novelist-jin-yongs-characters-go-display-art?utm_source=rss_feed Wed, 05 Apr 2023 02:00:12 +0000 Wheelock Properties sold 103, or 75 per cent, of the 138 flats on offer in its latest Lam Tin Project within three hours after sales began on Saturday, as the reopening of Hong Kong’s border with mainland China and other positive developments boost homebuyers’ sentiments. The units at Koko Mare, phase 3B of the Koko Hills development, consist of one to two-bedroom units ranged between 300 to 400 sq ft. After discounts, they were priced between HK$5,937,000 (US$756,000) to HK$9,931,000, with an... https://www.scmp.com/business/china-business/article/3215681/hong-kong-property-wheelock-sells-over-half-its-flats-first-batch-koko-mare-project-lam-tin-three?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3215681/hong-kong-property-wheelock-sells-over-half-its-flats-first-batch-koko-mare-project-lam-tin-three?utm_source=rss_feed Sat, 01 Apr 2023 10:30:17 +0000 Hong Kong homebuyers steered clear of 111 flats on offer at Wheelock Properties’s development at Kai Tak, the first project to be launched there since the government announced plans to build temporary housing units on the site of the city’s former airport. As of 8:30pm, just four units at Monaco Marine had found buyers, in stark contrast to the strong sales seen at other new launches since the start of the year. The frosty reception was nonetheless expected, agents said. Most of the units were... https://www.scmp.com/business/money/money-news/article/3213927/hong-kong-homebuyers-spurn-latest-batch-flats-kai-tak-after-temporary-housing-plan-former-airport?utm_source=rss_feed https://www.scmp.com/business/money/money-news/article/3213927/hong-kong-homebuyers-spurn-latest-batch-flats-kai-tak-after-temporary-housing-plan-former-airport?utm_source=rss_feed Fri, 17 Mar 2023 13:00:17 +0000 Hong Kong’s homebuyers are trickling back into the market. Wheelock Properties sold 148, or 92 per cent, of the 160 flats on offer at its Koko Rosso project in Lam Tin within three hours after opening the sale at 9pm local time on Wednesday, according to agents. The company raised the average price of the current offer to HK$18,441 (US$2,349) per square foot, 0.5 per cent higher than the last round of sales on February 24. “The sales have been strong, and there are many buyers,” said Ricky Wong,... https://www.scmp.com/property/hong-kong-china/article/3211994/wheelock-poised-sell-all-units-second-batch-flats-koko-rosso-project-lam-tin-despite-increasing?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3211994/wheelock-poised-sell-all-units-second-batch-flats-koko-rosso-project-lam-tin-despite-increasing?utm_source=rss_feed Wed, 01 Mar 2023 23:00:23 +0000 Wheelock Properties sold 110 units of the148 on offer at its 392-unit Koko Rosso project on Friday, reflecting an improving sentiment following the reopening of the city’s border with mainland China and a stamp duty cut announced by the government this week. “We are pretty confident that all units will be snapped because most of the units on offer today are small units and are not very expensive,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.... https://www.scmp.com/business/article/3211482/steady-start-sales-wheelocks-koko-rosso-hong-kongs-first-major-property-launch-after-stamp-duty-cut?utm_source=rss_feed https://www.scmp.com/business/article/3211482/steady-start-sales-wheelocks-koko-rosso-hong-kongs-first-major-property-launch-after-stamp-duty-cut?utm_source=rss_feed Fri, 24 Feb 2023 12:48:01 +0000 Wheelock Properties is set to launch Hong Kong’s first residential project of the year, with the 392-unit Koko Rosso in Yau Tong, eastern Kowloon, among the nearly 29,500 homes likely to hit the market this year. The developer released the prices of the first batch of 88 flats in Koko Rosso on Thursday. Priced at HK$17,973 (US$2,290) per square foot on average, it is 10.1 per cent lower than the HK$19,995 per square foot launch price of its sister development, Koko Hills, in July 2020. The... https://www.scmp.com/business/article/3210479/wheelock-lines-koko-rosso-hong-kongs-first-property-launch-year-developers-prepare-sell-some-29500?utm_source=rss_feed https://www.scmp.com/business/article/3210479/wheelock-lines-koko-rosso-hong-kongs-first-property-launch-year-developers-prepare-sell-some-29500?utm_source=rss_feed Fri, 17 Feb 2023 00:30:16 +0000 Peter Wong Tung-shun, the non-executive Asia-Pacific chairman of Hong Kong’s largest bank, HSBC, was recognised by the city’s longest-running business awards for a banking career that spanned four decades. Wong, who turned 71 last month, was honoured with the Lifetime Achievement Award at the 2022 DHL/SCMP Hong Kong Business Awards, the highest honour in an annual celebration of exceptional corporate achievements. The awards, jointly organised by DHL and the Post since 1990, is unique in getting... https://www.scmp.com/business/article/3201737/hsbcs-taipan-peter-wong-feted-four-decade-banking-achievement-dhl-scmp-hong-kong-business-awards?utm_source=rss_feed https://www.scmp.com/business/article/3201737/hsbcs-taipan-peter-wong-feted-four-decade-banking-achievement-dhl-scmp-hong-kong-business-awards?utm_source=rss_feed Thu, 01 Dec 2022 13:30:46 +0000 More Hong Kong developers may apply to participate in a government pilot scheme aimed at using private land for public housing after authorities endorsed three applications, which aim to build a total of 21,600 flats, with 15,100 for public housing. The three applications made under the Land Sharing Pilot Scheme involved sites in Yuen Long and Tai Po districts, and were endorsed by the Executive Council, a key decision-making body. A panel of advisers established by the government under the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3198527/hong-kong-developers-may-apply-build-estates-mixing-private-and-public-housing-after-three?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3198527/hong-kong-developers-may-apply-build-estates-mixing-private-and-public-housing-after-three?utm_source=rss_feed Fri, 04 Nov 2022 15:30:30 +0000 Hongkongers continued to snub new home sales on Sunday as sentiment in the property market remained weak and potential buyers stuck with a wait-and-see attitude brought on by rising interest rates and a sluggish economy. As of 7pm, only two out of 139 units on offer at Miami Quay, a new development at the site of Hong Kong’s former airport, had been sold, according to Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. Among the 139 units on offer on Sunday, 65 were... https://www.scmp.com/business/article/3192925/hongkongers-snub-new-homes-miami-quay-kai-tak-rising-interest-rates-slow?utm_source=rss_feed https://www.scmp.com/business/article/3192925/hongkongers-snub-new-homes-miami-quay-kai-tak-rising-interest-rates-slow?utm_source=rss_feed Sun, 18 Sep 2022 11:04:11 +0000 Hong Kong’s housing market is in a “depression” according to one leading property expert, who pointed to poor sales at a prime new development in the city centre amid a backdrop of falling home prices, an interest rate upcycle and a new wave of Covid-19 infections. Only about 30 per cent, or 41 of the 137 flats on sale at Miami Quay in Kai Tak have been sold, according to agents. Wheelock Properties, Henderson Land Development, New World Development and Empire Group priced the first 137 units of... https://www.scmp.com/business/article/3192245/hong-kong-property-market-depression-after-poor-sales-miami-quay-expert?utm_source=rss_feed https://www.scmp.com/business/article/3192245/hong-kong-property-market-depression-after-poor-sales-miami-quay-expert?utm_source=rss_feed Mon, 12 Sep 2022 12:51:30 +0000 A housing project at Kai Tak launched with a 10 per cent discount to the area’s prevailing price, as developers grappled with the sudden loss of mass-transit access and reduced commercial presence in Hong Kong’s former airport site amid a slowing market. Wheelock Properties, Henderson Land Development, New World Development and Empire Group priced the first 130 units of their Miami Quay apartments at HK$22,452 per square foot on average after discounts, about 10 per cent cheaper than the Monaco... https://www.scmp.com/business/article/3191178/miami-quay-sells-10-cent-discount-kai-tak-developers-grapple-monorail-loss?utm_source=rss_feed https://www.scmp.com/business/article/3191178/miami-quay-sells-10-cent-discount-kai-tak-developers-grapple-monorail-loss?utm_source=rss_feed Sat, 03 Sep 2022 00:30:18 +0000 Hong Kong extended its latest streak of strong weekend property sales on Saturday, as buyers rushed to snap up flats on offer at Sun Hung Kai Properties’ (SHKP) Novo Land development, in a pre-emptive move ahead of a potential new prime rate increase in the city. SHKP, the city’s biggest developer by market cap, sold all of the 170 units on offer at the second phase of its Novo Land project in Tuen Mun just four hours after sales commenced at 9am on Saturday, according to local real property... https://www.scmp.com/business/china-business/article/3190410/hong-kong-buyers-snatch-all-flats-offer-sun-hung-kais-novo?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3190410/hong-kong-buyers-snatch-all-flats-offer-sun-hung-kais-novo?utm_source=rss_feed Sat, 27 Aug 2022 09:35:21 +0000 Developers will face challenges in marketing new flats built on the runway site of Hong Kong’s former international airport as the area’s transport links and infrastructure remain limited, two years after the government scrapped a proposed HK$12 billion (US$1.53 billion) monorail link there, analysts say. Nine developers who own land on the former runway site last month formed a non-profit company, Kai Tak Runway Private Development Company (KTRPD), to liaise with the government on improving the... https://www.scmp.com/business/article/3188206/developers-kai-tak-runway-site-urge-government-improve-transport-links?utm_source=rss_feed https://www.scmp.com/business/article/3188206/developers-kai-tak-runway-site-urge-government-improve-transport-links?utm_source=rss_feed Wed, 10 Aug 2022 00:30:22 +0000 Wharf Real Estate Investment Co, one of Hong Kong’s biggest commercial landlords, has warned investors it is likely to report a loss in the first half this year, as the toughest anti-pandemic measures in the city hit businesses and eroded the value of its properties. The group, whose HK$272 billion (US$34.6 billion) of investment assets include the Harbour City shopping centre in Tsim Sha Tsui and the Times Square mall in Causeway Bay, said a revaluation deficit may exceed income generated from... https://www.scmp.com/business/companies/article/3185313/wharf-reic-warns-interim-loss-value-investment-properties-erodes?utm_source=rss_feed https://www.scmp.com/business/companies/article/3185313/wharf-reic-warns-interim-loss-value-investment-properties-erodes?utm_source=rss_feed Thu, 14 Jul 2022 12:00:43 +0000 Hong Kong’s property buyers mostly stayed on the sidelines over the weekend, buying up less than 15 per cent of the 200 apartments on offer at three locations across the city. Country Garden sold 15 of the 70 flats at its Allegro project in Kowloon City, while Henderson Land Development sold eight of 15 of The Quinn apartments in Tai Kok Tsui, according to sales agents. Over at the former airport site at Kai Tak, Wheelock Properties sold six of 115 Monaco Marine units on offer. “The buying... https://www.scmp.com/business/companies/article/3178652/hong-kongs-buyers-give-their-collective-cold-shoulder-flats?utm_source=rss_feed https://www.scmp.com/business/companies/article/3178652/hong-kongs-buyers-give-their-collective-cold-shoulder-flats?utm_source=rss_feed Sat, 21 May 2022 13:28:17 +0000 The second batch of flats to go on sale at Wheelock Properties’ latest residential project at Hong Kong’s former Kai Tak airport got off to a brisk start, with buyers snapping up about a quarter of the 112 units within an hour of the launch. Wheelock said it sold 30 units at Monaco Marine, netting HK$400 million (US$51 million) soon after sales opened at 6:30pm on Thursday. The flats had received 3,600 applications from prospective buyers, local media reported. The sales “reflect keen market... https://www.scmp.com/business/article/3175891/wheelocks-monaco-marine-project-kai-tak-proves-popular-hongkongers-second?utm_source=rss_feed https://www.scmp.com/business/article/3175891/wheelocks-monaco-marine-project-kai-tak-proves-popular-hongkongers-second?utm_source=rss_feed Thu, 28 Apr 2022 23:30:18 +0000