https://www.scmp.com/rss/512791/feed David Ren is an undergraduate from Hong Kong Baptist University. He majors in business and financial journalism with political science as a minor. He worked in Xinhua News Agency in 2021. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Prices of decades-old secondary homes in Hong Kong, which were driven up in the past two to three years, have slumped by more than 30 per cent in recent days as they lose appeal among buyers. Home seekers have become more selective amid a market correction, preferring to buy new flats that are more resilient in these conditions, analysts said. “Old homes built more than 30 or 40 years ago could have up to 50 per cent lower market value than new flats in the same neighbourhood, as they lack... https://www.scmp.com/business/article/3189787/hong-kongs-secondary-home-market-suffers-buyers-focus-attractively-priced?utm_source=rss_feed https://www.scmp.com/business/article/3189787/hong-kongs-secondary-home-market-suffers-buyers-focus-attractively-priced?utm_source=rss_feed Mon, 22 Aug 2022 23:30:10 +0000 The low-pricing strategy of Hong Kong developers proved effective once again as hundreds of mainly young first-time buyers flocked to the sales office of a large residential project in Tuen Mun. Sun Hung Kai Properties (SHKP) sold all 180 units on offer in the second phase of its Novo Land project within the first four hours on Wednesday afternoon, according to agents. The development is at 8 Yan Po Road, about a 25-minute walk from Siu Hong MTR station. “The latest round of flats are priced 20... https://www.scmp.com/business/article/3189246/new-flats-novo-land-tuen-mun-sell-out-young-first-time-buyers-take?utm_source=rss_feed https://www.scmp.com/business/article/3189246/new-flats-novo-land-tuen-mun-sell-out-young-first-time-buyers-take?utm_source=rss_feed Wed, 17 Aug 2022 11:31:14 +0000 Hong Kong can do a lot more to enhance its long-term sustainability by adopting nature-based decarbonisation practices and tightening regulations, an environmental conference has heard. Rosewood Hotel Group, a Hong Kong-based multinational hotel management group, was cited as an example during a panel discussion. It is exploring the use of natural insulation for its hotels in Asia. This entails growing creeping plants on the sides and rooftops of buildings to reduce energy use, especially in... https://www.scmp.com/business/article/3189104/sustainable-cities-hong-kong-should-look-nature-based-green-building?utm_source=rss_feed https://www.scmp.com/business/article/3189104/sustainable-cities-hong-kong-should-look-nature-based-green-building?utm_source=rss_feed Tue, 16 Aug 2022 12:30:26 +0000 Hong Kong’s property developers are extending favourable finance terms to luxury home deals, after big-ticket sales declined by up to almost half in July. The number of transactions for lived-in homes worth HK$12 million (US$1.5 million) to HK$20 million dropped last month with just 181 deals completed, a 45 per cent drop from June, according to analysis of Land Registry data by Ricacorp Properties. The sales of homes costing between HK$20.01 million and HK$50 million dropped by 33 per cent to... https://www.scmp.com/business/article/3188960/hong-kong-developers-sweeten-financing-terms-luxury-homes-after-deals?utm_source=rss_feed https://www.scmp.com/business/article/3188960/hong-kong-developers-sweeten-financing-terms-luxury-homes-after-deals?utm_source=rss_feed Tue, 16 Aug 2022 00:30:23 +0000 Home prices in China dropped for the 11th straight month in July, reflecting the woes of a property market suffering amid a developer debt crunch, an unexpectedly weak economy, a massive surplus of empty homes and a mortgage boycott by homebuyers fed up waiting for unfinished housing projects. China’s 70-city index of home prices dropped 0.1 per cent compared with June and 1.7 per cent year over year, the National Bureau of Statistics reported on Monday. New home prices dropped in 40 cities and... https://www.scmp.com/business/article/3188925/china-home-prices-fall-11th-straight-month-suspended-construction-mortgage?utm_source=rss_feed https://www.scmp.com/business/article/3188925/china-home-prices-fall-11th-straight-month-suspended-construction-mortgage?utm_source=rss_feed Mon, 15 Aug 2022 08:00:24 +0000 Nine out of 10 employees in Hong Kong prefer to work remotely, according to a survey by accounting giant PwC. However, many of them may find themselves out of luck – the survey found less than half of employers are offering that option. PwC’s Hopes & Fears 2022 report, released on Thursday, surveyed 1,043 employees across the city in March. Eighty-nine per cent of Hongkongers polled said they would rather work entirely or mostly from home, while only 45 per cent actually have that choice. The... https://www.scmp.com/business/banking-finance/article/3188542/nine-out-10-hong-kong-employees-prefer-working-home-they?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188542/nine-out-10-hong-kong-employees-prefer-working-home-they?utm_source=rss_feed Thu, 11 Aug 2022 23:30:12 +0000 Hundreds of Hong Kong home seekers shrugged off rising interest rates and ignored a typhoon No 3 warning to queue up at the sales offices of two major developers, snapping up heavily discounted flats. More than 24,000 potential buyers, mostly in their 30s, registered to buy a total of 321 flats at Henderson Land Development’s One Innovale-Archway in Fanling and Sun Hung Kai Properties’ Novo Land in Tuen Mun on Wednesday. The cheapest flat on offer was a 209 sq ft unit priced at HK$3.11 million... https://www.scmp.com/business/article/3188438/buyers-shrug-rain-and-rising-rates-snap-flats-hendersons-one-innovale?utm_source=rss_feed https://www.scmp.com/business/article/3188438/buyers-shrug-rain-and-rising-rates-snap-flats-hendersons-one-innovale?utm_source=rss_feed Wed, 10 Aug 2022 11:43:09 +0000 Plans for a new generation of skyscrapers that would soar above the skylines of Chinese cities may come back down to earth thanks to a new government-imposed height limit that complicates such projects for developers already struggling to endure a debt crisis. The situation may force cash-strapped developers to literally go back to the drawing board on some buildings, or sell partially built projects at huge discounts, further weighing on their liquidity. New buildings taller than 500 metres... https://www.scmp.com/property/article/3188168/china-skyscraper-plans-teeter-new-height-rules-further-complicate-high?utm_source=rss_feed https://www.scmp.com/property/article/3188168/china-skyscraper-plans-teeter-new-height-rules-further-complicate-high?utm_source=rss_feed Mon, 08 Aug 2022 10:30:18 +0000 Hongkongers are rapidly losing interest in acquiring property in the Greater Bay Area, with transactions continuing to plunge in the first half amid travel restrictions and growing fears about mainland developers’ ability to complete projects. Transactions involving Hongkongers tumbled by as much as 80 per cent year on year in the first six months, according to Andy Lee, CEO of Centaline China. A total of 648 deals worth 2.1 billion yuan (US$310.2 million) involving buyers from Hong Kong were... https://www.scmp.com/business/article/3187402/hong-kong-buyers-shun-investment-greater-bay-area-homes-amid-uncertainty?utm_source=rss_feed https://www.scmp.com/business/article/3187402/hong-kong-buyers-shun-investment-greater-bay-area-homes-amid-uncertainty?utm_source=rss_feed Wed, 03 Aug 2022 01:30:12 +0000 The Hong Kong government should consider suspending the construction of Home Ownership Scheme (HOS) flats catering for low to middle income households and reallocate the land to address a chronic shortage of public rental properties, according to the chairman of JLL Hong Kong. The building of subsidised flats under the scheme should be halted until the average waiting time for public housing is reduced to four or five years, said Joseph Tsang. The waiting time currently stands at 6.1 years, a... https://www.scmp.com/business/article/3187410/hong-kong-should-stop-building-home-ownership-scheme-flats-reallocate-land?utm_source=rss_feed https://www.scmp.com/business/article/3187410/hong-kong-should-stop-building-home-ownership-scheme-flats-reallocate-land?utm_source=rss_feed Tue, 02 Aug 2022 23:30:20 +0000 Property developers in Hong Kong continue to price new projects competitively after the total value of housing transactions declined by a quarter in July amid an uptrend in the city’s interest-rate cycle. Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by sales, for instance, on Tuesday released the latest batch of 168 units at its Novo Land project in Tuen Mun that goes on sale this Saturday at an average price of HK$14,392 (US$1,833) per square foot – almost the same as a... https://www.scmp.com/business/article/3187466/hong-kong-developers-exercise-caution-pricing-new-projects-after-housing?utm_source=rss_feed https://www.scmp.com/business/article/3187466/hong-kong-developers-exercise-caution-pricing-new-projects-after-housing?utm_source=rss_feed Tue, 02 Aug 2022 11:30:16 +0000 China will implement a new policy of rotating teachers across different schools in Beijing from next quarter, a move likely to shake up demand and supply of so-called xuequfang, or “school district” properties in the nation’s capital. Primary and middle school teachers in Beijing will get the opportunity to be reassigned to other schools in all 16 districts in the capital starting from the coming semester in September, the education bureau said in a statement on its website on July 20. The... https://www.scmp.com/business/article/3186615/beijing-shake-housing-market-near-elite-schools-new-education-policy?utm_source=rss_feed https://www.scmp.com/business/article/3186615/beijing-shake-housing-market-near-elite-schools-new-education-policy?utm_source=rss_feed Tue, 26 Jul 2022 23:30:13 +0000 Soaring construction costs in Hong Kong are likely to make property developers more restrained when they are bidding for land, according to analysts. The government’s Civil Engineering Works Index showed building costs surged by 10.8 per cent last year. This was followed by another 3.2 per cent rise in the first quarter of 2022. The increase has been driven by a surge in materials prices, particularly steel, as China’s strict Covid-19 policies – which included lockdowns that brought industrial... https://www.scmp.com/business/article/3186558/soaring-construction-costs-may-discourage-hong-kongs-developers-bidding?utm_source=rss_feed https://www.scmp.com/business/article/3186558/soaring-construction-costs-may-discourage-hong-kongs-developers-bidding?utm_source=rss_feed Mon, 25 Jul 2022 23:30:21 +0000 With Hong Kong’s high street shop rental index at its lowest level in over three decades in the second quarter, banks and retailers are cashing in on the opportunity to set up in prime locations, according to market observers. The retail rental index is currently 75.3 per cent lower than the all-time high reached in the third quarter of 2014, according to JLL. That puts rents at a level last seen in the second quarter of 1988, the consultancy said. The market is currently experiencing its worst... https://www.scmp.com/business/article/3185684/banks-fb-operators-lock-leases-hong-kongs-retail-rents-sink-32-year-low?utm_source=rss_feed https://www.scmp.com/business/article/3185684/banks-fb-operators-lock-leases-hong-kongs-retail-rents-sink-32-year-low?utm_source=rss_feed Mon, 18 Jul 2022 23:30:23 +0000 The Covid-19 pandemic has had a bigger impact on prices of subsidised homes on Hong Kong’s secondary market than it has on privately owned flats, a study showed. Prices of Home Ownership Scheme (HOS) flats, before settlement of premium with the government, fell nearly 10 per cent from January 2020 to May 2022, according to Hong Kong Metropolitan University’s (HKMU) HOS Price Index, the first gauge to reflect subsidised housing price levels. The Centa-City Leading Index, a gauge of lived-in home... https://www.scmp.com/business/article/3184980/covid-19-pandemic-hits-value-hong-kongs-subsidised-home-ownership-scheme?utm_source=rss_feed https://www.scmp.com/business/article/3184980/covid-19-pandemic-hits-value-hong-kongs-subsidised-home-ownership-scheme?utm_source=rss_feed Tue, 12 Jul 2022 09:00:19 +0000 Hongkongers snapped up almost every flat in the second phase of Sino Land’s Villa Garda project in the Lohas Park district of Tseung Kwan O in the New Territories, shrugging off the city’s rising mortgage rates. The developer sold 225 flats, or 95 per cent of the 238 units on offer at Villa Garda I as of 7pm, for close to HK$2 billion (US$255 million) in sales proceeds, according to Sino Land’s executive director Victor Tin. “Including the sales launch on June 30, Villa Garda I sold 463 units,... https://www.scmp.com/business/article/3184508/home-buyers-snap-sino-lands-villa-garda-flats-lohas-park-enticed-16-cent?utm_source=rss_feed https://www.scmp.com/business/article/3184508/home-buyers-snap-sino-lands-villa-garda-flats-lohas-park-enticed-16-cent?utm_source=rss_feed Thu, 07 Jul 2022 23:30:19 +0000 An increase in demand from mainland Chinese students as Hong Kong’s coronavirus crisis has eased has boosted the rents in housing estates close to universities, particularly in Kowloon Tong and Sha Tin, according to tenants, landlords and agents. Luo Yuanhang, a year-four science student at Baptist University, rented a 700 square-foot flat near Kowloon City, close to his lectures. He shares the apartment with another four classmates, and starting from July the apartment cost HK$16,000 (US$2,039)... https://www.scmp.com/business/article/3184361/rents-near-hong-kongs-universities-rise-more-mainland-chinese-students?utm_source=rss_feed https://www.scmp.com/business/article/3184361/rents-near-hong-kongs-universities-rise-more-mainland-chinese-students?utm_source=rss_feed Thu, 07 Jul 2022 00:30:10 +0000 The vacancy rate in Hong Kong’s premium office market climbed to 12 per cent in June, the highest in almost 19 years, as a rising number of companies adopt work-from-home arrangements and cost saving measures to cope with the economic downturn. There is 9.8 million square feet of empty grade A space in the city, equivalent to about five International Finance Centres or 170 football fields, according to a CBRE report on Tuesday. “As the trend of downsizing and cost saving continue, measures like... https://www.scmp.com/business/article/3184227/hong-kongs-premium-office-vacancy-rate-hits-19-year-high-12-cent-more?utm_source=rss_feed https://www.scmp.com/business/article/3184227/hong-kongs-premium-office-vacancy-rate-hits-19-year-high-12-cent-more?utm_source=rss_feed Wed, 06 Jul 2022 00:30:13 +0000 Shanghai’s home rental market is taking some knocks as owners struggled to find new tenants to replace the horde of professionals who skipped town before the lockdown, and factory workers who lost their jobs when businesses cratered. The recovery may be uneven after a round of price cuts. Rents in some of the 16 districts in China’s main financial hub fell by more than a tenth, even after businesses and daily life in the city of 25 million people returned to normal when the local government... https://www.scmp.com/business/article/3184161/shanghais-home-rental-market-suffers-owners-struggle-replace-tenants-who?utm_source=rss_feed https://www.scmp.com/business/article/3184161/shanghais-home-rental-market-suffers-owners-struggle-replace-tenants-who?utm_source=rss_feed Tue, 05 Jul 2022 23:30:23 +0000 Watermelons, wheat, peaches and garlic have recently become a form of currency to partially offset the price of a new home under creative promotions cooked up by property developers in parts of China, which are feeling the pinch between a weak market and restrictions against reducing prices. Amid a months-long slump and with local governments not allowing large price cuts, a developer in Nanjing in June invited buyers to sell it up to 5,000kg of watermelons to offset 100,000 yuan (US$14,921) of... https://www.scmp.com/property/article/3184011/tasty-discounts-china-property-firms-accept-watermelon-garlic-peaches?utm_source=rss_feed https://www.scmp.com/property/article/3184011/tasty-discounts-china-property-firms-accept-watermelon-garlic-peaches?utm_source=rss_feed Tue, 05 Jul 2022 00:30:22 +0000 Some of Hong Kong’s largest developers are looking to pets, teens, kids and aficionados of digital avatars to lure people back to shopping malls as Hong Kong emerges from its worst phase of the Covid-19 pandemic. Sun Hung Kai Properties (SHKP) is investing HK$300 million (US$38 million) to renovate its New Town Plaza in Sha Tin, adding 80,000 square feet of entertainment zones tailored for pet lovers, teens and kids. Sino Land’s Tmtplaza in Tuen Mun, meanwhile, is banking on luring fashion fans... https://www.scmp.com/business/article/3183348/sun-hung-kai-properties-sino-land-invest-malls-luring-shoppers-upgrades?utm_source=rss_feed https://www.scmp.com/business/article/3183348/sun-hung-kai-properties-sino-land-invest-malls-luring-shoppers-upgrades?utm_source=rss_feed Wed, 29 Jun 2022 00:30:26 +0000 China Evergrande, which defaulted on its dollar-denominated bonds in December, is getting an early stock delisting warning as the developer struggled to publish its audited accounts and report on a US$2 billion enforcement action by lenders. The Hong Kong stock exchange on Tuesday issued a “resumption guidance” for the Shenzhen-based home builder to comply with its listing rules, according to a filing, as the stock remained suspended from trading since March 21. Under its rules, the bourse... https://www.scmp.com/business/article/3182513/evergrande-defaulted-developer-gets-delisting-reminder-restructuring-probe?utm_source=rss_feed https://www.scmp.com/business/article/3182513/evergrande-defaulted-developer-gets-delisting-reminder-restructuring-probe?utm_source=rss_feed Tue, 21 Jun 2022 09:58:44 +0000 Falling office rents in Kowloon have reduced the price premium between the area of Hong Kong and mainland cities in the Greater Bay Area, attracting more Chinese firms to set up shop in Kowloon, according to property consultants Colliers and Knight Frank. The most recent and worst wave of the Covid-19 pandemic in Hong Kong dragged down office rental prices, and the average office rent in Kowloon fell 9.3 per cent to HK$26.90 (US$3.43) per square foot in May. Rental prices in the Greater Bay Area... https://www.scmp.com/business/article/3182359/kowloon-may-attract-more-chinese-firms-office-rental-cost-gap-narrows?utm_source=rss_feed https://www.scmp.com/business/article/3182359/kowloon-may-attract-more-chinese-firms-office-rental-cost-gap-narrows?utm_source=rss_feed Tue, 21 Jun 2022 00:30:12 +0000 Hong Kong’s government and businesses should proactively engage in dialogue with their counterparts in mainland China to ensure the city’s access to secure, clean and affordable energy to meet its 2050 carbon-neutrality goal, experts said. Hong Kong has limited renewable energy and land resources, while Guangdong province across the border has ample land and offshore areas for wind farms and nuclear power stations, they told a panel discussion at SCMP’s inaugural Climate Change Hong Kong Summit... https://www.scmp.com/business/article/3181982/climate-change-greater-bay-area-holds-key-hong-kongs-climate-goals?utm_source=rss_feed https://www.scmp.com/business/article/3181982/climate-change-greater-bay-area-holds-key-hong-kongs-climate-goals?utm_source=rss_feed Thu, 16 Jun 2022 12:45:16 +0000 Hong Kong has slipped one place to become the fourth most expensive city on the planet for luxury goods and services, according to a report released by Swiss private bank Julius Baer on Wednesday. A sharp drop in hotel room prices as the pandemic barred the way for big-spending foreign tourists dragged the city down below Shanghai, London and Taipei. Hong Kong’s hospitality industry suffered a 39 per cent fall in average hospitality prices as the ferocious fifth wave of Covid-19 kept visitors at... https://www.scmp.com/business/money/spending/article/3181732/hong-kong-slips-one-place-fourth-most-expensive-city-luxury?utm_source=rss_feed https://www.scmp.com/business/money/spending/article/3181732/hong-kong-slips-one-place-fourth-most-expensive-city-luxury?utm_source=rss_feed Wed, 15 Jun 2022 02:09:00 +0000 A historic rebound in Chinese stocks over the past three months is convincing Goldman Sachs that the worst may be over. Strategists at CCB International and Everbright Securities, however, say only volatility is assured. The MSCI China Index, the broadest measure of stocks in mainland and offshore markets, has rallied 25 per cent since a slump on March 15, which Goldman deemed as the market bottom in a year-long correction. The Chinese internet sector capped a 53 per cent surge from that trough,... https://www.scmp.com/business/article/3181494/goldman-sees-end-selling-chinese-stocks-ccb-everbright-say-only-volatility?utm_source=rss_feed https://www.scmp.com/business/article/3181494/goldman-sees-end-selling-chinese-stocks-ccb-everbright-say-only-volatility?utm_source=rss_feed Mon, 13 Jun 2022 07:30:17 +0000 Family offices are cautious about China’s growth and remain wary of committing more investments to the country as a survey from UBS showed a heightened reluctance from such clients to increase their allocations in the mainland. Only 39 per cent of global family offices expect to raise their asset allocations into China over the next five years, compared with 61 per cent in 2021, according to UBS’ Global Family Office Report 2022 released on Thursday. Family offices manage investment and... https://www.scmp.com/business/banking-finance/article/3181050/ubs-expects-family-offices-investments-china-cool-down?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3181050/ubs-expects-family-offices-investments-china-cool-down?utm_source=rss_feed Thu, 09 Jun 2022 09:30:10 +0000