K Wah, the property developer owned by one of Macau’s biggest casino owners, said its first-half profit declined by more than half after Hong Kong’s elevated interest rates dampened demand for homes.

Covid-19 lockdowns, ‘three red lines’ policy and other economic challenges contributed to weaker profits amid the housing industry’s worst slump since 1998.

The Hong Kong government rejected all five bids received for a 1.3 million square feet residential site in Tuen Mun, as all tenders came in below the reserve price.

K Wah International Holdings, the property developer owned by one of Macau’s biggest casino owners, reported its first drop in annual core earnings since 2017 after a Covid-19 led tourism slump deprived it of dividends from the gambling business.

Wharf (Holdings) has agreed to pay a higher-than-expected HK$12 billion (US$1.5 billion) to become the owner of the first residential land parcel to be sold since 2010 in Hong Kong’s most exclusive housing enclave.

The success of El Futuro, following the sell-out launch of New World Development’s Pavilia Farm in Tai Wai in the same district, underscores how only the newest projects are catching the eyes – and the chequebooks – of Hong Kong’s homebuyers, amid an oversupply of property expected in the fourth quarter.

Hong Kong’s property market has been in a downbeat mood since the decade-long bull run in Hong Kong’s home market stalled in recent months, as the combination of the trade war and the city’s political unrest have deterred property buyers from large capital commitments.

Valuers had slashed their estimates for the site, which offers unobstructed views of one of the world’s most iconic skylines across the Victoria Harbour from Kowloon, by between 15 per cent and 20 per cent, since Hong Kong’s descent into regular anti-government protests that began in early June.

Only Sun Hung Kai Properties, CK Asset and two consortiums led by Sino Land and China Overseas Land & Investment submit bids for sea-facing parcel on the runway of Hong Kong’s former airport.

Even though the controversial bill is “dead”, according to the city’s Chief Executive Carrie Lam Cheng Yuet-ngor on July 9, protesters have pressed on with their rallies, weighing on Hong Kong’s business sentiments.

As many as 8,400 buyers submitted bids for 238 available units, even after the developer set a 24 per cent price premium over projects in the neighbourhood

K Wah International aims to double its investment property portfolio to 200,000 square metres in the next three to four years in a bid to enhance its recurrent income after first-half profit sank 76 per cent to HK$214 million due to a sharp fall in property sales.

Hong Kong developer K Wah International has jumped on the bandwagon of the free-trade zone in Shanghai, hoping its upcoming residential project near the zone may anchor its expansion plans in the mainland's commercial hub.

K Wah International forecasts Hong Kong property prices to fall 10 per cent to 20 per cent if the government keeps its cooling measures in place.