Lived-in home prices fell by 2.16 per cent in October, the second steepest monthly decline of 2023, as a property analyst predicts a 6 per cent full-year decline with a drop of up to 5 per cent for the first half of 2024.

Major banks may need to set aside US$89 billion next year for bad real estate debt, or 21 per cent of estimated pre-provisions profits, which has lenders weighing lower growth targets and job cuts, bankers say.

The first batch of Chinese developers to benefit from the new funding avenue of Reits through the spin-off of their shopping centre assets, has received approvals from Chinese regulators.

Hong Kong and mainland China-based buyers are snapping up residential units in Australia despite elevated interest rates and surging home prices Down Under, according to agents.

Banks have been given some wriggle room to choose who they lend their money to and are likely to prefer larger, state-owned developers, rather than their cash-strapped, privately owned peers, analysts said.

Authorities in Shenzhen, China’s technology hub, are reducing the down payment required from people buying a second home, joining a fray of big cities paring back restrictions in a bid to revive the flagging property market.

Cheapest flats at Hemma Amber development in Kwun Tong to sell for HK$2.55 million, with most expensive at HK$6.45 million.

The default rate will hit 35 per cent amid weak property sales in 2024 after reaching 42.2 per cent so far in 2023, the investment bank says.

Rebates serve as a price-adjustment tool for property developers under existing industry regulation, according to JLL Hong Kong’s Joseph Tsang.

The multifamily property segment – typically buildings or blocks of buildings owned by institutional investors and leased out as flats – is tipped to escape a property rout in mainland China as supply and demand increase, particularly in Shanghai, according to JLL.

Developers are offering sweeteners such as delayed down payments, discounts and free parking spaces to home buyers in Shanghai in an attempt to spur demand in the face of slumping sales.

Under revised rules that take effect in March next year, government will extend mortgage default guarantee period on a flat from 30 to 50 years.

Hong Kong developers will continue to work with Midland Realty, a leading real estate agency in the city, which recently became embroiled in an alleged sales-commission-fixing scandal, an apex body of the city’s real estate companies said on Wednesday.

The Swiss investment bank expects home prices to decline by 10 per cent in 2024 as high interest rates dent demand and an abundance of housing stock boosts supply.

The credit ratings agency downgraded Longfor from ‘Baa3’ to ‘Ba2’ as it expects the developer’s condition to deteriorate across the board. A ratings upgrade is unlikely.

Home prices in major Chinese cities fell for the fourth straight month in October, recording the steepest drop in nearly nine years amid slumping demand.

Hong Kong’s luxury home rents rose 1 per cent in the third quarter from the previous three-month period, while Singapore’s slipped by 1.7 per cent, highlighting the contrasting fortunes of Asia’s rival business hubs, Knight Frank said.

Competition Commission’s Lester Lee says Centaline can still be held liable for allegedly conspiring with Midland Holdings to fix minimum net commission rates.

Competition Commission says it is taking legal action against Midland Realty Holdings and two subsidiaries.

Chief Executive John Lee stresses property market woes are not unique to Hong Kong, may persist due to high interest rates.

In what could be the largest lawsuit by value in the country’s real estate sector, Lujiazui Corp sued Suzhou Steel Group and four government and research organisations, saying 14 sites in Suzhou have worse pollution than was disclosed.

Beijing intends to create more affordable housing for young adults and urban migrants, renovate urban villages, and build more emergency facilities as ‘high-quality development’ is prioritised for property.

The German family-owned logistics group is banking on China and the Asia-Pacific region as a key part of its expansion, saying China’s economic prospects differ from the political situations.

Those who invest HK$30 million or more in specific assets can apply for residence after seven years.

The indebted developer on Friday reported that October sales remained near a punishing low established in September amid a collapse of buyer confidence. Meanwhile, developer Nan Hai is forced to delist in Hong Kong.

MTR Corp has failed to attract any conforming tender to develop a site known as Tung Chung Town Lot No 53, despite many expressions of interest from potential bidders.