Swire’s Pacific Place mall in Admiralty
Leading today’s Hong Kong real estate news, strong property income has helped Swire Pacific to offset its losses in aviation and marine services. Also in the headlines, mortgage offered by government-owned agency jumped by 30 percent last year. All these stories and more await you, if you just keep reading.
Property Income Helps Swire’s 55% Surge In Profit
Swire Pacific, one of Asia’s largest conglomerates, saw underlying profit surge 55 percent last year, as strong property income offset losses from aviation and marine services.
Excluding revaluation gains on investment properties, underlying profit was HK$4.74 billion ($604 million) in the year ended December, according to the firm’s filing to the Hong Kong stock exchange on Thursday. Read more>>
Government-Owned Mortgage Agency Saw 30% Rise In Mortgage Business
The Hong Kong Mortgage Corporation fired back at critics who say it is not doing enough to help first-time buyers, presenting data on Wednesday that showed its mortgage business volume rose sharply in 2017, with a concentration of support to buyers of homes worth HK$6 million ($765,150) or less.
The government-owned agency said mortgage business volume for 2017 rose 30 percent on the year to HK$32.3 billion ($4.2 billion), and expanded 20 percent in the first two months of 2018 when compared to the year-earlier period. Read more>>
Estate Agency Regulator Buys Its Own Office In Chai Wan For HK$70M
The Estate Agents Authority (EAA), the city’s estate agency regulator, purchased the 23rd floor in E-Trade Plaza, Chai Wan for HK$70 million ($8.9 million) for self-use. The regulator is currently leasing a floor in Wan Chai’s Hopewell Centre as their office.
The representative from EAA said the transaction would be completed in mid-April, and that they would move to the new office in July or August. Buying its own office allows the regulator to save rents in the long term, the spokesman added. Read more>>
Repulse Bay Luxury MegaMansion Selling For HK$1.8B
The First Group is selling a mega luxury property in Repulse Bay for an asking price of HK$1.8 billion ($230 million), which can be translated to HK$100,000 per square foot.
Located at 72 Repulse Bay Road, the property comprises a 18,270 square foot house with six stories, and an outdoor area of 11,903 square feet. The house also boasts a home theatre, pool room, game room and karaoke room. Read more>>
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