Home prices in Hong Kong fell 13.8% in the first 11 months of 2022
In today’s roundup of regional news headlines, Hong Kong home prices tumble to a fresh multi-year low, and Hysan Development plans an upgrade of its flagship Lee Garden portfolio in Causeway Bay.
Hong Kong Home Prices Fell to More Than 5-Year Low in November
Private home prices in Hong Kong dropped 3.3 percent in November to the lowest since August 2017, official data showed on Wednesday, as the housing market is set to post the first annual drop since 2008.
November’s fall in home prices came after a revised 2.7 percent drop in October. Home prices in Hong Kong fell 13.8 percent in the first 11 months of the year. Read more>>
Hysan Earmarks $256M for Lee Gardens Revamp in Causeway Bay
Hysan Development, Causeway Bay’s largest landlord, has set aside HK$2 billion ($256.2 million) to upgrade its Lee Garden portfolio in the prime Hong Kong shopping district and turn it into a one-stop luxury shopping destination.
The proposed “Lee Gardens Rejuvenation” includes the development of the Caroline Hill Road land parcel, Hysan executives said in a briefing last Thursday. Read more>>
China’s Commercial Real Estate Market Expected to Pick Up in Mid-2023
Demand in China’s commercial real estate market will pick up in mid-2023 as part of a larger reopening of the country and subsequent economic revival, property analysts predict.
Demand in Tier 1 cities like Beijing and Shanghai should recover from a slight decline during the pandemic, though interest in lower-tier cities may continue to wane. Read more>>
Japanese Banks to Raise Fixed Housing Loan Rates in January
Major Japanese banks are expected to raise their fixed housing loan rates in January after a Bank of Japan policy tweak pushed up long-term interest rates.
MUFG Bank and four others are seen announcing such moves soon. Read more>>
South Korean Housing Prices Fell 7.5% in Third Quarter
While housing prices continued to rise in many countries during the third quarter of this year, South Korea posted the biggest fall globally in average housing prices during the period.
According to Knight Frank’s quarterly Global House Price Index, South Korea’s housing prices fell by 7.5 percent year-on-year in nominal terms during the quarter. It was the largest loss ratio logged among 56 countries and territories that the real estate company surveyed. Read more>>
India’s New Home Launches More Than Doubled in 2022
Residential real estate sales in India have breached 2021 levels by far, witnessing a 50 percent year-on-year growth.
New launches further strengthened during 2022 and registered 101 percent growth during the calendar year 2022, as per the latest report by PropTiger.com. Read more>>
Three of Strategic Hotels’ Resorts Found Buyers This Year
Hoteliers in 2022 saw movement from the Strategic Hotels & Resorts portfolio for the first time in nearly a year with the sale of three of its properties totalling $1.2 billion.
China’s Dajia Insurance Group, the current owner of Strategic Hotels & Resorts and its hotels, sold the three resorts separately over the course of about two weeks in early November. Read more>>
Wealthy Chinese, Fed Up at Home, Find a Haven in Japan
A growing number of affluent Chinese are coming to Japan to live, according to real-estate brokers and people in the Chinese community here, in an indication of social and political tensions back home.
Hideyuki Ishii, a real-estate broker on the northern island of Hokkaido, says he has been inundated recently with requests from Chinese nationals who want to buy property that they can use as a foothold to move to Japan. Read more>>
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