Hong Kong’s overheated real estate market has sent some agents over the edge
Leading today’s Hong Kong real estate news, city authorities have warned property agents against violence after two brawls broke out between brokers competing for clients in the last few days. And today’s coverage shows the breadth of Hong Kong’s space fixation, as everything from farmland to parking facilities got some ink. Up in the New Territories hinterland of Yuen Long, the Tang clan is getting ready to auction farm plots worth up to HK$370 million, while closer to the harbour in Kowloon, a parking spot changed hands for a record HK$6 million. All the news on earth and space await you, if you just keep reading.
Real Estate Agents Rebuked After Brawl
The Estate Agents Authority yesterday said it would resolutely punish any real estate agents who indulge in any illegal behaviour and revoke their licenses, following a street brawl involving several agents over the weekend.
Some property developers including Henderson Land Development Company, Sun Hung Kai Properties, and New World Development, said they would ban agents who do not hold a license from participating in any of their sales activities in the future. The EAA is to conduct follow-up investigations about the fights, which took place on Saturday. Agents who were involved in the violence will see their licenses revoked for up to three years. Read more>>
New Territories Farmland Sale Could Fetch HK$370M
A Hong Kong family is planning to sell 10 plots of farmland in Yuen Long measuring a combined 119,000 square feet (11,055 square metres) next week through a private auction, the first time such a large tract of land is available on the market through such a sale.
The auction, which could fetch a total of HK$370 million ($47.2 million) for the parcels in the New Territories, or HK$3,100 per sq ft on average, is being closely watched by developers and agents. Read more>>
Ho Man Tin Car Park Sold for Record HK$6M
A car parking space at The Ultima in Ho Man Tin was sold for HK$6 million, fetching the highest price for the property type in the city. The price was 15.8 percent higher than the previous record.
The seller initially listed his property for HK$5.5 million, but managed to make an extra HK$500,000 from the transaction. The car parking space was purchased for HK$3.4 million in July last year, and its value has since risen by over 76 percent in less than a year. Read more>>
One-Month HIBOR Rose for 5 Days Straight
The one-month Hong Kong Interbank Rate, which is linked to the mortgage borrowing cost, rose for a fifth consecutive day to 1.0385 percent yesterday.
The benchmark lending rate rose above one percent for the first time in November last year since the global financial crisis in 2008. While the three-month rate rose to 1.78 percent, and the overnight rate rose to 0.535 percent, according to the Hong Kong Association of Banks. Read more>>
Great Eagle Matriarch Praises Son Despite Dispute
The matriarch of one of Hong Kong’s richest estate empires praised a son that she is locked in a family feud with as being both “good and smart” on Monday. Lo To Lee-kwan, the 98-year-old widow of late tycoon Lo Ying-shek, also reminisced about her family’s road to success during her first day of testimony in High Court.
But it is the actions of her third son, Lo Ka-shui, that she said had taken her by surprise in a case that is essentially a battle for control of Great Eagle Holdings, which Lo founded with her husband in 1963. Read more>>
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