Leading today’s Hong Kong real estate news, Luk Fook Holdings may be betting that the city’s real estate is even more valuable than the gold it sells in its shops after the jewellery retailer acquired four floors in an office building in Shatin for HK$650 million ($83 million). Also in the headlines, the government is mulling a tax on unsold apartments in a bid to curb high property prices and the city’s most expensive rental home can be yours, if you have an extra HK$1.1 million available each month. All these stories and more await you, if you just keep reading.
Jewellery retailer Luk Fook Holdings purchased four floors in Metropole Square in Shatin, New Territories for HK$650 million, or HK$6,851 ($873) per square foot, along with a handful of car parks.
The space in the 1997 vintage building will be used as the back office for the jewellery retailer. It is said that the group is optimistic on the office market and expects the Shatin property’s price to rise. Read more>>
Hong Kong is considering imposing a tax on unsold apartments in its search for ways to cool the city’s red-hot housing market, a move that could unlock the supply of empty homes being hoarded by developers.
Financial Secretary Paul Chan said on an online talk show on Thursday that the number of unsold units had increased significantly so far this year, from the 9,500 vacant new homes at the end of 2017, without providing the latest number. He said that the tax would probably need to “have a particular target, and not apply across the board.” Read more>>
A floor in 1 Des Voeux Road West in Sheung Wan is selling for HK$19.6 million ($2.5 million), or HK$18,000 ($2,295) per square foot. The 1,088 square foot floor boasts a sea view with a high degree of privacy for the occupier, said Midland Realty, which is marketing the property.
The commercial building was built in 1995 with the ground floor as retail space and the floors above as offices. Read more>>
Hong Kong’s most expensive rental can be yours for an estimated HK$1.09 million ($138,955) per year or HK$1.1 million per month, according to figures from the Rating and Valuation Department.
The house at 89 Repulse Bay Road, and that is a month by is owned by Liang Sheng Liang, chairman and president of Hubei-based C-BONS Holding (International), which operates businesses in sanitation, real estate, pharmaceuticals and textiles. Liang purchased the development that occupies a 30,000-square-foot site for HK$115 million in 2001. Read more>>