With land and asset costs rising in China, more mainland developers are moving into Hong Kong, seeing bargains in one of the world’s most expensive real estate markets, according to headlines in the regional media today. Also, one of the SAR’s biggest developers sees profits rise by 14 percent this year, and there’s much more in the news if you just read on.
Cash-rich developers from the mainland are on a shopping spree in Hong Kong and are leaving no stone unturned to corner prime real estate in the city.
Though the shopping spree comes at a time when property prices on the mainland have recovered, experts said developers are still bullish on Hong Kong realty as it offers better returns amid yuan and land price fluctuations on the mainland. Read more>>
Wharf Holdings, the Hong Kong conglomerate with interests in property, infrastructure, hotels and telecommunications, posted better-than-expected core interim profits on Wednesday as a result of growing rental income and property sales in the mainland.
Underlying profit, excluding fair value and exchange factors,rose 14 per cent to HK$5.97 billion, on a 12 per cent rise in total revenue to HK$20.02 billion for the six months. Read more>>
Sportscar lover Raymond Lee Wai-man, the chief executive of global property consultant Savills Greater China, has brokered more than HK$14 billion in property deals involving some of Hong Kong’s most important office buildings in the past eight months, leaving his rivals in the dust.
Now the owner of a Ferrari 458 Italia, Lee runs a high-powered investment team with more than 30 staff which accounted for 67 per cent of the total transaction value for deals worth HK$100 million or more since January, according to an internal Savills assessment, up from 58 per cent for the whole of 2015. Read more>>
A luxury care home development with a potential value of up to €234.5 million (£200 million), the first-ever to be built in Central London, has been given planning consent by the Royal Borough of Kensington and Chelsea Council. Singapore-listed City Developments Limited (CDL), through its wholly-owned subsidiary Beaumont Properties Limited, received consent for 34 two-bed apartments, ranging in size from 1,250 sq ft to 2,110 sq ft, at 28 Pavilion Road, London, SW1.
The luxury care home will offer apartments for sale on 999-year leases. Facilities within the development include a luxury spa, swimming pool, communal library, private doctor’s surgery, 24-hour concierge service, dedicated nurse care rooms and car parking. The extra-care will be provided by private nursing and home care specialist – Draycott Nursing & Care. Read more>>
Hong Kong real estate shares haven’t been this hot since the city’s last housing bubble burst almost two decades ago. The industry’s benchmark equity gauge has surged 37% from this year’s low in January, climbing to the highest level versus Hong Kong’s Hang Seng Index in 19 years on July 29.
The last time property companies performed that well relative to the broader market was October 1997, just before the Asian financial crisis sparked a collapse in Hong Kong’s real estate market. While few are predicting another plunge of that magnitude, the outperformance is ringing alarm bells for investors who worry that property shares have climbed too far, too fast. Read more>>
Resale prices of non-landed private residential homes slipped last month, after edging up the last four months, according to flash estimates from SRX Property on Wednesday (Aug 10). Prices declined 0.4 per cent in July compared to June, SRX said. It also revised down the month-on-month price increase in June to 0.4 per cent from 0.5 per cent.
The price decline in June was across all locations – with the prime districts, city fringe and suburban areas recording dips of 0.5 per cent, 0.6 per cent and 0.3 per cent, respectively. Read more>>
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