This is the weekly news wrap, featuring the latest real estate stories from Hong Kong. Whether your interest lies in industrial, retail, office real estate or asset investments, we have got the news that matters, covered.
Hong Kong Firm Drops $1.4 Billion Land Purchase Pact on Economic Worries
Hong Kong-based Goldin Financial Holdings Ltd has dropped out of a process to buy a land parcel worth about $1.4 billion citing economic uncertainties, as the Asian financial hub’s businesses take a hit from China’s slowdown. In a rare move, Goldin said in an exchange filing on Tuesday its board had decided to exit the tendering process for land use rights for a parcel in the Kai Tak area of Hong Kong due to “recent social contradiction and economic instability”.
Hong Kong Property Rally Gets Reality Check From Street Protests
Hong Kong’s government postponed a high-profile land auction because of street protests that have choked the city center, a sign of how political tensions are spilling into the world’s most expensive property market. Officials on Thursday postponed the tender for a plot of residential land in Kowloon district estimated to fetch as much as $1.7 billion. While the government said the reason was blocked access to government offices from protests against a controversial extradition bill, some analysts said more fundamental factors might have been at play.
Japanese Property On a Roll as Chinese Grow Weary of Traditional Hotspots Vancouver, Sydney
South China Morning Post
Japan’s property market appears to be a beneficiary from the worsening of US-China trade war, as a rising number of affluent mainlanders shift their attention to assets in Tokyo ahead of next year’s Olympic Games. Property portal Juwai.com said its data showed interest by Chinese buyers in the Tokyo property market had risen by a factor of 10 in the first quarter, versus the number of inquiries made a year earlier.
China, Hong Kong Homebuyers Play Cross-Border Musical Chairs in Bay Area
An ambitious plan to transform the industrial towns of China’s Pearl River Delta into a modern economic zone powered by new technology ventures has triggered a rush of cross-border property investments between Hong Kong and the mainland. In one direction, cashed-up investors from Southern China’s factory belt are moving into Hong Kong’s luxury apartment sector, where prices can be more than 100 times those on the mainland. In the other direction, Hong Kong residents are scrambling for bargains in mainland cities like Zhuhai and Zhongshan - some for quick profit, others a sea change.
Squeezed By Trade War, Chinese Co-Working Firm Atlas Pivots to ‘Greater Bay Area’, Offers Rent-Free Periods to Hong Kong Businesses
South China Morning Post
Guangzhou-based co-working space provider Atlas wants Hong Kong companies to set up shop in a three-storey facility it is opening in Shenzhen’s Futian business district in July – and is offering a three-month rent-free periods as well as discounts to sweeten the deal. Founded by Ron Chen Sze Long, the son of Chen Zhuo Lin, chairman of mainland Chinese property company Agile Property, Atlas is looking to offset a drop in leasing demand amid an escalating trade war between the United States and China.
Tourism Exhibitors Express Wish to Attract Tourists from Greater Bay Area
Exhibitors express hope for attracting more visitors from Guangdong-Hong Kong-Macao Greater Bay Area Thursday on Hong Kong International Tourism Expo. The 33rd Hong Kong International Tourism Expo (ITE) brought together some 680 exhibitors from 56 counties and regions. As the platform for promotion and exchanges, the ITE invites exhibitors from different destinations.
CBRE Forum Hong Kong 2019 Connects Real Estate Developers, Investors and Occupiers for a Sustainable Future
Features Tom Gaffney, Regional Managing Director, CBRE Greater Bay Area and Hong Kong & Henry Chin, Head of Research, CBRE APAC/EMEA
CBRE Appoints Reeves Yan as Head of Capital Markets in Hong Kong
Hong Kong Economic Times (Chinese only)
Features Reeves Yan, Head of Capital Markets, CBRE Hong Kong
Appreciation of Industrial Building is a lot Higher than Residential Units
Ming Pao (Chinese only)
Features CBRE Research