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 Central Bank Confident in Currency Peg Even as Interbank Rate Jumps
The Hong Kong Monetary Authority said on Thursday it has confidence in the financial hub’s more than three-decade old peg to the U.S. dollar, even as it continued to intervene to prop up the currency and as interbank rates jumped to a 10-year high. It said its recent operations in the banking system have been smooth and in line with expectations after intervening in U.S. trade as the Hong Kong dollar repeatedly hit the weak end of its trading band.
Hong Kong Housing Minister Dismisses Calls for Minimum Size for New Private Flats, Saying It Will Impact Affordability
South China Morning Post
Hong Kong’s housing chief has ruled out imposing a minimum size on private flats being built in the city, despite complaints about a growing trend of people being squeezed into smaller homes. Speaking at a special finance committee meeting of the Legislative Council, Secretary for Transport and Housing Frank Chan Fan dismissed calls to regulate private developers’ supply of micro flats, saying aspiring homebuyers might not be able to afford larger homes, given skyrocketing property prices.
Taikoo Mall Encouraging Start-Ups with Fee Waiver
Swire Properties will offer a two-month rental waiver for three start-ups at its Cityplaza mall in Taikoo through an incubation program titled Maker House. The six-month initiative will start in May and aims to sponsor start-ups engaged in sustainable businesses. Cityplaza will also offer them advice on business modeling and marketing.
Young Buyers are Being Priced out of Global City Property
For centuries, great cities have lured the young and ambitious in search of streets paved with gold. Now those city streets seem more likely to appeal to the silver-haired as young people either flee or shun the increasingly unaffordable property prices. These cities include London, New York, Sydney and Hong Kong.
After Li Ka-shing, Hong Kong's Property Tycoons Inherit Tough Market
Nikkei Asian Review
Li Ka-shing’s retirement is a watershed moment for Hong Kong, marking the end of an era dominated by a handful of property tycoons. Their empires are now in the hands of sons or grandsons. The next generation is facing challenges on multiple fronts, including an influx of competitors from mainland China, government policies designed to tackle Hong Kong's affordable housing crisis and the pitfalls of running a family business once the patriarch has left the scene.
China's Property Investment Fastest In Three-Years, Land Shortage Supports Values
China posted its fastest property investment growth in three years in the first quarter, driven by a surge in land values and as developers grew more confident about the policy outlook. However, sales slowed as existing curbs hit transactions.
China's New Home Prices Edge up, Gains Extend to Larger Cities
China’s new home prices rose for their 35th consecutive month in March, with more cities reporting growth as the government supported demand from first-time buyers and despite persistent curbs to dampen speculative demand.
Hong Kong’s Property Bull Market Still Intact, Prices to Rise Another 10pc in 2018, Analysts Say
South China Morning Post
Features Marcos Chan, Head of Research, CBRE Hong Kong, Southern China and Taiwan
Retail Shop Rents Rise Marginally After Falls
Features CBRE A&T Services - Retail
CBRE Says Hong Kong Grade A Office Market Registered the Highest Net Absorption Since Q2 2015
RTHK (Chinese only)
Features CBRE A&T Services - Office