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Colliers: Emperor ONE JARDINE'S LOOKOUT in Happy Valley has competitive pricing.
Emperor Int'l (00163.HK) officially named the project at 1 Homestead Road, Happy Valley as "ONE JARDINE'S LOOKOUT", with the developer uploading the sales brochure and releasing the first price list for the initial batch of around 50 units, with actual sale prices ranging from about 4.158 million yuan to 10.719 million yuan, with an average price per square foot of 17,904 yuan. Steven Ho, CEO of the residential department of Midland Realty, stated that ONE JARDINE'S LOOKOUT is located in a traditional luxury residential area, with competitive pricing, marking the first record of property sales in the area since the implementation of the first-hand residential property sales regulations in 2013.
Hong Kong Luxury: The US Federal Reserve's interest rate cut in Hong Kong is larger than expected and expected to attract funds into the property market.
Bruce Shao Ming, CEO of the residential department of Merlion Properties, said that the Federal Reserve announced the latest interest rate decision, with a one-time rate cut of 0.5 basis points. This is the first rate cut since March 2020 in the United States. The rate cut is not only higher than expected, but there is also a possibility of further rate cuts this year. More importantly, major banks in Hong Kong also unexpectedly cut interest rates by 0.25 basis points this time. With the start of the rate cut cycle, it is believed that there will be a potential inflow of funds into other investment sectors. He pointed out that property prices in Hong Kong have already dropped by nearly 30% from their peak, and with the sharp increase in rents, they are highly attractive for self-use and investment, and the value of real estate is expected to rise again. Bruce Shao Ming believes that the rate cut...
"Hong Kong Tower" Mei Lian's "Rental Trend Chart" rose by about 1.26% in August, reaching a new high in nearly five years.
Due to the boost of the traditional peak rental season during the summer vacation, many mainland and overseas students come to Hong Kong for further studies, along with foreign talents coming to Hong Kong, bringing in additional housing rental demand and causing a continuous increase in residential rent. Andy Liu, the Chief Analyst of Centaline Property, pointed out that the average rent per square foot of private residential properties calculated by Centaline's "rental trend chart" in August was about HK$37.88, an increase of about 1.26% compared to the previous month, marking the sixth consecutive monthly increase and reaching a new high in 59 months (nearly five years) since September 2019. It is worth noting that with the continuous increase in rent, the latest rent per square foot is only about 1.17% lower than the historical peak of about HK$38.33 in July 2019.
The number of real estate agents has declined for four consecutive months, with 0.0387 million people recorded at the end of August.
According to data from the Real Estate Agency Supervision Bureau, as of the end of August, there were 38,723 licensed agents, 57 fewer than in July, experiencing a continuous decline for 4 consecutive months, reaching the lowest level since March 2018. As for the number of branch offices, it also declined, with a total of 6,784 as of the end of August, down by 12 compared to the previous month, also a consecutive decrease for 4 months. (vc/u)~
UBS Group: HSBC or to reduce the best interest rate until early next year
UBS Investment Bank Hong Kong real estate analyst Liang Zhanjia said that the market currently expects a 200 basis point interest rate cut in the United States in the next 12 months. Hong Kong banks may only follow suit and reduce the prime rate by the end of this year or early next year. Liang Zhanjia believes that the biggest concern for the property market will be the rise in Hong Kong's unemployment rate, but rental prices are a true reflection of market demand for residences. As long as residential rental prices continue to rise, it means that the Hong Kong property market is still healthy. Liang is bearish on the retail and office sector, believing that the former faces structural challenges, namely the lower-than-expected number of Hong Kong people traveling abroad and the per capita consumption in mainland China; while the latter is expected to face about 10 in the next few years.
Midland Holding (01200.HK): Achieved a net profit of 0.174 billion Hong Kong dollars in the first half of the year, a year-on-year increase of 345.7%.
Midland Holding (01200.HK) announced on August 27th that for the six months ending June 30, 2024, it achieved a profit of 3.319 billion Hong Kong dollars, a year-on-year increase of 41%; the attributable surplus to shareholders for the period was 0.174 billion Hong Kong dollars, a year-on-year increase of 345.7%; basic earnings per share of 24.27 Hong Kong cents. The announcement stated that the significant growth in the group's performance was based on, among other factors, the significant increase in operating profit of the group's subsidiary "Midland Property" and "Hong Kong Properties" during the mid-term period compared to the same period last year. This improvement was due to (i) successful capture of the Hong Kong residential market.
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