JLL Announces Details of Second Quarter 2024 Earnings Release and Conference Call

PRNewswire21:00

Jones Lang LaSalle's Ceng Huanping: Suggests including residential properties in the scope of the new capital investment immigration plan to support the Hong Kong property market.

According to the Zeng Huanping, chairman of Jones Lang LaSalle Hong Kong, Hong Kong's property prices have fluctuated recently. He believes that a dedicated committee should be established as soon as possible to assess the risk level of the property market and develop measures to reduce risk, especially with high interest rates and banks generally tightening their residential mortgage approvals. Providing low-interest loans to first-time home buyers, introducing additional incentives for eligible talents to purchase properties, and including residential properties in the scope of the new capital investment entry plan to support Hong Kong's property market. He also pointed out that there is a large inventory of new properties on the market, including unsold and newly completed units, totaling 9.3 units, even if they are not as many as those that are pending approval and for sale.

Zhitong Finance17:15

Jones Lang LaSalle expects prices of small and medium-sized residences in Hong Kong to decline by 10% in the second half of the year.

On July 10th, Globelink released a review and outlook on the Hong Kong real estate market in the first half of the year. It pointed out that both commercial and residential property investment in Hong Kong are facing the dual impact of tightened mortgage approval by banks and high interest rates, and both commercial and residential prices will continue to decline in the next six months. Wenping Tsang, Chairman of Jones Lang LaSalle Hong Kong, said that prices of small and medium-sized homes are expected to fall by 10% in the second half of the year, while prices of luxury homes will fall by 5 to 10% due to increased new supply, and property prices will fall by more than 30% throughout the year. He believes that the current Hong Kong property market can be compared to the market in 1997, and if the property market really falls by 30% throughout the year.

Gelonghui Finance16:51

Jones Lang LaSalle expects office rents to remain stable or fall by 5% in the second half of the year, while rents in core locations may increase by up to 5%.

Jones Lang LaSalle Commercial Department's Executive Director Yan Weicheng said that due to the lack of expansion demand and the increase in lease renewal cases, the office leasing market was weak in the first half of the year, with the total leasing volume decreasing by 28.1% compared to the second half of last year. However, the market still recorded a net absorption of 0.5023 million square feet during the same period, mainly due to the implementation of the pre-leased floors in newly completed commercial buildings. However, the newly added supply also pushed the overall Grade-A office vacancy rate to a historical high of 13.6% by the end of June. The overall Grade-A office rent fell 4.3% in the first half of the year, and the new supply competition also led to a 7.1% decline in Central's rent, which was the largest among all major districts.

AASTOCKS16:07

Jones Lang LaSalle: The vacancy rate of Class A office buildings in Shanghai increased by 0.5 percentage points to 23.5% quarter-on-quarter in the second quarter.

In the second quarter, the vacancy rate of Grade A office buildings in Shanghai rose by 0.5 percentage points to 23.5% compared with the previous quarter.

Zhitong Finance15:28

JLL Arranges $430M Refinancing for Fairmont Austin

Seeking AlphaJul 9 04:33