Hong Kong Moves to Slow Property Market

August 17, 2010 - Hong Kong

After months of complaints and predictions of impending disaster, the Hong Kong government has taken steps to dampen the overheated property market.

The new measures include a restriction on flipping property, hoping to stem the quick resales favored by speculators.

The government also announced tightened mortgage requirements on luxury properties purchased as investments, as well as plans to auction three sites for future development.

HSBC: Property bubble warning for Hong Kong

August 09, 2010 - Hong Kong

Hong Kong could face a property bubble if home prices continue their stratospheric rise, HSBC's CEO for the Asia Pacific region Peter Wong told Bloomberg recently.

Home prices have surged 42 per cent since the beginning of 2009 and the Hong Kong government trying to cool things off amidst worries that ordinary residents can no longer afford housing.

"Property prices are at a fairly high level right now. If it continues to increase, it may form a bubble," Wong said in an interview last week with Bloomberg Televisio

Hong Kong apartment boom continues

July 30, 2010 - Hong Kong

7,000 apartments have been completed in Hong Kong in the first half of 2010 - 97 per cent of the total amount built in 2009 - according to stats from the Transport and Housing Bureau cited in an article in the South China Morning Post.

But this flood of supply is not expected to damper the red hot property market, said analysts.

"The sharp increase in property prices in recent years is not due to tight supply, but to low interest rates and a booming economy.

Hong Kong land auction fetches $1.3 billion

July 30, 2010 - Hong Kong

Hong Kong on Wednesday auctioned a plot of land for HK$10.4 billion ($1.3 billion) in its third-most expensive land sale, beating forecasts and adding to fears of a bubble in one of the world's hottest property markets.

Hong Kong's privately owned Nan Fung Group won the auction according to Reuters.

The deal was closely watched as prices at the auction are an indicator Chinese investors' appetite as they diversify their portfolios due to policy tightening at home.

Expatriates fueling luxury leasing market in Hong Kong

July 23, 2010 - Hong Kong

Expatriates with families, arriving in town prior to the start of the new school year in September, are fueling luxury residential leasing demand in Hong Kong, according to new research from Savills Hong Kong.

Southside, with more choices of private or international schools, is a favoured location with rents up by 4.6 per cent over the quarter, the report discovered.

The second quarter is a traditional seasonal peak for Hong Kong's luxury residential leasing market, as expatriate families arrive in town prior to the start of the new school year in September.

Hong Kong government to showcase projects at MIPIM

July 20, 2010 - Hong Kong

The Development Bureau of the Hong Kong SAR Government will showcase major development projects, including the Kai Tak Development, during MIPIM Asia 2010 in Hong Kong between November 10-12.

The Hong Kong Pavilion will feature the Development Bureau's major works and achievements. The focus of the pavilion will be to promote and enhance urban renewal and heritage conservation in Hong Kong through the exhibition of key projects and initiatives.

It will illustrate the importance of preserving cultural heritage and also the need for the revitalisation of historic buildings and areas in Hong Kong.

Sales shrink in HK, but luxury prices predicted to rise

June 29, 2010 - Hong Kong

Residential sales transactions in Hong Kong experienced a contraction during May 2010, however prices of luxury residential units are still expected to increase by more than 10 per cent during the next 12 months.

The Colliers Residential Snapshot report noted that growing uncertainties in the prevailing European debt crisis and a new set of measures on new flat sales in Hong Kong saw number of residential sales transaction decline in May.

Sale collapses and Hong Kong property cools

June 17, 2010 - Hong Kong

Heralded as one of the world’s most expensive property deals at HKD88,000 / US$11,300 per sqft when the sale was announced in October last year, developers Henderson Land announced this week that the sale of the penthouse, alongside 19 other units, has fallen through at its 39 Conduit Road development.

With the news that the sale of a 6,158 sqft duplex penthouse in the mid-levels district has collapsed, the long awaited cooling of Hong Kong’s property market now seems certain.

Hong Kong and Beijing introduce new measures to curb soaring property prices in China

May 05, 2010 - Hong Kong

In Hong Kong and mainland China new measures are being introduced to try to curb soaring real estate prices and prevent a property bubble.

Hong Kong’s Urban Renewal Authority has announced new rules to increase transparency in the city’s property industry and the government said it may raise sales taxes on some homes and accelerate land auctions to cool the market.

The authority’s new measures include a restriction on corporate purchases of flats to 10% of total sales and a maximum limit of two units per buyer during the sale period.

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April 17, 2010 - Hong Kong

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