Hong Kong, afraid of bubble, ups luxury property tax

March 02, 2010 - Hong Kong

Hong Kong’s new fiscal budget for 2010/2011 includes additional taxes to reduce volatility in the property market and monitoring of speculators.

Although Hong Kong’s gross domestic product (GDP) only fell by 2.7% in 2009 and growth in GDP of up to 5% is expected this year, the government is still concerned about the sustainability of the current economic recovery.

Financial Secretary John C Tsang announced an HKD20 billion relief package that includes tax rebates, rates concessions and public housing rental waivers, to provide financial assistance to the community during the economic recovery.

Wealthy Chinese snap up luxury property in Hong Kong

February 05, 2010 - Hong Kong

Cash rich mainland Chinese buyers are snapping up luxury flats in Hong Kong which they regard as a good investment at a bargain price, according to research.

Almost one in five luxury flats sold in Hong Kong last year, that is property worth more than HK$10 million, went to a buyer from the Chinese mainland, transaction data from Centaline Property Agency shows.

Hong Kong Luxury Home Prices May Rise 20% This Year

January 12, 2010 - Hong Kong

Hong Kong luxury home prices may rise 20 percent this year as the economy expands and supply remains limited, real estate broker CB Richard Ellis Group Inc. said.

Prices for non-luxury homes in the city may rise 15 percent in 2010, CBRE said at a briefing in Hong Kong today. Luxury homes are those costing at least HK$10 million ($1.28 million).

Hong Kong Government Takes Steps To Prevent Housing Bubble

December 14, 2009 - Hong Kong

The Hong Kong Monetary Authority, the city’s central bank, last month imposed tighter mortgage restrictions, which Hong Kong Chief Executive Donald Tsang said were to stave off a big property bubble following soaring prices this last year.

The action taken by the HKMA was on October 23rd, and it cut the mortgage limit from 70 percent of the property’s value to 60 percent, on property worth HK$20 million (US$2.6 million) or more.

For properties below that figure, the 70 percent ratio stayed in place but the HKMA capped the maximum loan amount at HK$12 million.

PropGOluxury and LP magazine jointly celebrate MIPIM 2009

November 26, 2009 - 香港

LP – Luxury Properties celebrated the 2009 edition of MIPIM Asia with a distinctive gathering of friends at Prive Club in Hong Kong on Friday, November 20.

Exhibitors from around the region attended the event, including special guests from Beijing, Shanghai, Hanoi, Bangkok and Singapore.

The crowd enjoyed an elegant KINJI fashion show, tipples from Dewar’s and gift sets courtesy of Ming Fai Group.

PropGOLuxury.com & Property-Report.com Announce Deal

November 23, 2009 - 香港

Asia Interactive Corp, which owns the leading online luxury property network in Asia and owner of the PropGOLuxury.com brand, has announced a collaboration with Ensign Media, publisher of the leading magazines Property Report which reach Thailand, Singapore, Malaysia, and Indonesia.

We are pleased to announce that PropGOLuxury.com will power the luxury property search section of Ensigns Property-Report.com website.

And the MIPIM Asia awards 2009 winners are...

November 19, 2009 - 香港

China and Singapore dominated the third edition of the MIPIM Asia Awards, designed to recognize outstanding real estate projects in the Asia Pacific region for their innovative, technical, environmental and architectural qualities.

"The third MIPIM Asia Awards have proved extremely successful, with more entries submitted to the competition than ever before," said Robert Lie, president of the jury and Real Estate Investment & Development Managing Director, Redevco Asia Limited, Hong Kong.

"The jury was very impressed with the high quality of the projects presented. Looking at all these entries, it becomes clear that sustainability criteria are the current dominant trend in construction and I strongly believe that this is a major and very positive evolution for the property sector. Given the outstanding quality of this year's edition, I am already looking forward to next year's MIPIM Asia Awards."

Mipim Asia 2009 - Hong Kong

November 17, 2009 - 香港

For the fourth year, MIPIM Asia will welcome more than 400 of the world’s major investors wishing to broaden their property portfolio in Asia Pacific.

From November 18 to 20, a series of high-end conferences, networking events and business meeting opportunities will help international investors find the right partners to develop their portfolios in the Asia Pacific region.

Luxury home sales in Hong Kong - September

October 15, 2009 - 香港

Luxury home sales in Hong Kong, or those worth more than HK$10 million ($1,3 million), almost tripled in September to 1,351 from a month earlier, the Land Registry said Oct. 5. In September 2008, 168 transactions were completed.

Prices for these homes climbed as much as 28 percent in the first nine months of this year, Colliers International Ltd. said Sept. 28.

Hong Kong apartment sells for $57 million

October 14, 2009 - 香港

Just hours after Hong Kong’s chief executive warned Wednesday that the city might be facing a real estate bubble, one of the city’s largest real estate developers announced that it had sold a duplex apartment in Hong Kong for a record price.

The apartment, on the 68th floor of the "Conduit Road 39" building, fetched HK$439 million ($57 million), or HK$88,000 a square foot excluding parts of the building shared by all residents. The price per square foot set a record for Hong Kong.