〈The Standard, Nov 11, 2023〉Secondary markets in Hong Kong saw quite a few loss-making transactions last month, with some recording nearly 30 percent losses as high interest rates kept a lid on the price recovery potential despite support measures such as reductions in stamp duties introduced in the recent policy address.
A 629-square-foot, three-bedroom unit at Alto Residences in Tseung Kwan O went for HK$10.88 million, almost a year after it was first put up for sale at HK$16 million.
The owner, who bought in at HK$15.32 million in 2017, suffered a paper loss of HK$4.44 million, or 29 percent, after holding on to the property for six years.
〈The Standard, Nov 10, 2023〉With developers racing to gain market share sales and, in the process, having a knock-on effect on prices and volumes in the secondary market, banks are adopting a more cautious approach and the result is a downward trend in valuations.
According to Hang Seng Bank's webpage, the latest valuations for units in 20 housing estates last month saw reductions in estimates for as many as 19 estates, with eight units experiencing declines of 3 percent or more, while only one unit remains unchanged.
The most significant decline was for a two-bedroom unit at Tuen Mun Town Plaza, specifically unit E in tower three, featuring a sellable area of 392 square feet, which is located on a high floor.
Its current valuation stands at HK$4.73 million, a notable 6.9 percent drop from HK$5.08 million in September.
〈Asizn Post, Nov 9, 2023〉Link Asset Management Limited's (Link) revenue and net property income grew in the six months ended 30 September.
The REIT reported an 11.3% YoY and 10.4% YoY growth, respectively.
Link attributed its improved revenue and NPI to the addition of Singapore retail assets to its portfolio and the full-period income of its Australia retail assets and Mainland China logistics assets.
In the same period, Link reported a 1.7% YoY higher distributable amount of $3.3b and a 0.4% YoY higher fully diluted interim distribution per unit (DPU) of 130.08 cents.
〈Hong Kong Business, Nov 10, 2023〉Commercial property deal activity increased by 44% YoY to US$1b in Hong Kong in 3Q23, according to an MSCI report.
MSCI, however, pointed out that jump was partly due to the fact that volume last year was the lowest in more than a decade.
Meanwhile, MSCI said price declines have slowed in recent quarters even though capitaliszation rates remain well below 10-year bond yields.
"Retail is the one sector in Hong Kong that has perked up slightly compared with recent years, with investment volume in the third quarter reaching the highest level since 2019," Benjamin Chow, head of Asia Real Assets Research at MSCI, said.
〈Business Times, Nov 9, 2023〉Country Garden Holdings posted its biggest sales drop in at least six years as customers’ concerns about its ability to complete projects threaten to exacerbate a cash crunch at the defaulted Chinese developer.
Contracted sales for October plunged 81.1 per cent from the same period a year earlier, topping an 80.7 per cent drop in September, its corporate filings show. Sales edged up 2.2 per cent from the prior month.
Country Garden, with property developments in almost every province in China, has seen transactions slump since warning in August of “major uncertainties” about the redemption of its bonds.
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