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Real Estate Situation

What ways a kind father can help kids be more independent


Damon Ho

20th May 2023

Hong Kong is currently one of the regions with the lowest birth rate in the world. There have too many examples of couples not having kids after marriage. As for those who choose to have babies, most of them tend to have one child. In consequence, such an adored child easily becomes spoiled.


When the kids are spoiled, many issues are likely to arise. Consequently, its victimized fathers may suffer in the rest of his life. There was one case that showed that a grassroots father who had no money to subsidy his son to buy a flat when he got married. In such a situation, his son requests his father to transfer his title premises to him. That property is self-use d by his father for two decades years ago.


This son comforted his father by promising to stay with him and take care of him in the rest of his life. Daddy thinks that it is an immense joy in life to have his son who lives with him and take care of him. Nevertheless, the situation was not as expected. One year after daddy transferred his title property to his son. His son showed his true colours. Lastly, he used assorted reasons to drive his father away from home. This old pity father had no choice but to sleep on the street in the end.


Even if most children will not be so unfilial, but as a typical father, they would do anything to help their children to buy a flat or to study abroad. If they push themselves over their limit, they may have insufficient money for their own use in their retirement life.


The writer knows a kind father whose dear daughter had already graduated from college and worked for several years. Indeed, he has finished his father’s responsibility and should enjoy his old age in peace. But three years ago, his thirty years old daughter requested her father to pay her three million dollars to go to the United States to study for a master's degree.


The father did not have enough cash to support her beloved daughter, so he decided to sell his self-use premises and got back five million dollars and handed over three million to his daughter to study in the United States.


Three-year later, his daughter got married after graduation, but never returned to Hong Kong to visit her father until now. This kind father who has retired now. Because he does not have self-use property, he must spend fifteen thousand Hong Kong dollars to rent a flat monthly, plus other expenses, the total monthly expenditures are about thirty thousand dollars. While there is no problem for the time being, but his savings may only sustain his present life for ten years. A decade later, how he gets any support to sustain a decent life, he has no ideas.

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1. Rent controls caps the ceiling to increase rent 2023-05-20 12:31:37

It has been over two decades since rent controls have been implemented in Hong Kong, a city that has usually been laissez-faire with price controls; which is why for low-income families dwelling in subdivided units (SDUs) who have been grappling with high rents, plans under the Landlord and Tenant (Consolidation) (Amendment) Ordinance 2021 to prohibit any increase in the rent for the first term of tenancy, which is equivalent to two years, should be welcomed.

On renewal, which is another two years, landlords of the so-called “cage houses” or “coffin homes” may only increase rent up to a 10% cap, but they may be restricted to an even lower rent rise.

The rent hike for the second term tenancy is determined by the percentage change of the citywide rental index published by the Rating and Valuation Department, which means that landlords cannot always increase the second term rent by 10%.

2. First homes for grads 2023-05-21 09:53:32

The lands department is set to launch the first residential site for tender in this fiscal year tomorrow. In Kennedy Town, it has a market valuation estimated to be between HK$2.2 billion and HK$2.7 billion.

The site at the junction of Sai Ning Street and Victoria Road can be developed into buildings with a total floor area of about 243,000 square feet.

It will be the first of six residential sites for tender this year. The response to this tender can serve as an indicator for the overall demand and sales of land in the area.

The site is a bus terminal at the moment. It is near China Merchants Godown B, where some flats are expected to have sea views in the future.

3. Hk bankers freeze hiring 2023-05-22 12:24:28

Bankers seeking a job in Hong Kong should brace themselves for obstacles as banking on human resource investments has seen a slowdown. Hiring experts revealed to Asian Banking & Finance that there is an informal hiring freeze and some layoffs as banks focus on maximizing productivity rather than hiring new employees.

“Over the last nine months, it’s definitely slowed down. And then over three months, it slowed down even further, especially in the wake of happenings in the global investment banking market,” said John Mullally, Robert Walters’ managing director for Hong Kong and South China.

Investment banking layoffs have hit the shores of Hong Kong, although not as much as New York and London. Mullally, in particular, noticed an amount of layoffs at the senior levels

4. Tenants turned to buying their own homes 2023-05-23 10:14:45

More tenants turned to buying their own homes from renting as property prices rebounded following an economic recovery and a peaking interest rate.

Both the transaction numbers and prices of second-hand properties bounced back after the travel restrictions between China and Hong Kong were removed, prompting potential buyers who were optimistic about the market's prospects to get on the property ladder before the prices spike again, said Louis Chan Wing-kit, Asia-Pacific vice-chairman of Centaline Property Agency's residential division.

These deals made up around 10 percent of the total transactions recently, Chan said.

Many tenants now preferred to pay mortgage repayment over rent, which is on the rise, noted Lawrance Wong Dun-king, president of Many Wells Property Agent. For starter homes, the monthly mortgage repayment was roughly at the same level as rent.

5. HK retail price edged down to second place. 2023-05-24 09:54:45

The global political conflicts and closure of borders impacted Hong Kong’s top spot in the priciest retail destination. According to Cushman and Wakefield’s 2022 report, Hong Kong has now edged down to second place. 

The Upper Fifth Avenue located in New York ranked first in the most expensive retail destination report, with $15,622 (US$ 2,000) per square foot (sq ft). In 2019, the US was at the second spot globally.

Hong Kong’s Tsim Sha Tsui has $11,216 (US$1,436) per sq ft. The market was in first place before the pandemic hit.

6. Demand for HK Grade A office arising 2023-05-25 10:52:29

Market demand for Hong Kong’s Grade A office is expected to continue through the path of improvement as new office spaces are completed, according to JLL’s latest property market report.

An estimated 3.2 million square feet of new Grade A office space are scheduled for completion in 2023, said Alex Barnes, managing director at JLL Hong Kong. Whilst this will drive vacancy rates to rise, the new completions are also expected to attract tenants to relocate and upgrade their offices, Barnes said.

For example, Doo Group leased an entire floor– with a gross floor area of 12,600 square feet– at the Millennity in Kwun Tong to upgrade and consolidate its offices within the same district, JLL noted.

7. Germany is deemed to be in recession 2023-05-25 20:12:55

Europe's largest economy was also badly affected when Russian gas supplies dried up after the invasion of Ukraine, analysts said.

The economy contracted by 0.3% between January and March, the statistics office said.

That followed a 0.5% contraction in the last three months of last year.

A country is deemed to be in recession when its economy shrinks for two consecutive three-month periods, or quarters.

8. 預約睇樓五連跌 2023-05-26 14:17:13
9. Hong kong's retailers are continuing to bet big 2023-05-27 11:28:38

Hong kong's retailers are continuing to bet big on a recovery in tourism with two major rental deals recorded in shopping hub Tsim Sha Tsui.

Lung Fung Mall, a retailer of pharmaceutical and beauty products, has leased a 4,275-square-foot store at Manley House on Canton Road for HK$1 million a month, or HK$234 per sq ft.

The rent was 71 percent lower than the pre-pandemic levels.

And jewelry retailer Luk Fook has leased a 2,500-sq-ft store on Nathan Road for HK$550,000 a month, following its recent leases in Russell Street in Causeway Bay and Canton Road.