〈The Standard, Sept 24, 2022〉Home deals priced below HK$10 million have become the major growth driver in the primary market, though the pandemic and interest rate rises this year have hit the property industry.

Data from agencies show that new homes priced at HK$10 million or below saw 1,919 transactions last month, accounting for 94 percent of total home purchases in the primary market.

That also caused new-home transactions to rise to 2,040 in August, marking a 15-month high.

The 94 percent seen last month is a steep climb from 45.6 percent in February, when the fifth wave of the pandemic hit Hong Kong, and brings key support for a sluggish property market.

〈The Standard, Sept 23, 2022〉Home developers have been speeding up applications for a change of land use since the SAR administration revealed the Northern Metropolis strategy in November.

There have been at least nine rezoning applications in Yuen Long alone since then, which between them could provide over 38,000 residential units if all are approved.

Of these, Sun Hung Kai Properties and Hongkong Land's two applications to build 14,565 homes - nearly the size of Kingswood Villas in Tin Shui Wai, one of the SAR's largest estates - at a site in Shek Wu Wai are the most impressive.

The development, which covers a site area of 112,993 square meters, would go up in two phases, providing a gross floor area of around 594,750 sq m for residential use and 52,235 for commercial.

〈Hong Kong Business, Sept 22, 2022〉Hong Kong ranked fourth in the Global Financial Centres Index (GCFI) with an overall rating of 725, improving by four notches from the previous issue, according to the government.

The GCFI report by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen is released every March and September annually since 2007. The recent report assessed 119 financial centres.

A government spokesman said the report noted that Hong Kong-based practitioners were the most competitive about the future competitiveness of the market as an international financial centre, compared to the assessment by financial industry practitioners from other major centres on the outlook of the cities they are based.

“We will continue to listen to views and be bold in taking forward reforms to consolidate and strengthen Hong Kong's capital market and our role as an international financial centre," it said.

〈Asian Post, Sept 21, 2022〉Bank of China (Hong Kong) has raised its Hong Kong dollar prime rate to 5.125% per annum (pa) from 5% pa previously.

BOCHK is also adjusting its HKD savings deposit rate to 0.125% pa from 0.001% pa.

Meanwhile, savings accounts with a daily account balance of HK$1m or above will enjoy an additional bonus rate of 0.001% p.a.

〈Asian Post, Sept 20, 2022〉The number of units sold in August reached 4,137, translating to a 12.7% increase from last month.

Of the total sold, 1,564 were primary, and 2,573 were secondary units.

JLL attributed the increase to the handful of primary projects launched at competitive price levels during the month.

Amongst projects launched in August which were well-digested by the market were Sun Hung Kai Properties' Novo Land (Phase 1B) in Tuen Mun which sold 98% of its 733 units, and Henderson land's One Innovale Archway also sold 98% of its total units.