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Property News Weekly Digest
〈The Standard, Nov 12, 2022〉Sitting on King Wah Road at Fortress Hill, the once-dying Fu Lee Loy Shopping Centre is being rejuvenated as young shopkeepers and artists are moving in for discounted rents that can be 30 percent lower than the market price.

The revitalization of Fu Lee Loy is shepherded by designer Hwang Wai, more widely known as Uncle South. He owns a vintage store in the shopping center.

It was once the most infamous among all the dead malls in Fortress Hill and North Point, said Hwang.

〈The Standard, Nov 11, 2022〉Rents in the UK hit a new record for the third quarter, while city tenants seek to move into studio flats amid stretched budgets, data from Rightmove shows.

The UK's largest property website found that the average monthly rent across the country, excluding London, was 1,162 (HK$10,500) from July to September, up by 11 percent in 12 months and by 3.2 percent since July.

The rise in the third quarter marks the third time that the rents have climbed by upward of

3 percent in a three-month period, but it was still lower than the 3.5 percent increase during the April-June period.

〈Hong Kong Business, Nov 10, 2022〉Despite an improvement in its office segment. Hong Kong's overall commercial investment volume still fell 19% YoY to US$1.7b in Q3, data from MSCI showed.

The report, however, underscored that Hong Kong "was coming off an already-low base in 2021."

MSCI also explained that the reason for the 60% YoY increase in investment volume in the office sector was largely due to the US$879m sale of the Goldin Financial Center, which it said was "a troubled asset that was finally sold at less than half the price offered by the original buyer two years ago"

On the other segments, MSCI said: "The retail sector, which is dominated by domestic private players, has suffered amid rate hikes. Industrial investment, which had proven resilient for most of the pandemic, sank to the lowest quarterly tally since 2014."

〈Asian Post, Nov 9, 2022〉Working Hongkongers will likely get a monthly retirement income of less than one-third of their current income when they retire, Manulife Investment Management revealed.

Based on Manulife’s Retirement Income Forecaster, a 32-year-old worker who earns $29,000 per month and has investible assets of $750,000 will likely receive $9,200 monthly income in retirement.

A double-income couple with young kids can receive a combined monthly income of $22,800 when they retire, only if Partner A is 42 with a monthly income of $62,500 and investment amount of $1.5m, and Partner B is 37, earning a monthly income of $41,700 and has investible assets of $1m.

A person aged 52 with a current monthly income of $166,700 and an investment amount of $4m can also expect a post-retirement monthly income of $22,800.

〈Hong Kong, Nov 8 ,2022〉Hong Kong is once again at the lowest amongst Asia Pacific markets for the third year running in the 2022 Cigna 360 Global Well-Being Survey.

The survey, conducted by Cigna International Markets with Kantar, revealed that stress is prevalent amongst Hong Kongers with almost nine out of 10 feeling stressed and 19% of this saying they find the stress unmanageable.

The top stressor is uncertainty about the future (40%), over one-third (34%) are concerned about their personal financial situation, and 22% point to a heavy workload as a major cause of stress.