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Property News Weekly Digest
〈The Standard, Dec 10, 2022〉At least four commercial projects, involving about one million square feet in gross floor area, will be built in Sheung Wan, according to Sing Tao Daily, the sister publication of The Standard.

One of the projects, jointly developed by Wing Tai (0369) and CSI Properties (0497), is located on Gage and Graham streets.

It will be developed into a comprehensive commercial property, offering a grade A-level office building, a hotel, retail shops and open public space and green belts, providing up to 433,500 square feet in gross floor area, Wing Tai says in its annual report.

〈The Standard, Dec 9, 2022〉Australia's housing market is expected to recover next year, led by Sydney, which could see a rise of up to

9 percent in home prices if the central bank puts interest rate increases on hold, a report by SQM Research showed.

In its base scenario, SQM expects prices in Sydney - the world's second-most expensive housing market after Hong Kong - could jump by 5 to 9 percent in 2023 if the Reserve Bank of Australia does not raise rates to above 4 percent.

Under the above circumstance, real estate across the country will on average see a 3 to 7 percent rebound, it said.

〈Hong Kong Business, Dec 8, 2022〉The Housing Authority said the rents for a total of 7,595 flats in nine new non-standard blocks in two public rental housing (PRH) Lai Yiu Estate in Kwai Chung and Fu Tip Estate in Tai Po would be set at the “best” level.

In a statement, the government said the best rent for 819 flats in Hei Yiu House of Lai Yiu Estate is $91.80 per square metre a month.

Meanwhile, 6,776 flats in Chun Tip House, Fan Tip House, Fung Tip House, Gaap Tip House, Hei Tip House, Hin Tip House, Tsz Tip House and Wong Tip House of Fu Tip Estate will have the best rent at $83.20 per square metre every month.

〈Asian Post, Dec 7, 2022〉Office demand in Hong Kong will still be “sluggish” in 2023, with overall rents seen to fall by 3% to 5% as the “market lacks positive factors to drive market recovery” due to the global and local economic situations.

In a report, Wendy Lau, executive director and head of Hong Kong Office Strategy & Solutions at Knight Frank, said the decline in the global economy led to the poor market sentiment which affected the overall rents and leasing performance of Grade-A office buildings.

“Flight-to-quality” is still also an occupier priority and supported leasing demands. Occupiers particularly look for quality upgrades which cost lower rents, especially in prime locations.

〈Hong Kong Business, Dec 6, 2022〉Hong Kongers are saving up their money for holidays and travel (40%), to ensure that they can keep up with rising costs (39%), and for retirement (35%), a report by Standard Chartered showed.

They, however, are having a hard time pursuing these goals due to challenges like rising inflation (27%), uncertainty due to the pandemic (24%) and the global economy (23%).

In response to these challenges, Hong Kongers are drifting away from cash savings and investing their money in digital assets instead.

Data showed that 49% of investors are investing in digital assets, and 41% are planning to invest more in the asset class in 2023.