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Property News Weekly Digest
〈The Standard, Jan 7, 2023〉Transactions in the secondary market in Kai Tak have stagnated as homeowners worry about a free fall in prices of new residential projects after CK Asset (1113) won a residential and commercial site in the development area in December with a bid that turned out to be an eight-year low.

The property giant picked up the plot for HK$8.7 billion, which was 23 percent lower than the bottom end of market expectations.

The bid translates to HK$6,138 per square foot - the lowest since 2014, when Wheelock bought at a per-square-foot price of HK$6,101 the site that Oasis Kai Tak now occupies.

〈The Standard, Jan 6, 2023〉The Competition Commission said on Friday that it is looking into the matter of four real estate agencies requiring agents to observe a minimum net commission of two percent in first-hand property transactions starting this year, and warned arrangements that restrict competition are prohibited.

A statement came after media reports revealed the direction of 2 percent minimum commission was issued by Centaline Property Agency Ltd, Hong Kong Property Services (Agency) Ltd, Midland Realty Int'l Ltd, and Ricacorp Properties at similar times via their internal memos.

The commission said it will reach out to relevant parties and take all necessary actions to assess whether the conduct may give rise to competition concerns under the Competition Ordinance.

〈Macau Daily, Jan 5, 2023〉More promotions will attract visitors from Hong Kong amid border normalization within the region, Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office said yesterday.

On the sidelines of a public event, the tourism official noted that additional promotions will be employed following the resumption of ferry services between Macau and Hong Kong downtown.

No specific date for this resumption has been announced at this time.The aforementioned promotions will be provided by ferry and shuttle bus services operators. As per current plans, promotions similar to buy-one-get-one will be offered.

The local tourism official hopes that the promotions will commence before Lunar New Year, with details being negotiated.

〈Asian Post, Jan 5, 2023〉Shanghai engineer Roy Wang has a pressing task now that the border between Hong Kong and China is being reopened - rekindling his long-distance relationship after a painful separation.

"There were so many quarrels with my girlfriend. It was really miserable to handle," Wang, 23, told AFP on Wednesday (Jan 4).

His wish to visit her was granted the very next day.

Authorities announced that widespread travel between Hong Kong and China would resume from Sunday, initially allowing about 60,000 people a day to cross in each direction.

〈Asian Post, Jan 4, 2023〉Local exports are projected to rebound 5 percent this year and resume to usual levels in the second quarter thanks to China's reopening, the Hong Kong Trade Development Council said.

But cross-border logistics between the city and the mainland fell 53 percent year-on-year in the first nine months of 2022, making it the biggest obstacle for Hong Kong traders to pick up goods from the mainland and increasing transport costs and time. It significantly affected local exports, the council added.

But overall exports have not risen since May last year. They are expected to record declines for most of the year due to the previously strict quarantine measures, according to the Hong Kong Export Credit Insurance Corporation.