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Property News Weekly Digest
〈The Standard, Feb 4, 2023〉The reopening of the border has boosted Hong Kong's secondary market, with a number of transactions seeing higher prices recently amid higher expectations among vendors.

Room for price negotiations has also narrowed to between 2 and 3 percent from up to 10 percent after market sentiment improved on the border reopening.

Agencies report some transactions went through without any toing and froing over prices.

〈Hong Kong Business, Feb 3, 2023〉With the ongoing war for talent, Hong Kong employers entered a price war to attract workers by offering high pay.

Amidst the inflationary pressures, Randstad said this should not be the case. Instead the employers should offer alternative benefits and promote the employer brand to look locally and globally.

“However, companies may not have a large budget to meet these expectations during a time of fears of recession and high inflation,” read the report.

〈Asian Post, Feb 2, 2023〉Property sales went up by 24.2% to 4,427 in January, but 25.1% lower year-on-year, the Land Registry reported.

The total consideration for the sale and purchase agreements stood at $32.5b, up 25.6% month-on-month, but 40.3% lower compared to the previous year.

〈Taipei Times, Jan 29, 2023〉Property transactions(Taipei) last month plunged 47.5 percent year-on-year to 12,613 units in the nation’s six special municipalities, as an ongoing economic slowdown and the Lunar New Year holiday drove buyers to the sidelines, real-estate brokers said on Wednesday.

The volume was a 39.2 percent retreat from a month earlier, suggesting weak sentiment at the start of this year, said Evertrust Rehouse Co , the nation’s largest broker by number of offices.

“Property transfers in January slumped to the lowest level in nearly four years, dragged by economic uncertainty and unfavorable policies,” Evertrust Rehouse deputy research manager Chen Chin-ping said, citing the ban on the resale of presale contracts, interest rate hikes, and a softening economic outlook at home and abroad.

〈Hong Kong Business, Jan 28, 2023〉Swire Properties has acquired a 40% interest in a premium residential site in Bangkok from HKR International Limited for a consideration of HK$570m.

The site is located on Wireless Road, which is amongst the most prestigious addresses in the city.

“Bangkok is currently one of the most exciting emerging markets in South East Asia and we see significant potential for quality, high-end residential properties in the city. South East Asia is an important part of our residential trading strategy, and we will continue to explore opportunities that enable us to bring our premium residential brand to new markets in the region,” Tim Blackburn, Chief Executive of Swire Properties, said.