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Property News Weekly Digest
〈The Standard, Feb 11, 2023〉Developers may face the first fierce competition to corner as much of the market as much as they can as early as this month as they speed up sales launches now that sentiment has picked up with the full border reopening and the economic recovery that is expected to follow.

Henderson Land Development is expected to launch a sale of Henley Park in Kai Tak and The Symphonie in Cheung Sha Wan this month, which will offer a combined 1,002 units.

The Symphonie will provide 262 units, ranging from one to three bedrooms, with the smallest units making up 57 percent of the total.

Henley Park will offer 740 units, and they are expected to be available in pretty much their finished form.

〈Asian Post, Feb 10, 2023〉Home developers are shifting their focus on acquiring mass residential sites instead of luxury homes, JLL report showed.

Slow sales velocity, increasing financing prices, and longer payback periods for luxury residential developments caused the shift.

Luxury sites lost their appeal because of weakening sentiment towards the pricey housing market.

Payback period for developments is around six years after acquisition, which is less attractive than mass projects which takes two years to pre-sell.

〈Asian Post, Feb 9, 2023〉The overall stamp duty revenue dropped 41.9% YoY in 2022.

The “sluggish” Hong Kong economy led to a poorer buying sentiment in Hong Kong, Knight Frank reported.

In a report, Knight Frank noted that the overall stamp duty revenue in December declined by 38% month-on-month, citing data from the Inland Revenue Department.

〈The Standard, Feb 8, 2023〉Science, health, legal and other local professional talent needed for the Greater Bay Area's development will be allowed unlimited travel to Hong Kong and Macau under a new multi-entry visa scheme, China's National Immigration Administration announced yesterday.

From February 20, six categories of experts working in the bay are eligible to apply, including those in science and research, academia, health, legal and other higher management candidates, as well as "extraordinary talent" who can bring significant contributions to the area's development.

Mainlanders considered "extraordinary talent" can get a visa for up to five years, while candidates in science and research, academia and health, can apply for a three-year visa.

〈The Standard, Feb 7, 2023〉Similar to other markets in the region, deal making activities in Hong Kong dimmed in 2022 after reaching US$6.7b, which dropped 41% in 2022.

This was according to MSCI which also reported that trading of offices continued to weaken in 2022 due to rising interest rates for CBD office assets.

Benjamin Chow, Head of Asia Real Assets Research at MSCI, said the traditional commercial sectors had shrunk in 2022.

He added that hotel and multifamily sectors posted positive results.

The value of rental apartments for investment went up, with HK$1 billion for the first time.