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Property News Weekly Digest
〈The Standard, Feb 18, 2023〉Prospects for shops in the "cosmeceuticals streets" of Sheung Shui are expected to look brighter this year now that the mainland has fully reopened its borders with Hong Kong this month.

These streets, which are occupied by shops selling cosmeceuticals - cosmetic products that claim to have medicinal or drug-like benefits - were packed with mainlanders before the pandemic.

And after three dismal years, a street in the North district town, which is one stop away from the Lo Wu crossing, saw four shops rented recently.

Of these, 52 San Hong Street, which has a size of 1,050 square feet, was rented out for HK$110,000 per month, or HK$105 per sq ft.

〈The Standard, Feb 17, 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 16, 2023〉About 60% of employers in Hong Kong are at risk of losing their staff in the next six months as workers seek higher paying jobs, Morgan McKinley found.

In its 2023 Salary Guide, Morgan McKinley found that of the 60% workers planning to switch jobs, 45% wanted a higher salary, whilst 17% were after growth and better opportunities.

“2022 was another year of high demand to hire but short supply of talent in Hong Kong, across most sectors. We see this increased level of demand stabilising in 2023, as clients will pay close attention to the economic climate,” Robert Sheffield, Managing Director of Morgan McKinley Hong Kong & Greater China, said.

〈Hong Kong Business, Feb 15, 2023〉The Hong Kong government announced that they are forming a board of directors for the Hong Kong Investment Corp.

It will be composed of Financial Secretary Paul Chan as its chairman and members from the government and leaders from the community and business sectors.

The board will be responsible for formulating investment strategies and mandates, making decisions on projects, and ensuring good corporate governance. It will also help the corporation in further optimizing its use of financial reserves for promoting Hong Kong’s economical and industrial development.

〈Asian Post, Feb 14, 2023〉The residential transaction volume in Hong Kong climbed by 21.7% month-on-month to 3,051 units in January, CBRE reported.

The report attributed this to the improved market sentiment driven by the re-opening of Hong Kong’s border with Mainland China after three years. This is also supported by the easing of the HIBOR by 164 basis points to 2.71%.