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Property News Weekly Digest
〈The Standard, Apr 1, 2023〉Banks are increasing their valuations of apartments at a number of housing estates, with the biggest month-on-month rise coming in at 7 percent, thanks to improved market sentiment after the border reopening.

Of the 20 housing estates tracked, as many as 16 of them recorded increases in valuations by banks over a month ago, with the rises ranging from 0.5 to 6.96 percent.

Valuations for flats in the other four estates remained flat. A higher-floor four-bedroom unit at Kornhill in Quarry Bay, with an area of 595 square feet, was the best performer.

〈Hong Kong Business, Mar 31, 2023〉Despite Hong Kong’s economy shrinking in 2022, economists are positive about the city’s recovery this year.

Felix Tong, Hang Seng Bank economist, expects the city's economy to rebound primarily due to a pick-up in consumption activity.

Tong said the reopening of the Hong Kong economy and stronger growth of the mainland economy will also support the city’s recovery in 2023.

Hong Kong’s opening has led to better performance of the tourism industry, which is closely linked with the labour and retail markets, said Thomas Shik, chief economist of Hang Seng Bank.

〈Asian Post, Mar 30, 2023〉Hang Seng Bank (China) has launched its first cross-boundary wealth management centre.

Hang Seng China opened the centre on 30 March in the Greater Bay Area (GBA) city of Guangzhou.

The bank said to provide for the rising demand for the service, a team of professionals will manage Hang Seng GBA and will establish cross-boundary wealth management centres in Hong Kong and the mainland.

〈The Standard, Mar 29, 2023〉Developers are rushing to sell new homes below market prices in an attempt to reduce inventory amid ample first-hand supply and economic uncertainties. It potentially puts pressure on the market, which has just witnessed a small recovery after the borders reopened.

CK Asset (1113) and Sun Hung Kai Properties (0016) have slashed the prices of 88 units on the first price list at phase two of Grand Jete in Tuen Mun to HK$12,509 per square foot on average after discounts, 16.9 percent cheaper than the first batch of phase one that was put on the market in June.

All 400 flats in the project will be on offer in the first round of sales over the weekend, they said.

In Ho Man Tin, Chinachem has priced the 50 flats in the first batch of its In One on top of the MTR station at HK$24,838 per sq ft after discounts, just slightly above the cost of last year's new homes in Kai Tak.

〈Shenzhen Daily, Mar 28, 2023〉Shenzhen is renowned as a shopping paradise, with abundant choices of international luxury goods and local products at hand. The culturally diverse city offers a variety of foods, from Western cuisines to local street food.

With a developed retail network, there are more than 204,000 retail outlets in Shenzhen, with floor space of more than 25 million square meters, or 1.52 square meters per capita. There are nearly 500 stores that have floor space of more than 5,000 square meters. Eight top national retail chains, such as China Resources Vanguard, are headquartered in Shenzhen.