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Property News Weekly Digest
〈The Standard, Aug 12, 2023〉Mainland students and professionals coming in through Hong Kong's talent scheme are driving up the city's rental market, with Novo Land in Tuen Mun seeing over 100 deals last month.

Novo Land, a project of Sun Hung Kai Properties (0016), recorded 105 rental transactions last month at an average rent of HK$33 per square foot, according to Centaline Property Agency.

Of course, this is coming as mainland students race to lock in their accommodation arrangements with just three more weeks to go before the academic semester begins.

A 297-square-foot one-bedroom flat in phase 1B of Novo Land was rented by a mainland student studying at Lingnan University for HK$12,500 per month, or HK$42.10 per sq ft, without any haggling whatsoever.

〈The Standard, Aug 11, 2023〉Located in the heart of East Kowloon CBD in Kwun Tong, KTR 350, a brand-new commercial development by LAWSGROUP, is an architectural marvel showcasing a holistic approach to sustainability and user-friendliness.

Amidst a sea of gridded, nondescript industrial buildings lining Kwun Tong Road, KTR 350 stands out with its sleek, modern facade. The cylindrical and elliptical form, which takes cues from LAWSGROUP’s semi-century apparel manufacturing heritage, emulates a wool yarn in a spun and takes in a stunning vista of the Kwun Tong waterfront.

Pioneering the gentrification of the neighborhood, KTR 350 soars 29 storeys high and features large panes of curved glass, creating a transparent and open facade that lets in swathes of natural light.

〈Asian Post, Aug 10, 2023〉Hong Kong market documented US$1.3b in closed deals, the lowest-ever second quarter performance on record for both investment volumes and deal count, MCSI reported.

Investment went down almost 50% relative to last year’s low base, with the city going behind Taiwan in the most active APAC markets in the quarter.

“The biggest deals for the quarter were land sales or purchases of buildings for redevelopment,” read the statement.

Benjamin Chow said the commercial real estate market declined to a new low, with the office market being the biggest sector, failing to reach US$100m in sales in a single quarter.

〈Hong Kong Business, Aug 9, 2023〉Hong Kong's foreign currency reserve assets dropped to US$421.6b in July from US$417.3b in June.

According to the Monetary Authority, the reserve assets represent over five times the currency in circulation or about 40% of Hong Kong dollar M3.

“There were no unsettled foreign exchange contracts at the end of July,” added the Monetary Authority.

〈BBC news, Aug 8, 2023〉The announcement is the latest sign of the major issues faced by the world's second largest economy.

This week official figures showed China had slipped into deflation for the first time in more than two years.

Exports have also fallen sharply, while youth unemployment is at a record high.

Shares in Country Garden Holdings were down by more than 5% in Hong Kong trade on Friday afternoon.

Country Garden "is expected to record a net loss ranging from approximately RMB45 billion [$6.24bn; £4.9bn] to RMB55 billion for the six months ended 30 June 2023,".