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Property News Weekly Digest
〈The Standard, Aug 17, 2023〉Transaction numbers in the 70 biggest residential estates near MTR lines slumped last month, with the number of those seeing zero sales doubling to 10 amid weak market sentiment.

Sale volumes dropped by 17.9 percent to 326 last month from June as more than half of the estates saw declines in transaction numbers, data from the Land Registry showed.

Analyzed by lines, transaction numbers for estates along the South Island strip halved, while those along the Tung Chung and Tuen Ma lines both plunged by more than 36 percent, according to Buggle Lau, chief analyst at Midland Realty.

By contrast, sales in developments along the Island line jumped approximately 27.8 percent, while estates adjacent to the East Rail Line also experienced a rise of around 11.4 percent, both defying the market trend, Lau noted.

〈The Standard, Aug 16, 2023〉The financially strapped West Kowloon Cultural District Authority has been cutting costs like stemming "rivers of blood" as it awaits approval of development proposals, board chairman Henry Tang Ying-yen says.

Tang said after a naming ceremony at the Xiqu Centre yesterday that proposals include short-, middle- and long-term solutions to help the cultural district achieve its goals of self-financed and sustainable development.

That follows it using HK$21.6 billion of government funding allocated in 2008.

On cutting operation costs, Tang said it is expected that its available capital will all be spent by March 2025, and by then the Palace Museum and the M+ Museum will no longer be able to organize more exhibitions and events.

〈Hong Kong Business, Aug 15, 2023〉Hong Kong employees reported lower levels of job satisfaction compared to their Asia Pacific and global peers, according to the latest workforce survey by PwC.

Less than 4 in 10 or 39% of the 1,000 employees surveyed from Hong Kong said that they are satisfied with their jobs. Whilst 3 percentage points higher than in 2022, this is much lower than the 57% of APAC and 56% on average globally that said they are satisfied with their jobs.

Only 30% of the Hong Kong respondents said that they find fulfillment in their jobs.

〈Asian Post, Aug 14, 2023〉Around 39% of Hong Kong businesses are planning to expand into the Southeast Asian region, according to the latest Business Outlook Survey conducted by UOB.

The poll’s result is like a siren call echoing through the business corridors of Hong Kong, Ricky Ng, head of Wholesale Banking at UOB Hong Kong, said in a recent interview with Hong Kong Business.

“We’re seeing a significant interest among Hong Kong companies, especially larger corporations, in overseas expansion opportunities,” he said.

The survey revealed that 50% of respondents expressed interest in investing in mainland China, whilst 9% were eyeing opportunities in Southeast Asia.

〈BBC News, Aug 13, 2023〉China's economy has slipped into deflation as consumer prices declined in July for the first time in more than two years.

The official consumer price index, a measure of inflation, fell by 0.3% last month from a year earlier.

Analysts said this increases pressure on the government to revive demand in the world's second largest economy.

This follows weak import and export data, which raised questions about the pace of China's post-pandemic recovery.

The country is also tackling ballooning local government debt and challenges in the housing market. Youth unemployment, which is at a record high, is also being closely watched as a record 11.58 million university graduates are expected to enter the Chinese job market this year.