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Property News Weekly Digest
〈The Standard, Aug 26, 2023〉With developers offering discounts on car parking spaces, some home buyers are skipping homes in favor of parking lots.

That was Midland Realty's finding, with the agency recently reporting strong demand and active transactions in the sale of parking spaces at Tai Koo Shing.

One investor reportedly shelled out about HK$11 million to buy eight car parks at Tai Koo Shing for leasing out.

Alex Yau Pang, the chief district sales director for Island East at Midland Realty, said the customer initially intended to invest about HK$10 million on a two-bedroom unit at Tai Koo Shing for long-term rental purposes.

〈The Standard, Aug 25, 2023〉Hong Kong is betting free alcohol and longer shopping hours will revive the city’s once-bustling nightlife.

The government has been in discussions with major property groups to encourage them to roll out measures to boost the nighttime economy, including extending mall operating hours, according to Allan Zeman, a nightclub baron and adviser to Hong Kong’s Chief Executive John Lee.

Lan Kwai Fong Holdings Ltd., which owns the bulk of Hong Kong’s largest party district, will offer flash discounts on some weekday evenings in September and set up street performances by DJs, Zeman said. Other property firms say they’re going to distribute drink and shopping vouchers and hold nighttime events in the push to re-ignite sluggish tourism and consumer sectors hurt by Covid.

〈Asian Post, Aug 24, 2023〉Out of all the total projects accomplished in the January to June period, only 55% of the residential units were sold, according to JLL’s Residential Market Monitor. The slowdown in activity reflects the cautious approach of potential buyers.

Especially when it is predicted that demand in the primary real estate market will continue to face challenges in the latter half of the year.

Compared to the performance in the last five years, this was lower than the average sell-through rate of 78%.

“The new mass residential projects have to offer a bigger discount to lure buyers. "Coastline II" in Yau Tong is one of the examples where the prices are attractive to buyers, marking the start of a price war.

〈Hong Kong Business, Aug 23, 2023〉The Lands Department rejected a tender it received for the sale of Tsuen Wan Town Lot No. 430 at Yau Kom Tau.

In an announcement, the Lands Department said the tendered premium did not meet the government’s reserve price for the site, which is set on the day of tender closure.

The tender closed on August 18 with only one bid from a subsidiary of Grand Ming Group Holdings.

“The government will not sell a site if no bid reaches the reserve price as assessed by its professional valuers,” the Lands Department said.

Tsuen Wan Town Lot No. 430 has a site area of about 48,673 square metres (sqm) and a minimum and maximum gross floor area of 82,620 sqm and 97,200 sqm, respectively.

〈BBC News, Aug 22, 2023〉The US Federal Reserve chairman Jerome Powell told an annual gathering of central bankers that the pace of price rises had fallen from a peak.
However, it remains above the Fed's 2% target.

In a speech to the Jackson Hole symposium in Wyoming, Mr Powell said interest rates could rise further and stay higher for longer.

US inflation hit 3.2% in the year to July while the key interest rate is 5.25% - the highest in 22 years - and comes after 11 consecutive rate rises since early 2022.