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Property News Weekly Digest
〈The Standard, Sept 2, 2023〉Rents in hong Kong are expected to spiral up by another 10 percent this year, having already risen to the highest level in almost two years amid an influx of mainlanders taking advantage of a new visa program to work in the city.

Rental costs rose for six consecutive months to the highest since late 2021 in July with the number of rental deals accounting for more than 80 percent of all deals struck during the period - the first time since data gathering began in 2008, according to Midland Realty.

It attributed the increase to the various talent admission schemes, a surge in the number of non-local students, as well as prospective people looking to buy for their own use turning to rent instead.

Hong Kong saw its population grow by 2 percent, or 152,000, in the first half from a year earlier, with the government partly attributing the increase to the different programs to attract talents.

〈The Standard, Sept 2, 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.

〈Hong Kong Business, Aug 31, 2023〉2023 was not a year without challenges for Hong Kong’s real estate market with interest rate hikes and the slowdown of the Mainland’s recovery impeding its road to recovery.

Whilst its recovery was stalled, the city’s property market has already been able to put the worst behind it.

This year, Hong Kong Business recognises 20 real estate agents who helped lift the market against downward pressures.

Agents on the list have thrived in negotiating multi-million and billion-dollar deals in the residential, commercial, retail, industrial, and investment markets.

Amongst clients handled by this year's awardees include HSBC, Huatai Financial, Peak Re, FedEx, Viva Properties, AEON Credit, NEO, and Love, Bonito.

〈Asian Post, Aug 30, 2023〉Total deposits in Hong Kong banks rose by 1.2% in July, according to data from the Hong Kong Monetary Authority.

Of this, Hong Kong dollar deposits dipped by 0.2%, whilst foreign currency deposits rose 2.7%.

Renminbi deposits in Hong Kong inched up by a marginal 0.1% to RMB907.9b by end-July.

〈CNN Business, Aug 29, 2023〉According to a joint statement by the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) released Thursday, minimum down payments for mortgages will be cut to 20% for first-time buyers 30% for second-time buyers nationwide.

Previously, homebuyers in cities such as Beijing and Shanghai had to find down payments of at least 30% to 40%.

In addition, interest rates on new mortgages are also being slashed by about 40 percentage points after the central bank set a lower minimum premium to its benchmark loan prime rate.