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Property News Weekly Digest
〈The Standard, Oct 8, 2023〉Hong Kong and Singapore are "a hybrid of competition and cooperation," tycoon Li Ka-shing says, quoting a reply from ChatGPT, as he praises Singapore's late founding prime minister Lee Kuan Yew as "a great leader" in an interview with media from the Lion City.

In the prerecorded interview played at the Asia Future Summit in Singapore, the 95-year-old tycoon recalled his friendship with Lee, who passed away in 2015 at the age of 91. The summit was organized by three newspapers - Lianhe Zaobao, The Straits Times and The Business Times.

Li said he first met Lee in Hong Kong in the late 1960s and was impressed by his dedication and commitment to Singapore and its people.

"If one understands the societal complexities and economic hardships in Asia at that time, then you will realize the challenges that he had to confront," he said.

〈The Standard, Oct 7, 2023〉The Housing Department has started its latest bid to combat wealthy occupants by requiring public rental estate tenants to declare their properties or risk losing their homes.

Director of Housing Rosanna Law Shuk-pui said the department has sent out 88,000 declaration forms in the past few days as it plans to deal with 800,000 public rental housing tenants across the city in batches.

"We cannot deal with all 800,000 tenants' declarations at the same time, so some will receive it in October, some will receive it later on," Law said.

"If tenants see the declaration form in their mailbox, they have to fill it in and return it back to us."

〈Hong Kong Business, Oct 6, 2023〉The gov’t has launched the tender for the residential site at Cheung Sha on Lantau Island which will provide a supply of 110 flats.

The residential site is part of the Land Sale Programme for the third quarter of this financial year.

In 3Q23, the MTR Corporation will also put up for tender Package One of Tung Chung East Station, expected to provide around 1,200 flats.

Meanwhile, the Urban Renewal Authority (URA) will put up two development projects, one at Kai Tak Road / Sa Po Road and the other at Shing Tak Street / Ma Tau Chung Road. These two projects will provide around 1,450 flats in total.

In the same quarter, seven private development projects will complete their lease modifications, providing a supply of about 440 flats.

〈The Standard, Oct 5, 2023〉The Land Registry posted 3,893 sale and purchase agreements for all building units received for registration in September.

In a statement, this number is lower by 16.5% compared with August and 19.5% lower year-on-year. The total consideration for such deals fell 14.7% from August to $29.8b in September, whilst year-on-year, it fell 14.4%.

Of the agreements, 2,862 were for residential units, down 11.9% from August and declined 26.1% from September 2022.

〈CNN HK, Oct 4, 2023〉A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.

Joining a growing list of US officials visiting the region, Assistant US Treasury Secretary Brent Neiman is traveling to Hong Kong on Wednesday as part of an effort to “deepen ties between the world’s two largest economies,” a Treasury official tells CNN.

During the trip, Neiman — the highest-ranking Treasury official to visit Hong Kong since 2019 — plans to meet with government officials, private sector economists and executives from the financial and legal sectors. He is also set to meet with US companies that are members of the American Chamber of Commerce in Hong Kong as well as with students.