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Property News Weekly Digest
〈The Standard, Oct 14, 2023〉Low prices for new homes and a sluggish secondary market sent bank valuations for flats down by up to 4.4 percent last month.

Of 20 housing estates tracked, 16 saw valuations drop by 0.67 to 4.4 percent month on month, with only two recording gains.

While the number of estates that saw declines in valuations eased slighly from the 17 in August, the magnitude of the drops was even deeper.

The worst decline was for an 852-square-foot home at Whampoa Garden, whose valuation was cut for the fourth consecutive month by 4.4 percent to HK$11.0

〈The Standard, Oct 13, 2023〉More than 1,360 residential units were approved for presale in the primary market last month, bringing the total to over 16,000 units that have been approved for sale but not yet officially listed for sale in the market.

Kai Tak has the lion's share of units, surpassing 8,200, which constitutes 60 percent of the total.

The bulk of the rest are in Tuen Mun and Yuen Long with approximately 3,300 units and 2,000 units respectively.

Currently, there are seven new projects in Kai Tak that have been approved for sale but have not yet been officially listed.

〈Asian Post, Oct 12, 2023〉The office market recorded lower net effective rent in August at $53.4 per square foot, translating to a 0.7% drop from July.

Data from JLL showed that major office submarkets such as Central and Wanchai / Causeway Bay also witnessed rental drops, with rents falling 0.8% MoM and 0.3% MoM, respectively.

Tsimshatsui, on the other hand, saw a rise of 0.6%. Vacancy in Tsimshatsui has dropped by 0.6 percentage points in August. Wanchai / Causeway Bay likewise recorded a vacancy rate drop, recording a 0.7 percentage point decline.

〈Hong Kong Business, Oct 11, 2023〉The global political conflicts and closure of borders impacted Hong Kong’s top spot in the priciest retail destination. According to Cushman and Wakefield’s 2022 report, Hong Kong has now edged down to second place.

The Upper Fifth Avenue located in New York ranked first in the most expensive retail destination report, with $15,622 (US$ 2,000) per square foot (sq ft). In 2019, the US was at the second spot globally.

Hong Kong’s Tsim Sha Tsui has $11,216 (US$1,436) per sq ft. The market was

〈CNN Nexs, Oct 10, 2023〉China’s exports and imports shrank at a slower pace for a second month in September, customs data showed on Friday, adding to the recent signs of a gradual stabilization in the world’s second-biggest economy thanks to a raft of policy support measures.

The trade report should provide some encouragement to authorities, although stiff challenges remain in an economy facing persistent deflationary pressure, a long-running property crisis, a slowdown in global growth and geopolitical tensions.