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Property News Weekly Digest
2023/11/25
〈The Standard, Oct 24, 2023〉Mortgagees should not be too worried about banks calling in their loans as long as repayments are made as planned, officials said, after negative equity cases tripled quarter on quarter in the three months ended September.

"Even if there is a decline in the value of the properties that are pledged as collateral, banks, in general, will not request early repayments so long as the borrowers are able to make payments on their residential loans according to schedule," said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu in a reply to Legislative Council members.

Hui's comments were echoed by Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority. Mortgage loans are the best assets for lenders and those who can pass the stress test have proven abilities in the area of repayment, Yue noted earlier. "If these borrowers can make the payments and there is no indication that they might default, why should [the banks] call in the loans?"

〈The Standard, Oct 23, 2023〉Hungary will offer a residency permit for those who purchase expensive property in the European Union nation - six years after corruption allegations led authorities to shut a similar golden visa program.

The guest-investor program allows those who invest at least EUR250,000 (HK$2.1 million) in local property funds or EUR500,000 in Hungarian real estate the right to apply for a 10-year, renewable residency permit in Hungary, according to legislation filed by Prime Minister Viktor Orban's government.

People who donate at least EUR1 million to so-called public trusts, which the government set up to oversee universities, will also be eligible.

Hungary shut down a similar program in 2017. That one granted residency and unfettered travel in the EU to buyers of EUR300,000 of government bonds.

〈Hong Kong Business, Oct 22, 2023〉Hong Kong’s Tsim Sha Tsui (main street shops) went down by a rank in the most expensive retail destination, placing third globally in 2023 but is still the top market in the Asia Pacific region.

In the Main Streets Across the World report, which focuses on headline rents in best-in-class urban locations, Cushman & Wakefield said rents in Tsim Sha Tsui rose by 4% year-on-year to reach (US$1,493) per square foot annually.

Globally, rents increase by 4.8% YoY on average, with APAC posting the strongest growth at 5.3%.

〈Asian Post, Oct 21, 2023〉Mortgage broker SPF Private Clients (SPF) launches a new office in Hong Kong.

The office will be headed by Becca Pickard, a mortgage specialist originally from London.

Chloe Ho will be moving to SPF London as a client relationship manager.

‘Our aim is to provide exceptional service to our clients, working closely with existing stakeholders and forging new relationships to enhance the SPF brand across Hong Kong and Asia as a whole. We pride ourselves on providing transparent, honest, and bespoke service, to give clients complete peace of mind,” Becca Pickard said.Mortgage broker SPF Private Clients (SPF) launches a new office in Hong Kong.

The office will be headed by Becca Pickard, a mortgage specialist originally from London.

Chloe Ho will be moving to SPF London as a client relationship manager.

‘Our aim is to provide exceptional service to our clients, working closely with existing stakeholders and forging new relationships to enhance the SPF brand across Hong Kong and Asia as a whole. We pride ourselves on providing transparent, honest, and bespoke service, to give clients complete peace of mind,” Becca Pickard said.

〈Macau Daily Post, Oct 20, 2023〉The value of retail sales surged by 80.1% year-on-year to MOP20.19 billion in the third quarter of 2023, according to data from the Statistics and Census Service (DSEC).

The sales value of Chinese Food Products soared by 439.9% year-on-year, and notable increases were also recorded in the sales values of Leather Goods (+148.1%), Department Stores (+123.5%), Adults’ Clothing (+119.6%) and Watches, Clocks & Jewellery (+115.4%).

By contrast, the sales value of Supermarkets decreased by 11.3%. The value of retail sales in the third quarter of 2023 dipped by 5.9% when compared with the revised figure (MOP21.45 billion) of the previous quarter.