〈Asian Post, Feb 19, 2022〉The spread of the Omicron variant has hit the industry hard, with many premises now becoming isolation facilities as a way to fill what would otherwise be vacant rooms

As Stacie Yang drew up plans to celebrate her 30th birthday due at the end of February, her options were quickly vanishing with Hong Kong’s explosive growth in Covid-19 cases.

Spa sessions, a karaoke rendezvous, and manicures were out, as city authorities shut close-contact services to contain the spread of the Omicron variant of the Covid-19 virus. Even dinners were out of the question as indoor dining was banned after 6pm.

Exasperated, Yang booked a deluxe room at the Rosewood Hotel in Tsim Sha Tsui, with a view of Victoria Harbour and Hong Kong Island, where she invited four of her closest friends for a weekend staycation.

Two weeks before checking in however, the authorities slapped a two-person limit on public gatherings, and banned members of more than two households from congregating in a confined space. Luckily for Yang, she received a refund on her HK$5,000 booking fee.

〈China Daily, Feb 18, 2022〉Sino Land's underlying profit attributable to shareholders doubled to HK$4.3 billion for the second half of 2021, with its revenue mainly boosted by property sales.

The developer's interim net profit rose 2.5 times year-on-year to HK$4.2 billion, most of which came from the booking of a newly completed project, Mayfair By The Sea 8, and sales of Grand Central's remaining stocks that completed a year ago.

The property sales in the second half of 2021 more than doubled to HK$8.5 billion, compared to the same period of 2020.

Sino Land is confident for this year, since two new residential projects - La Marina in Wong Chuk Hang and One Central Place in Central - were approved for presale for the last six months of 2021. It also expects to obtain the presale consent for three more residential projects this year.

The projects waiting for approval are Kam Sheung Road Station Package One Property Development in Yuen Long, Lohas Park Package Eleven Property Development in Tseung Kwan O, and Wong Chuk Hang Station Package Four Property Development.

〈Asian Post, Feb 17, 2022〉Developers have agreed to turn at least 10,000 hotel rooms into community isolation facilities for Covid-19 patients after meeting with Chief Executive Carrie Lam Cheng Yuet-ngor, sources said.

Lam held a video conference with the Real Estate Developers Association yesterday, in which she called for those who run hotels across the city to provide rooms to quarantine Covid patients with very mild or no symptoms, according to The Standard's sister publication Sing Tao Daily.

Representatives of association members at the meeting included Wharf (Holdings), Cheung Kong Holdings and Sun Hung Kai Properties, said executive committee chairman Stewart Leung Chi-kin.

Leung said he would support the government as a citizen and companies will coordinate with relevant departments for the arrangement.

The actual number of hotel rooms that would be transformed into isolation facilities would depend on the government's request.

It was understood that representatives of Stan Group, which operates 11 hotels in Hong Kong, were at the meeting.

〈Business Post, Feb 16, 2022〉The idea of owning property in an extended reality is enticing for a generation of prospective buyers raised on Minecraft and cryptocurrency

Virtual real estate is a game-changer, and is likely to have profound and lasting consequences for the tangible property market. It has the hallmarks of an evolutionary step in property ownership.

No longer the sole purview of gamers and cryptocurrency entrepreneurs, the idea of owning a piece of virtual property is enticing, not only for speculative investment but for a generation of prospective buyers raised on Minecraft and cryptocurrency.

Over the last few months, the volume of transactions for commercial real estate in extended reality has ramped up. These digital landscapes will grow into a fully functioning economy in a few years and offer a synchronous digital experience integrated into our lives as social media is today.

They will allow people to find friends, take part in events and do things they typically do in real life, but in a mirror world that enables an alternative existence.

〈The Standard, Feb 15, 2022〉Surge in Covid-19 cases, new home supply and expat and student departures spell pain for landlords

Housing rents in Hong Kong have fallen to multi-month lows, squashing some of the optimism that had built up over a possible recovery in the city’s property market.

Average rent in the city fell 0.7 per cent to HK$34.74 per square foot in January, the lowest level since May 2021, according to data from Midland Realty, based on leases in 138 housing estates.

Rents have dropped by a cumulative 2.3 per cent in four months, the longest decline since a six-month streak ended in February 2021.

"We have also seen many listings, so the rents will still be under pressure in February and March," said Sammy Po Siu-ming, who oversees residential markets in Hong Kong and Macau at Midland Realty.

"There may be some bargain rental listings now."

Things had been looking up as recently as October, before the fifth wave of the pandemic sparked strict restrictions and made recent forecasts for a market recovery seem too bullish.