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Property News Weekly Digest
〈The Standard, Mar 5, 2022〉CK Asset was awarded a four-project combined development in To Kwa Wan for nearly HK$6 billion, while rival Henderson Land Development (0012) has been acquiring sites in the district.

Executive director Grace Woo Chia-ching said the developer is pleased to have won this tender and believes the project will bring satisfactory returns.

Located in the To Kwa Wan area, this combined site is a rare downtown development and can create synergy with adjoining development projects of the Urban Renewal Authority, Woo said.

With the redevelopment of the whole area being put forward, it is expected that a more beautiful living environment will be created, she added.

The four URA projects with a total site area of 5,438 square meters covering two adjoining sites, namely Hung Fook Street / Kai Ming Street and Wing Kwong Street / Kai Ming Street, were first announced between 2013 and 2017.

〈The Standard, Mar 4, 2022〉Residential property sales in Hong Kong last month slumped over 33 percent month on month and halved from a year ago, according to the Land Registry.

The total value of traded residential homes in February was HK$29.5 billion, a 33.7 percent fall from the previous month and a year-on-year plunge of 48.2 percent.

The Land Registry also received fewer sales and purchase agreements of residential units with 2,912 cases in February, 32.4 percent less than last January, and 52.5 percent less over the same period in 2021.

The number of commercial and industrial property registrations also decreased last month amid the worsening fifth wave of the Covid pandemic.

According to Midland Realty, the number of such property registrations in February was 427, down 19.3 percent from January and a 16-month low since October 2020, while the amount involved was about HK$4.83 billion, a sharp drop of 47.8 percent month-on-month.

〈Asian Post, Mar 3, 2022〉As the sar administration tightens Covid prevention measures by launching the vaccine pass, major developers are trying their best to balance property sales and homebuyers' safety.

Following the closure of several show homes due to the outbreak, some will be offered to visitors by appointment only with the aim of reducing gathering sizes.

Also, some developers have also taken a series of measures in response to the strict social-distancing rules, including limiting the number of visitors to groups of two and enhancing the disinfection practices.

Lai Sun Development (0488) says its show homes at Monti in Shau Kei Wan are only open to visitors by appointment, adding that there are still eight units available for sale.

〈China Daily, Mar 2, 2022〉China's chief banking regulator signaled that he's comfortable with moves being seen in home prices during the industry slowdown - as long as they aren't too extreme.

"Now there have been some adjustments in property prices, and changes in the structure of demand - a good thing for the financial sector," Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at a briefing yesterday. "But we don't want the adjustments to be too drastic, or the impact on the economy too big."

Home prices in China have been falling for five months as buyer confidence weakened during a liquidity crisis that rippled through the industry following a crackdown on excess borrowing.

Still, policy makers are treading a fine line as the housing slump has taken a toll on the world's second-largest economy.

〈Asian Post, Mar 1, 2022〉The number of multimillionaires in Hong Kong expanded last year at a faster clip than the global average, a trend that is likely to support demand for tokenisation and digital ownership of property, according to a Knight Frank survey.

The pool of so-called ultra- high-net-worth individuals in the city grew 11 per cent to 7,593, of which 30 per cent were under 40, the property consultancy said in its "Wealth Report" published yesterday.

Globally, the size increased by 9.3 per cent to 610,568 with people below 40 making up a fifth of them last year. The number in China increased by 6 per cent in 2021 to 93,854, with 29 per cent of them below 40.

The survey counted people in 100 cities with at least US$30 million of wealth including their primary residences, and estimated for the first time the rank of next-generation ultra-high-net-worth individuals and what that could mean for the property market and investment preferences.