〈Asian Post, May 16, 2020〉Hong Kong's first residential plot of land designated for a mixed project comprising private and subsidised homes, to be built by private developers, is expected to attract low offers despite an enthusiastic response as property firms are unwilling to invest big in an experimental development amid a recession, analysts said.

"The number of bids is within expectations. The response is quite good. Even as developers are interested the offers will not be high," said Thomas Lam, executive director at Knight Frank. "If the government cannot adjust [the reserve price] along with the market, the parcel risks being withdrawn from sale."

Nine bids were submitted for the plot in Kwun Tong yesterday. Among the developers vying for the land were CK Asset Holdings, Wheelock Properties, Chinachem Group, Sino Land, K. Wah International, Grand Ming Group Holdings, China Overseas Land & Investment and a consortium of Henderson Land Development, Far East Consortium International and Empire Group.

Market valuations for the site ranged from HK$4.6 billion to HK$9 billion, after being cut by up to 20 per cent by surveyors on concerns about Hong Kong's economy and the fallout from the coronavirus pandemic.

〈Asian Post, May 15, 2020〉Chinachem Group has been charging close to zero base rents as part of recession relief measures for some tenants in its Tsim Sha Tsui shopping centres since March.

Donald Choi, the Hong Kong retail landlord's chief executive, said on the sidelines of the China Conference - hosted by the South China Morning Post - that tenants selling duty-free products targeted primarily at mainland Chinese tourists have been offered the favourable terms.

"These shops were close to shutting down, as most of their customers are from mainland China. We would like to walk them through this tough period," he said, adding that such measures would remain in place at least until the end of June.

Chinachem Group operates 7.5 million sq ft of investment property in the city and has two commercial buildings with retail space in Tsim Sha Tsui - Chinachem Golden Plaza and Chinachem Cameron Centre.

Choi said 90 per cent of tenants in these shopping centres had received rent relief that ranged from 20 per cent to 50 per cent. About five of them will pay close to zero base rent.

〈The Business Times, May 14, 2020〉AS THE UK property market slowly reopens after a long hiatus caused by the Covid-19 pandemic, chartered surveyors and estate agents predict that home prices will fall.

In the latest survey of the Royal Institute of Chartered Surveyors (RICS), three-quarters of respondents expected prices to fall in the coming weeks, with two-fifths saying the drop could be more than 4 per cent.

Some 80 per cent of Britain's property surveyors said that buyers had withdrawn from house and apartment deals during the month of April. New instructions to sell a property slumped by the most since the survey began back in 1999.

"Looking further after the lockdown, there is a little more optimism but the numbers still suggest that it will be a struggle to get confidence back," said RICS chief economist Simon Rubinsohn.

Nearly two-thirds of those polled by RICS want a temporary suspension of Britain's stamp duty on property purchases to help the market revive. Respondents hope that prices and sales will recover to their pre- Covid-19 levels in about a year.

Surveyors expect rents to fall across the UK in the coming three months, but stabilise in a year's time. Taking a five-year view, the survey respondents predicted that rentals would rise by around 2.5 per cent per annum and property sales prices by around 2 per cent.

〈The Standard , May 14, 2020〉Luxury home prices in Hong Kong, Singapore and Vancouver are expected to plummet this year, according to Knight Frank's recent prediction for the luxury real estate sector in 20 cities.

Sixteen cities - including London, Sydney, Melbourne, New York, Singapore, Vancouver and Hong Kong - were unable to escape a price decline, Knight Frank said, with only Lisbon, Monaco, Vienna and Shanghai seeing the chance of a slight rise.

However, the group also expects a fairly good rebound next year in London's luxury flats.

Knight Frank classified luxury homes' potential price trends for the next two years into four categories: a surge (more than 5 percent increase); a slight increase (0 to 5 percent increase); a slight decrease (0 to 5 percent decrease); and a plunge (more than 5 percent decrease).

No city was in the surge category this year. Lisbon, Monaco, Vienna and Shanghai fell in the slight increase category while London, Los Angeles, Melbourne, New York and Sydney were in the slight decrease group.

The prices for Hong Kong, Singapore, Vancouver are expected to see a plunge.

〈The Standard, May 13, 2020〉A 3,071-square-foot luxury flat at The Leighton Hill in Happy Valley changed hands for HK$240 million, or around HK$78,150 per sq ft, as more new projects hit the market.

The vendor made a paper gain of about HK$193 million after holding onto the property for 20 years.

In other secondary sales, a 761-sq-ft flat at Tierra Verde in Tsing Yi sold for HK$15.78 million, or HK$20,736 per sq ft, hitting a new high at the estate, according to Centaline Property Agency.

And an 809-sq-ft flat at Taikoo Shing in Quarry Bay fetched HK$17.2 million, or HK$21,261 per sq ft, after HK$300,000 was cut from the initial asking price.

In the primary market, Wing Tai Properties released 52 flats in the third price list of Oma by the Sea in Tuen Mun, at an average price of HK$12,851 per sq ft after discounts. The developer will be putting 268 apartments from the first three price lists on sale on Sunday.