Hon Kong retirees should rent rather than buy in Greater Bay Area

After the hong Kong government lowered stamp duty for first-time buyers, small and medium-sized homes saw transactions rise in the secondary market.

Yuen Long reported six units traded on February 22, when the stamp duty cut was announced in the Budget, said Centaline Property's deputy regional sales manager, Ken Wong Kan-hok.

Inquiries on home purchases surged and the home viewing appointments last weekend increased up to three times week on week.

Victor Chung, associate district manager at Midland Realty, said 15 deals were recorded in Tsuen Wan in one day after the Budget announcement, with 70 percent at HK$9 million or below.

通关效应令超级豪宅受到市场关注，山顶布力径9号独立屋现推出放售，市场估值约4.8亿元。

美联方富义指出，是次获委托出售的山顶布力径9号，实用面积5104方尺，花园面积约为4000方尺，为市场罕有放盘的超级豪宅。该行已接获逾10组客查询，主要为超级富豪及内地客，并预约参观该座物业。据了解，项目估值约4.8亿元，尺价约94044

Silicon Valley Bank imploded in a single day. It could just be the tip of the iceberg.

The market on Friday watched as regulators shut the doors of Silicon Valley Bank, capping off a speedy decline and marking the biggest bank failure since 2008.

The bank's collapse was a byproduct of the Federal Reserve's hiking of interest rates by 1,700% in less than a year. Once risk-free Treasuries started generating more attractive returns than what SVB was offering, people started withdrawing, and the firm was forced to sell its loan portfolio at a huge loss. Even more people fled, and regulators were forced to shut it down.

The chaotic episode showed that the Fed's aggressive interest rate hiking regime could upend institutions and markets that were once thought to be relatively stable. It appears that any rate sensitivity is about to be laid bare, and past risk-taking behavior held accountable.

As much as consumers claim to be tech-savvy enough to recognize scams, Visa found that 73% are still likely to miss the requisite red flags in digital communications.

Visa referred to the language of fraud as “fraudulese,” which can be seen in texts or emails that offer free gifts, winning, exclusive deals, or act now messages. 

“Understanding the language of fraud is increasingly essential in our digital-first world. Scammers have reached new heights of sophistication in both language and variety – no one is immune,” Pavan Kumar Muttireddy, Head of Risk, Visa Hong Kong & Macau, said. 

资本策略以楼花形式推售的中环银座式商厦威灵顿街92号，至今共沽出2层，近日发展商加推5层应市，售价由5880万元起，尺价约2.27万元起。

威灵顿街92号近期连沽2层，包括1楼全层，建筑面积约1971方尺，成交价5755.32万元，尺价29200元，另一宗成交为7楼全层，建筑面积约2941方尺，成交价6470.2万元，尺价22000元。两层单位合共成交总值逾1.22亿元。

HSBC says it is acquiring the UK subsidiary of stricken Silicon Valley Bank for 1 (HK$9.46), but its shares edged down in Hong Kong.

"This acquisition makes excellent strategic sense for our business in the UK," chief executive Noel Quinn said.

The move comes after US authorities moved to shore up deposits and stem any wider fallout from the collapse of its parent, tech start-up lender SVB.

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 in first place before the pandemic hit.

Followed by Hong Kong in the most expensive retail destination is Italy’s Via Montenapoleone with $10,779 (US$1,380)  rent per sq ft. London’s New Bond Street and The Avenues des Champs Elysees in Paris placed fourth and fifth, respectively.

Secretary for Housing Winnie Ho assured the public that there are measures in place to prevent abuse of the city’s public housing resources.

Ho added that the Housing Department has also collected evidence and strengthened collaboration between the various government departments to obtain key information more effectively and quickly to determine if there is any tenancy abuse.

Since the implementation of the revised Well-off Tenants Policies in 2017, about 3,200 households have surrendered or had their public rental housing (PRH) flats recovered.

Transaction volumes for commercial properties will likely improve across all sectors in 2023 and beyond, according to CBRE.

In a report, CBRE said demand for commercial properties will gradually strengthen on the back of a brightening economic outlook, improving sales for the year.

In February, sales surged by 23.4% MoM to 1,698 units.

CBRE, however, said the rental and capital value performance of the market will “depend on the supply-demand balance across individual property sectors.” 

“In the short term, a rebound in the retail sector will be more evident as supported by growth in inbound travellers from a low base, followed by the hospitality segment. We expect to see more money chasing these assets going forward,” CBRE said.