1 hour ago Indebted owner’s luxury property on The Peak on sale at 30% discount

Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago. The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset. Yip Yuen Sai bought the property for HK$450 million in 2019, according to the...

Economics

4 d. ago Hibor plunge a bigger deal for stock market than Hong Kong’s property sector

Hong Kong needs all the help it can get. Since 2018, the city has suffered one shock after another, preventing a meaningful recovery from taking hold and fuelling concerns about its position as a global financial centre. As an importer of US monetary policy with an economy that is far more synchronised with that of mainland China, Hong Kong has been the biggest casualty of economic and policy divergence between the world’s two largest economies, prompting renewed questions about the suitability...

Economics

1 week ago Hong Kong’s real estate market cooled in May, with deals slumping to 3

Property deals in Hong Kong fell to a three-month low in May as caution prevailed amid heightened US-China tensions and stock market volatility, while distressed commercial real estate owners continued to offload assets at heavily discounted prices. Transactions for new and lived-in homes, offices, shops, car parking slots and industrial units dropped 11 per cent month on month to 6,434, the lowest tally since February, according to data from Centaline Property Agency. The value of the deals...

Economics

1 week ago Hong Kong property managers to receive mediation training in new pilot scheme

Mediation training will be offered to property managers in Hong Kong as part of a government pilot scheme, launching next month, to help them better address water seepage complaints from tenants. Some 120 senior property management staff from around 90 private housing estates will be selected to join the pilot programme. Six training sessions will be conducted from July until the third quarter of next year, with each session containing about 20 participants, a Legislative Council panel heard on...

Society

1 week ago Hong Kong’s veteran investors face the heat in sinking property market

Hong Kong’s commercial market declines have left some of the city’s once-prosperous veteran investors struggling financially, with experts expecting distressed sales to continue amid plunging property valuations. In April, receivers took over the luxury detached mansion in Pok Fu Lam where “Cassette King” David Chan Ping-chi and his family had lived since the 1980s, marketing it for HK$430 million (US$54.8 million) last week. Chan, who defaulted on a loan of about HK$350 million from Fubon Bank...

Economics

1 week ago Tepid sales at Uni Residence as competition heats up in new home market

Competition is intensifying in Hong Kong’s new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land’s The Henley in Kai Tak sold 78 of 80 units on...

Society

2 w. ago Hong Kong’s Gale Well continues asset sales with US$66 million Stanley property

Hong Kong property investment firm Gale Well Group put a luxury property site in Stanley on the block for HK$520 million (US$66.3 million), as it continues its campaign to divest and deleverage amid a prolonged downturn in the city’s real estate market. The 26,600 sq ft site, located at 8 Stanley Beach Road, has three blocks of flats that are three stories each, with a total of nine units and 10 car parking spaces. Some flats are vacant, some have tenants and the property will be sold on an...

Economics

2 w. ago Hong Kong’s Gale Well suffers US$6.5 million loss on sale of 2 shops

Hong Kong property investment firm Gale Well Group, which has been divesting assets, sold three shops this month, incurring a loss of more than HK$51 million (US$6.5 million) on two of them, as the city’s retail real estate market remains mired in a downturn. Gale Well sold a 2,780 sq ft street-level shop at King Kwong Street in Happy Valley for HK$28.8 million, nearly 40 per cent lower than the HK$46 million it paid in 2008, according to Land Registry data. The transaction was completed on May...

Economics

2 w. ago Capital from Hong Kong, mainland China sets sights on Dubai, Abu Dhabi property

Inquiries from Chinese buyers surge and Hong Kong’s Gaw Capital and Black Spade Capital make investments.

Politics

3 w. ago Hong Kong property: new pricing weighs on home market as tariff war hurts demand

Projects in New Territories are being priced below second-hand properties, while mainland Chinese buyers are driving demand in Kowloon.

Society