Best Fortune - New Roundup https://www.bestfortune.com.hk/news_detail2.php Best Fortune - New Roundup https://www.bestfortune.com.hk/image/rss.jpg https://www.bestfortune.com.hk/news_detail2.php 2021-08-03 <![CDATA[Property sales up 6.1%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 9,957 sale and purchase agreements for all building units received for registration in July, up 6.1% from June and 31.4% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for such agreements rose 1.5% from June to $94 billion in July, representing a 35.6% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 7,579 were for residential units, down 0.2% from June and 23.6% higher than a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration of residential units was $78.6 billion, a drop of 2.8% compared with June and up 32.1% from June 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 530,252 land register searches last month.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=4247 2021-06-30 <![CDATA[Mortgage loans up 11.6%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Residential mortgage loans approved in May increased 11.6% compared with April to $56.7 billion, the Monetary Authority announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans financing primary market transactions dropped 4.9% to $7.2 billion, while those financing secondary market transactions rose 11.2% to $40.6 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those for refinancing increased 32.9% to $8.8 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans drawn down during the month rose 21.1% to $35.7 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of mortgage applications in May decreased month-on-month by 4% to 15,904.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The outstanding value of mortgage loans increased month-on-month by 1% to $1.631 trillion at the end of May.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=4137 2021-06-22 <![CDATA[16 building plans approved]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Buildings Department approved 16 building plans in April – four on Hong Kong Island, five in Kowloon and seven in the New Territories.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the approved plans, seven were for apartment and apartment-commercial developments, two were for factory and industrial developments, and seven were for community services developments.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Consent was also given for work to start on 11 building projects which will provide 13,704 sq m of gross floor area for domestic use involving 196 units, and 140,034 sq m of gross floor area for non-domestic use.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The department also issued 15 occupation permits – three on Hong Kong Island, six in Kowloon and six in the New Territories.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Buildings certified for occupation have 123,833 sq m of gross floor area for domestic use involving 1,973 units, and 55,111 sq m for non-domestic use.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=4105 2021-06-02 <![CDATA[Property sales down 2%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 8,965 sale and purchase agreements for all building units received for registration in May, down 2% from April and 30.2% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for such agreements rose 2.9% from April to $87.6 billion in May, representing a&nbsp;45.4% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 7,084 were for residential units, down 3.3% from April and 18.4% higher than a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration of residential units was $76.8 billion, a rise of 7.4% compared with April and up 45.7% from May 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 515,805 land register searches last month.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3999 2021-05-20 <![CDATA[Application for Sale of Green Form Subsidised Home Ownership Scheme Flats 2020/21 to commence]]> <font face='Arial, Helvetica, sans-serif'><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">The Hong Kong Housing Authority (HA) announced today (May 20) that eligible Green Form applicants, including sitting tenants of Tenants Purchase Scheme (TPS) estates, who intend to purchase Green Form Subsidised Home Ownership Scheme (GSH) flatsrecovered flats from TPS estates under the Sale of Green Form Subsidised Home Ownership Scheme Flats 2020/21 (GSH 2020/21) may submit applications from May 28 to June 10.&nbsp;The application fee for GSH 2020/21 will be frozen at $250.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;The application form, the application guide and the sales booklet for Kai Chuen Court under GSH 2020/21 as well as sales leaflets for other unsold/rescinded GSH flats and recovered TPS flats, detailing sales arrangements and basic information of the developments/estates, will be available to the public for collection from tomorrow (May 21).&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;The above documents can be obtained during office hours from the HA GSH Sales Office, the HA Customer Service Centre (HACSC) in Lok Fu, the estate offices and District Tenancy Management Offices of the HA, rental estate offices of the Hong Kong Housing Society (HS) and the Home Affairs Enquiry Centres of the Home Affairs Department. Soft copies of the above documents are available from the designated website of the HA/Housing Department (HD) (</span><a href="http://www.housingauthority.gov.hk/gsh/2020-21" target="_blank" style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; color: rgb(32, 131, 197); text-decoration-line: none; font-size: 12px;">www.housingauthority.gov.hk/gsh/2020-21</a><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">) for viewing and downloading.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Flats for sale</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;Kai Chuen Court in Diamond Hill, a new GSH development, will provide 2,112 flats with saleable areas of about 17.1 square metres to about 44.7 sq m (about 184 square feet to about 481 sq ft).</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;A total of 525 unsold/rescinded flats as at March 31 and any additional rescinded flats from Dip Tsui Court in Chai Wan and Ching Fu Court in Tsing Yi under GSH 2019, as identified up to about two months before commencement of flat selection, will be included for resale in this sale exercise.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;About 800 recovered TPS flats will also be put up for sale in this sale exercise. Eligible applicants will be invited to choose to buy a GSH flata recovered TPS flat according to their priority for flat selection and subject to availability of flats.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Price</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;By applying a discount of 50 per cent from the assessed market values, the selling prices of the flats at Kai Chuen Court range from about $1.18 million to about $3.85 million. The average selling price of Kai Chuen Court is $79,500 per sq m (i.e. $7,390 per sq ft) on a saleable area basis.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;The selling prices of the unsold/rescinded GSH flats for resale are set at the same discount of this sale exercise, i.e. a discount of 50 per cent from the assessed market values.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;The existing pricing mechanism for the sale of TPS flats to sitting tenants will be adopted for the sale of recovered TPS flats to Green Form applicants. As at January 2021, the list prices of all unsold TPS flats in the 39 TPS estates ranged from about $140,000 to $1,260,000.&nbsp;The final prices will depend on the flats that will be put up for sale in this exercise.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Application arrangements</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;Applicants may either submit online applicationspaper-based applications by postby hand.&nbsp;Each person can only be listed in one application form for this sale exercise, whether the application is made onlinepaper-based; otherwise, the applications will be regarded as duplicates. Making duplicate applications will render all applications null and void irrespective of the reasons for the duplication, and the application fee paid will not be refundedtransferred. Details are set out in the application guides.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;"For online applications from sitting tenants of public rental housing (PRH) estates of the HArental estates of the HS, their respective estate offices will contact them to verify their household information after receiving their online applications. The estate offices concerned will prepare hard copies of the application forms and the applicants and all family members aged 18above will have to sign and return the application forms to their respective estate offices for further processing," the spokesman said.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;"The closing time for receiving applications, whether onlinepaper-based, is 7pm on June 10, 2021. Applications submitted beforeafter the application period will not be accepted. Applicants who are tenants of PRH estates of the HArental estates of the HS are required to return their paper-based applications to their respective estate offices. Other applicants may submit their paper-based applications by postby hand to the GSH Sales Office at 1/F, Pioneer Place, 33 Hoi Yuen Road, Kwun Tong. The Home Ownership Scheme Sales Unit at the HACSC in Lok Fu will not accept GSH applications," the spokesman said.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;"It is expected that balloting for GSH 2020/21 will be held in JulyAugust this year, and eligible applicants will be invited to select flats starting from SeptemberOctober this year according to their priority order of the application category," the spokesman said.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Carry-over application arrangements</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;"Valid Green Form applicants of the Sale of Home Ownership Scheme Flats 2020 (HOS 2020) who have indicated their consent to carry over their applications to the next Subsidised Sale Flats sale exercise of the HA will be included automatically in this sale exercise provided that they meet the eligibility criteria of this sale exercise.&nbsp;These applicants do not need to submit separate applications nor pay the application fee for GSH 2020/21.&nbsp;The HA has notified these applicants in writing that their HOS 2020 applications have been carried over to GSH 2020/21 as well as their application numbers under GSH 2020/21 before the application period. For online application, such notification has been sent to the applicants by email.&nbsp;If an applicant submits another GSH 2020/21 application, it will be regarded as a duplication of application. Making duplicate applications will render all applications null and void irrespective of the reasons for the duplication, and the application fee paid will not be refundedtransferred," the spokesman said.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;"If an applicant wishes to apply in a household category different from that for HOS 2020 which may affect hisher priority for flat selection, heshe is required to inform the HA during the application period of GSH 2020/21.&nbsp;Moreover, for applicants who have successfully purchased a flat under HOS 2020, their carry-over applications for this sale exercise will be cancelled immediately," the spokesman added.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Publicity</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;Doll houses and virtual videos of typical flats and a building model of Kai Chuen Court, exhibition panels and other information on the GSH developments of unsold/rescinded GSH flats, as well as the photos of the interior of samples of recovered TPS flats and exhibition panels and other information on TPS estates, will be provided for public inspection at the GSH Sales Office in Kwun Tong from 8am to 7pm every day between May 21 and June 10. Related information will be uploaded to the HA/HD's designated website (</span><a href="http://www.housingauthority.gov.hk/gsh/2020-21" target="_blank" style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; color: rgb(32, 131, 197); text-decoration-line: none; font-size: 12px;">www.housingauthority.gov.hk/gsh/2020-21</a><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">).&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;Sales brochures for new and unsold/rescinded GSH flats as well as sales pamphlets for recovered TPS flats, providing greater details of the developments and estates, and price lists will be available for public collection and viewing on the HA/HD's designated websites at least seven days before commencement of the flat selection period. During the flat selection period, photos and video clips of the interiors of all recovered TPS flats for sale will be provided at the GSH Sales Office and the HA/HD's designated website (</span><a href="http://www.housingauthority.gov.hk/gsh/2020-21" target="_blank" style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; color: rgb(32, 131, 197); text-decoration-line: none; font-size: 12px;">www.housingauthority.gov.hk/gsh/2020-21</a><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">).</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">Enquiries</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp; &nbsp; &nbsp;Members of the public can call the 24-hour HA Sales Hotline on 2712 8000 on matters concerning application for the GSH 2020/21 sale exercise.</span> <div><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><br></span></div><div><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">(The source: info.gov.hk)</span></div></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3963 2021-05-05 <![CDATA[Hong Kong home prices will rise this year as economy rebounds and jobless rate declines, S&P Global says]]> <font face='Arial, Helvetica, sans-serif'><div data-v-67a17760="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3db4a586="" data-v-67a17760="" class="generic-article__body article-details-type--p content--p" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Hong Kong’s residential prices will rise by as much as 5 per cent this year, US rating agency S&amp;P Global Ratings said on Wednesday.</p></div><div data-v-67a17760="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3db4a586="" data-v-67a17760="" class="generic-article__body article-details-type--p content--p" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The agency said buoyant housing demand, a chronic shortage of land and housing supply, as well as a consistently low interest rate environment will support price rises. It joins a chorus of industry observers, which has forecast that Hong Kong residential prices will rise this year.</p></div><div data-v-67a17760="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3db4a586="" data-v-67a17760="" class="generic-article__body article-details-type--p content--p" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">“During the past two decades, Hong Kong property prices have tended to bottom out when the jobless rate hasis about to peak. This will underpin developers’ residential development margins,” S&amp;P Global said. It said that Hong Kong’s unemployment rate seems to have come off a peak of 7.2 per cent in February to 6.8 per cent in March, while its economy grew by 7.8 per cent in the first quarter.</p></div><div data-v-67a17760="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3db4a586="" data-v-67a17760="" class="generic-article__body article-details-type--p content--p" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">These developments will, ironically, hurt many Hongkongers’ hopes of owning their own homes, as a revival in the city’s economy and falling unemployment could lift flat prices in the world’s most expensive real estate market.</p></div><div data-v-67a17760="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;">(The source: South China Morning Post)</div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3891 2021-05-04 <![CDATA[Property sales up 0.9%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 9,150 sale and purchase agreements for all building units received for registration in April, up 0.9% from March and 88% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for such agreements rose 9.1% from March to $85.1 billion, representing a 122% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 7,325 were for residential units in April, down 1.6% from March and 78.6% higher than a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration of residential units was $71.6 billion, a rise of&nbsp;3.2% compared with March and up 112.1% from April 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 485,937 land register searches last month.<br><br>(The Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3867 2021-04-30 <![CDATA[Mortgage loans up 39%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Residential mortgage loans approved in March increased 39% compared with February to $53 billion, the Monetary Authority announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans financing primary market transactions rose 86.5% to $9.7 billion, while those financing secondary market transactions increased 31.5% to $36.2 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those for refinancing rose 31.7% to $7.1 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans drawn down during the month increased 56.3% to $30.2 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of mortgage applications in March increased month-on-month by 44.1% to 17,946.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The outstanding value of mortgage loans increased month-on-month by 0.6% to $1.6053 trillion at the end of March.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3839 2021-03-31 <![CDATA[Task Force for the Study on Tenancy Control of Subdivided Units submits report to the Government]]> <font face='Arial, Helvetica, sans-serif'><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">The Task Force for the Study on Tenancy Control of Subdivided Units (Task Force) submitted its report to the Government today (March 31), setting out the current situation of subdivided units (SDUs) in Hong Kong and providing views and recommendations to the Government on whether tenancy control on SDUs should be introduced in Hong Kong and the possible options. The Government would carefully consider the recommendations put forward by the Task Force, and introduce the relevant bill into the Legislative Council as soon as possible within the current legislative session.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; The Secretary for Transport and Housing, Mr Frank Chan Fan, thanked the Task Force, under the chairmanship of Professor William Leung, for conducting a comprehensive, in-depth and professional study on the issues relating to tenancy control on SDUs in Hong Kong, and for advancing the completion of the study and submission of the report to the Government by three months in view of the public's concerns about the subject.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; The Government noted that the Task Force considered in principle that the Government should implement suitable tenancy control on SDUs in order to safeguard the interests of SDU tenants, and recommends that the tenancy control measures on SDUs be effected through legislation.&nbsp;The tenancy control measures recommended by the Task Force included:</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (a) formulate a "standard tenancy agreement" with mandatory terms, such as the term of a regulated tenancy shall be fixed for two years, and only the tenant shall have the right to terminate the tenancy agreement after 12 months into the tenancy by giving one month's notice to the landlord; the tenant shall not be liable to make payment to the landlord other than the rent, deposit and reimbursement of utility charges as apportioned by the landlord; the total of the utility charges (including electricity and water charges) payable by all tenants of the unit shall not exceed the amount charged in the relevant utility bill; the deposit shall be refunded to the tenant by the landlord within a specified period; and the landlord shall be responsible for the stamp duty of the tenancy agreement;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (b) if the SDU landlord and tenant have not entered into a written tenancy agreement at the outset, the tenant shall have a right to demand the landlord to provide a written tenancy agreement within a specified period. If the landlord fails to do so, the tenant can withhold the payment of the rent of one monthof a longer period until the landlord has fulfilled this requirement;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;as a deterrent, a landlord of a regulated tenancy may commit an offence and be subject to penalties if he requests the tenant to make payments other than for the rent, deposit and utility charges as apportioned by the landlord,requests reimbursement of utility charges from the tenant where the total of apportioned utility charges for all tenants of the unit exceeds the amount charged in the relevant bill;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (d) on security of tenure, the tenant of a regulated tenancy shall have the right to renew the tenancy once, thus enjoying four years of security of tenure;&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (e) on tenancy renewal, there shall be a cap on the rate of rent increase, which shall not be more than the percentage change of the private domestic rental index (all classes) of the Rating and Valuation Department (RVD) in the relevant period;15 per cent, whichever is the lower.&nbsp;If the relevant change of the above RVD rental index is negative, the rent of the renewed regulated tenancy shall be decreased by at least the same percentage; and</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;to address the issue of subletting, the head lessor, when terminating the head lease and regaining possession of the premises, shall be obliged to provide the affected SDU tenants a sufficiently long notice period (such as 60 days) to enable them to look for alternative accommodation.</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; The Government further noted that to ensure that the proposed tenancy control measures would be effectively administered, the Task Force recommended that the Government should increase resources for the RVD to promote public awareness of the new regulatory regime, provide related advisory and mediatory services, collect and publish information about SDU rentals, and take enforcement action. Resources should also be enhanced for the Lands Tribunal and relevant courts to expedite the processing of relevant disputes arising from the implementation of the proposed tenancy control measures.&nbsp;The Task Force further suggested that the Government may consider entrusting a non-governmental organisation to set up and run an SDU rental information portal, to arrange briefing sessions at the district level, and to provide the necessary support for SDU landlords and tenants.&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp; The THB set up the Task Force on April 16, 2020. Since its establishment, the Task Force has held a series of meetings&nbsp;and appointed independent scholars/institutions to conduct thematic researches on the social, economic and legal issues involved and to carry out a survey on the actual situation of SDUs and the socio-economic characteristics of SDU tenants.&nbsp;Despite the COVID-19 pandemic, Task Force members have paid visits to SDU tenants in various districts, and held a number of online meetings with a total of 36 concern groups and organised two public forums to gather the views of stakeholders and members of the public on introducing tenancy control on SDUs in Hong Kong.&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;</span><br style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;"><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">&nbsp;&nbsp;&nbsp;&nbsp; The report of the Task Force has been uploaded to the website of the THB (</span><a href="https://www.thb.gov.hk/eng/contact/housing/matter_tc.htm" target="_blank" style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; color: rgb(32, 131, 197); text-decoration-line: none; font-size: 12px;">www.thb.gov.hk/eng/contact/housing/matter_tc.htm</a><span style="font-family: Verdana, 細明體_HKSCS, 新細明體, 新细明体, PMingLiu, 細明體, 细明体, MingLiu, Helvetica, &quot;Myriad Pro&quot;, Arial, sans-serif; font-size: 12px;">).<br><br>(The source: info.com.hk)</span></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3691 2021-03-22 <![CDATA[Rates concession set for tenants]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Housing Authority today announced it will pass on the rates concession for 2021-22 to its domestic and non-domestic tenants starting from April.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The measure was announced in this year's Budget.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">A maximum amount of $2.376 billion will be passed on to domestic tenants, while non-domestic tenants and licensees will receive a maximum of $61.5 million.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The authority said domestic tenants' rates from April 2021 to March 2022 will be waived subject to a cap of $1,500 per quarter in the first two quarters and a cap of $1,000 per quarter in the remaining two quarters for each rateable property.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">A pro-rata basis will be used for tenancies that last for less than a month.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The transfer will apply to interim housing licensees and Comprehensive Social Security Assistance recipients.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The rates concession for the authority’s non-domestic properties, excluding car parks, will also be passed on to non-domestic tenantslicensees.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Their monthly rates will be waived subject to a cap of $5,000 per quarter in the first two quarters and a cap of $2,000 per quarter in the remaining two quarters for each rateable non-domestic property.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">For the authority's&nbsp;<a href="https://www.info.gov.hk/gia/general/202103/22/P2021032200314.htm?fontSize=1" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">13 single-operator markets</a>, the operators will pass on the rates concession to their licensees in full.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3617 2021-03-22 <![CDATA[Loan enhancements to take effect]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><a href="https://www.info.gov.hk/gia/general/202103/22/P2021032200592.htm?fontSize=1" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">Enhancements</a>&nbsp;to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme will take effect from March 29, HKMC Insurance announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">To further alleviate the cash flow pressure of small and medium-sized enterprises, the Financial Secretary announced earlier in the 2021-22 Budget that enhancements will be made to the Special 100% Loan Guarantee. The application period will be extended to December 31.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Under the enhancement measures, eligible enterprises should have been operating for at least three months as at June 30, 2020, and have suffered at least a 30% decline in sales turnover in any month since February 2020 compared with the monthly average of any preceding quarter from early 2019 to mid-2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The maximum amount of loan per enterprise will be raised from the total amount of employee wages and rents for 12 months to that for 18 months,$6 million, whichever is lower.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The maximum repayment period of the guaranteed loans will be increased from five years to eight years, and the principal moratorium arrangement will be extended from up to 12 months to up to 18 months.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Call 2536 0392 for enquiries.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3613 2021-03-04 <![CDATA[Land premium pilot scheme to launch]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Development Bureau today announced that it will launch a pilot scheme to charge land premiums at standard rates for lease modifications for industrial building redevelopment on March 15 to encourage revitalisation of such buildings.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The bureau said the pilot scheme aims to provide certainty on land premiums through promulgating a set of standard rates and expediting the completion of lease modification procedures for industrial building redevelopment, adding it will encourage revitalisation of those buildings through facilitating their early transformation into uses more compatible with the needs of society, and thus optimise the use of land.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The pilot scheme targets pre-1987 industrial buildings for revitalisation and will run for two years.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The bureau said those buildings were constructed before the Fire Services Department tightened the fire safety requirements in 1987 and they have relatively less adequate fire service installations and could pose safety risks to users and society.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Promoting the redevelopment of those buildings is a more fundamental way to address the safety problems than enforcementupgrading of installations, it added.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Under the pilot scheme,&nbsp;<a href="https://gia.info.gov.hk/general/202103/04/P2021030400562_362179_1_1614852179236.pdf" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">standard rates</a>, which have been formulated with reference to a basket of relevant market data, are set for five broad regions in Hong Kong and three types of uses involved in lease modifications for industrial buildings, namely industrial/godown use before redevelopment, as well as commercial/modern industrial use and residential use after redevelopment.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The standard rates will remain unchanged for the scheme's two‑year period for greater certainty. During the period, industrial building owners may compute the land premiums payable based on the uses and gross floor areas before and after lease modification by applying the promulgated standard rates, to consider whether to apply for lease modification for redevelopment of their buildings.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Lands Department will issue a Practice Note on March 15 for industry reference on the pilot scheme’s operational details, including how lease modification applicants may exercise the right to opt for calculating land premiums by standard rates, the transitional arrangement applicable to lease modification cases under processing, and the calculation of gross floor areas.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br style="box-sizing: inherit;">The bureau stressed that the pilot scheme’s objective is not to provide premium concessions for owners, but to enhance the certainty on land premiums payable to expedite industrial building revitalisation.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Standard rates are not tailor-made for individual cases, and hence cannot precisely reflect the attributes of individual cases, it added.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">If lease modification applicants do not find it attractive to have land premiums calculated at standard rates, they may opt to have their cases processed using the existing conventional approach for land premium assessment.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The 2020 Policy Address announced that the Government would implement a pilot scheme for charging premiums at standard rates, as another initiative to encourage revitalisation of industrial buildings following the two rounds of industrial building revitalisation schemes introduced in 2010 and 2018.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">As at December 2020, about 60 redevelopment applications had been received under the two rounds of schemes, of which 14 applications completed lease modification and about 40 obtained planning permission.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Additionally, owners of some 150 industrial buildings had applied for wholesale conversion under the schemes, and approvals were given for 140 of the buildings.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3473 2021-02-26 <![CDATA[Mortgage loans down 1.7%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Residential mortgage loans approved in January decreased 1.7% compared with December to $37.8 billion, the Monetary Authority announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans financing primary market transactions fell 22.5% to $5 billion, while those financing secondary market transactions increased 1.5% to $27.1 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those for refinancing rose 6.8% to $5.8 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br style="box-sizing: inherit;">Mortgage loans drawn down during the month dropped 5.9% to $24.9 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of mortgage applications in January increased month-on-month by 15.1% to 13,112.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The outstanding value of mortgage loans increased month-on-month by 0.6% to $1.5909 trillion at the end of January.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3453 2021-02-02 <![CDATA[Property sales down 18.2%]]> <font face='Arial, Helvetica, sans-serif'> .<span style="background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px;">The Land Registry recorded 6,212 sale and purchase agreements for all building units for registration in January, down 18.2% from December and 64.5% higher year-on-year.</span><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for such agreements fell 4.9% from December to $66.8 billion, representing a 130.1% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 4,562 were for residential units in January, down 24.8% from December and 65.2% higher than a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for residential units was $39.7 billion, down 32.3% compared with December and up 60.4% from January 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 446,139 land register searches last month.<br><br>(The source: news.gov.hk)</p></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3283 2021-01-31 <![CDATA[Living subsidy applications to open]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Community Care Fund will start accepting applications from two-person households for the One-off Living Subsidy for Low-income Households Not Living in Public Housing &amp; Not Receiving Comprehensive Social Security Assistance (CSSA) Programme tomorrow.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The fund launched the second round of the programme on January 4 to relieve the financial pressure on low-income households.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Beneficiaries should currently be renting accommodation on a monthly basisfor longer tenures in private housing, industrial buildings, commercial buildingssocial housing operated by non-governmental organisations (NGOs).</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">People renting bedspaces offered under the Home Affairs Department's Singleton Hostel Programmebedspaces in hostels operated by NGOs for rehabilitated offenders, residing in temporary housing as well as those living on board vesselsare homeless can also apply.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">They should not be receiving CSSAown any property in Hong Kong and their monthly income must not exceed $22,000.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Their monthly rent for private housing, industrial buildings, commercial buildingssocial housing should not exceed $11,000.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Eligible households that benefited from the first round of the programme which was launched between July 2 and November 30 last year, can also apply for the second round.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br style="box-sizing: inherit;">The fund will accept applications from three-person households from March 1 and all households from&nbsp;April 1.<br style="box-sizing: inherit;"><br style="box-sizing: inherit;">Applications can be submitted until&nbsp;May 31.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Call 2180 6666 for enquiries.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3267 2021-01-29 <![CDATA[92k flats forecast]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The&nbsp;<a href="https://www.thb.gov.hk/eng/psp/publications/housing/private/pshpm/stat202012.pdf" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">projected private flat supply</a>&nbsp;for the next three to four years is 92,000 units, unchanged from the previous estimate.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Transport &amp; Housing Bureau today said there were 12,000 unsold units in completed projects at the end of December last year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">It&nbsp;added there were 57,000 units under construction, excluding those pre-sold by developers, and 23,000 units from disposed sites where construction can start any time.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of flats under construction in the fourth quarter of last year was 200, while the number of units completed for the period was 7,200.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3247 2021-01-29 <![CDATA[Mortgage loans up 3.4%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Residential mortgage loans approved in December increased 3.4% compared with November to $38.4 billion, the Monetary Authority announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans financing primary market transactions rose 5.4% to $6.4 billion, while those financing secondary market transactions increased 0.7% to $26.6 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those for refinancing increased by 15.8% to $5.4 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans drawn down during the month rose 3.7% to $26.5 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of mortgage applications in December increased month-on-month by 0.2% to 11,396.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The outstanding value of mortgage loans increased month-on-month by 0.6% to $ 1.5821 trillion at the end of December.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3241 2021-01-27 <![CDATA[Consortium wins development rights to MTR’s Wong Chuk Hang residential project at a lower premium than earlier phase]]> <font face='Arial, Helvetica, sans-serif'><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">A consortium of four Hong Kong developers has won the development rights for the latest residential project at Wong Chuk Hang MTR station, which has been acquired at a lower premium than the previous phase.</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Kayson Limited, comprising&nbsp;<div data-v-d84337a6="" data-v-b59029f8="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-d84337a6="" href="https://www.scmp.com/topics/new-world-development" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-d84337a6="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">New World Development</span></a></div>, Empire Group, Lai Sun Development and CSI Properties, won the tender for the fifth phase of the project at Wong Chuk Hang station on the South Island line, railway operator&nbsp;<div data-v-d84337a6="" data-v-b59029f8="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-d84337a6="" href="https://www.scmp.com/topics/hong-kong-mtr" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-d84337a6="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">MTR Corp</span></a></div>&nbsp;said on Wednesday.</div></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0);"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">“The pandemic has not affected the developers’ determination to continue buying and investing in land,” said James Cheung, executive director at Centaline Surveyors. “The government has slowed down the pace of land launches [so] high-quality lots along the railway are even rarer.”</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0);"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Kayson beat Sun Hung Kai Properties, CK Asset, K Wah International and two other consortiums. Notably, the bidders were all local developers.</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0);"><div data-v-19f8a3ed="" data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-6b0589f8="" class="details__body body" style="box-sizing: border-box; margin: 2.28571rem 0px 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; position: relative;"><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The premium for the project, which the winner pays the government for the development rights, was set at HK$6.44 billion (US$830.4 million),HK$10,119 per sq ft.</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--outstream-1 content--outstream-1" advertzone="business/article" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div class="div-outstream-ad-container" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-align: center;"><div id="div-outstream-ad-0486d860-610c-11eb-8e90-7b1b5c127b1b" class="inner" data-google-query-id="CK-P7MTDve4CFURtvQodJbgDpg" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div id="google_ads_iframe_/8134/scmp/web/business/article/outstream1_1__container__" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0pt none; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 0; font-family: inherit; vertical-align: baseline;"><iframe id="google_ads_iframe_/8134/scmp/web/business/article/outstream1_1" title="3rd party ad content" name="google_ads_iframe_/8134/scmp/web/business/article/outstream1_1" width="1" height="1" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" data-google-container-id="16" data-gtm-yt-inspected-1_25="true" data-load-complete="true" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px; border-style: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: bottom;"></iframe></div></div></div></div></div></div></div></div></div><div data-v-6b0589f8="" class="details__read-more" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-19f8a3ed="" data-v-6b0589f8="" class="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-19f8a3ed="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-6b0589f8="" class="details__body body body--next" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; position: relative;"><div data-v-6b0589f8="" class="paywalled-content" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The premium is 4.4 per cent lower than phase four, according to market sources. Bidders, however, had to offer an extra undisclosed amount to compete for the latest project, they added.</p></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The winner will also have to share about 25 per cent of the project’s profits with the MTR.</p></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">heung said that as sentiment has been affected by the&nbsp;<div data-v-d84337a6="" data-v-b59029f8="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-d84337a6="" href="https://www.scmp.com/topics/hong-kong-coronavirus-fourth-wave" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-d84337a6="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">fourth wave</span></a></div>&nbsp;of the coronavirus pandemic, the government had adjusted the land premium accordingly to reflect market conditions.</div></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="js-reading-50-percent-completion-tracker generic-article__body article-details-type--reading-50-percent-completion-tracker content--reading-50-percent-completion-tracker" advertzone="business/article" data-gtm-vis-first-on-screen-8001567_197="612929" data-gtm-vis-total-visible-time-8001567_197="100" data-gtm-vis-has-fired-8001567_197="1" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; height: 0.0714286rem;"></div></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">He said that the flats built on the parcel were most likely to be medium-sized units, and could fetch up to HK$30,000 per sq ft. </p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The plot can yield a gross floor area of as much as 636,152 sq ft, which could accommodate up to 1,050 flats with an average size of around 600 sq ft.</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The project, the penultimate one at Wong Chuk Hang station, received just six bids on Tuesday, fewer than the seven to eight expected by the market. The project had attracted 37 expressions of interest, the third-highest for an MTR railway development.</p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">New World Development and CSI Properties have previously participated in the MTR’s property developments at Tai Wai and Yau Tong stations, respectively. New World’s&nbsp;<div data-v-d84337a6="" data-v-b59029f8="" class="generic-article__body article-details-type--a content--a" target="_self" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; color: inherit; display: inline;"><a data-v-d84337a6="" href="https://www.scmp.com/business/article/3105947/new-worlds-home-sale-tai-wai-kicks-bang-discounts-and-location-draw-buyers" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-d84337a6="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">The Pavilia Farm</span></a></div>&nbsp;project, comprising 3,090 flats spread over many phases above Tai Wai station, has been a hit with homebuyers.</div></div></div></div></div></div></div></div></div></div></div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3237 2021-01-26 <![CDATA[Hong Kong should reintroduce rent controls for subdivided flats, says task force, with some members wanting to limit what landlords can charge]]> <font face='Arial, Helvetica, sans-serif'><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">Rent controls for subdivided flats which were scrapped 17 years ago should be reintroduced and a standard contract imposed as measures to protect poorer families, according to a group looking at regulating the sector</font></p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">The&nbsp;<em data-v-b59029f8="" class="generic-article__body article-details-type--em content--em" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;">Post</em>&nbsp;has been told the government-appointed task force was considering two recommendations from its members, including introducing priority renewal rights for tenants of subdivided units, and capping the rent rise on lease renewal at 15 per cent of current rent.<br></font></p><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">Briefing lawmakers on Monday on the group’s progress, the Transport and Housing Bureau noted the task force, which is expected to submit a final report in March, “had a relatively clear consensus that a standard tenancy agreement for [subdivided homes] should be devised”.</font></p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">According to the bureau the agreement should, “set out the rights and obligations of both the landlord and the tenant, the term and period of tenancy, rent, notice period for early termination of tenancy, the arrangements concerning electricity and water charges and other miscellaneous charges”.</font></p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-6b0589f8="" class="details__body body" style="box-sizing: border-box; margin: 2.28571rem 0px 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; position: relative;"><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">It continued: “As regards the tenants’ right to renew the tenancy, the task force has to further discuss and deliberate on whether a certain degree of security of tenure should be offered to … tenants and whether some form of regulation should be enforced on the rate of rent increase upon tenancy renewal, et cetera, as well as the possible options.”</font></p></div><div data-v-6b0589f8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--outstream-1 content--outstream-1" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div class="div-outstream-ad-container" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-align: center;"><div id="div-outstream-ad-6a8fb6f0-610b-11eb-8e90-7b1b5c127b1b" class="inner" data-google-query-id="CObRusnCve4CFc2DvQodSj8MGQ" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div id="google_ads_iframe_/8134/scmp/web/hongkong_community/article/outstream1_0__container__" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0pt none; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 0; font-family: inherit; vertical-align: baseline;"><font size="4"><iframe id="google_ads_iframe_/8134/scmp/web/hongkong_community/article/outstream1_0" title="3rd party ad content" name="google_ads_iframe_/8134/scmp/web/hongkong_community/article/outstream1_0" width="1" height="1" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" data-google-container-id="w" data-gtm-yt-inspected-1_25="true" data-load-complete="true" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px; border-style: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: bottom;"></iframe></font></div></div></div></div></div></div></div></div></div><div data-v-6b0589f8="" class="details__read-more" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-19f8a3ed="" data-v-6b0589f8="" class="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-19f8a3ed="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-19f8a3ed="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-6b0589f8="" class="details__body body body--next" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; position: relative;"><div data-v-6b0589f8="" class="paywalled-content" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">A person familiar with the task force’s work said the first option would allow tenants to enter a two-year fixed lease with the landlord – as opposed to one year which is common in the market – during which they could not be evictedleave. On expiry, the tenant would be able to renew their lease under the same terms for another two years.</font></p></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">Another source said fixed lease terms of different lengths were also being considered.</font></p></div><div data-v-6b0589f8="" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"><p data-v-b59029f8="" data-v-6b0589f8="" class="generic-article__body article-details-type--p content--p" advertzone="hongkong_community/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;"><font size="4">(The source: South China Morning Post)</font></p></div></div></div></div></div></div></div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3235 2021-01-15 <![CDATA[Govt issues isolation order]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The Director of Health today issued an isolation order for&nbsp;20, 22, 24 and 26 Reclamation Street, Yau Ma Tei to facilitate contact tracing work there, after a number of COVID-19 cases related to the buildings were reported.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The move aimed to prevent the spread of COVID-19 in the community and safeguard public health.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The department&nbsp;said the Centre for Health Protection's (CHP) contact tracing work&nbsp;on the COVID-19 cases related to the buildings is challenging as there are many subdivided units within the buildings without residents’ lists.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The order facilitates the identification of any remaining residents so they can be quarantined&nbsp;as soon as possible.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">Under the order, no person, other than a health officer, shall enterleave the buildings,bring intotake out of the buildings any articles, except with the written permission given by a health officer under section 31 of the Prevention &amp; Control of Disease Regulation.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The isolation order remains effective until 11.59pm on January 28.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">With assistance from Police, the CHP has arranged for&nbsp;90 residents to be placed in&nbsp;quarantine centres. The same efforts will be made for the remaining residents.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">The department said taking into consideration the special circumstances surrounding the buildings concerned, it has no choice but to resort to this exceptional measure.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 11.34px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3171 2021-01-12 <![CDATA[Inland Revenue responds to law firm case]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Stamp Office is proactively reaching out to the agent that has intervened into the practice of Messrs Wong, Fung &amp; Co and the affected duty payers to assist them in handling the relevant stamp duty matters.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Inland Revenue Department made the statement in response to media enquiries regarding property stamp duty issues that may arise from the Law Society of Hong Kong's intervention into the law firm's practice.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The statement said that while the Stamp Office does not have the discretion to extend the time limit for stamping property transaction instruments under the law, if a duty payer's failure to arrange stamping of a property transaction instrument before the time limit is the result of the intervention, the office is prepared to consider remission of penalty for late stamping.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The duty payer can make an application directlythrough the newly engaged solicitor to the Stamp Office, it added.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">If the duty payer is unable to raise funds to settle the stamp duty payable within a short period of time due to the freezing of the law firm's relevant bank accounts, an application can be made to the office for instalment payment.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">If the property transaction cannot be completed otherwise than by reason of resaledisposal of the property by the purchaser, the relevant agreement for sale is not chargeable with stamp duty. The duty payer can apply for a refund of the stamp duty paid in respect of the relevant agreement within two years after the agreed date of completion of the transaction.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Stamp Office has informed the Law Society of Hong Kong of these arrangements.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The duty payers can call 2594 3202,&nbsp;fax 2519 9025 or&nbsp;<a href="mailto:taxsdo@ird.gov.hk." style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">email&nbsp;</a>the office for enquiries.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3151 2021-01-12 <![CDATA[Court judgment welcomed]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government has&nbsp;welcomed the judgment handed down by the Court of Appeal (CA) today on the appeals against the Court of First Instance (CFI)'s ruling on the judicial review of the Small House Policy.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The CA ruled that the arrangements of Free Building Licence (FBL), Private Treaty Grant (PTG) and Land Exchange under the Small House Policy are lawful traditional rights and interests of the New Territories indigenous inhabitants within the meaning of Article 40 of the Basic Law, and hence lawful and constitutional.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">In its response, the Development Bureau said the Government will continue to implement the policy.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Regarding applications for government land to build small houses through PTG and Land Exchange, with the receipt and processing suspended in light of the CFI's judgment, the Government will study the CA's judgment and arrange to resume the receipt and processing of these two types of applications.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The policy has been in place since 1972. The forms of grants under it include FBL which allows applicants to build small houses on their private land, PTG for grant of government land to build small houses, and Land Exchange allowing applicants to build small houses on private landgovernment land.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">In its judgment on the judicial review on April 8, 2019 and the subsequent order on April 30 the same year, the CFI ruled that the arrangements to apply for building small houses on private land through FBL and Land Exchange under the policy, being the lawful traditional rights and interests of the New Territories indigenous inhabitants within the meaning of Article 40 of the Basic Law, are lawful and constitutional, while the arrangements to apply for government land for building small houses through PTG and Land Exchange are not.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">All the parties lodged appeals and the CA ruled today that the Government's appeal was allowed.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3147 2021-01-07 <![CDATA[12 pre-sale consents issued]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Lands Department issued&nbsp;<a href="https://gia.info.gov.hk/general/202101/07/P2021010700361_358062_1_1610009881279.pdf" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">12</a>&nbsp;pre-sale consents for residential and non-residential developments in the fourth quarter of 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">They were issued for nine residential developments, involving 4,491 units.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Five developments in Kowloon Tong, Kai Tak, Sha Tin and Tseung Kwan O and two phases of a development in Tuen Mun, comprising a total of 3,203 units, are expected to be completed in 2022.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Three developments in Yau Tong, Kwun Tong and Sha Tin, comprising a total of 1,288 units, are due for completion in 2023.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">By the end of December, 22 applications for pre-sale consent for residential developments with a total of 11,446 units and three applications for pre-sale consent for non-residential developments were being processed.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3117 2021-01-06 <![CDATA[Property sales down 2%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">The Land Registry received 73,322 sale and purchase agreements for all building units in 2020, down 2% year-on-year and&nbsp;7.4% lower compared with 2018.&nbsp;</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">&nbsp;</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">The total consideration for these agreements for 2020 was $628.39 billion, down 9.2% year-on-year and a 15.2% decline on&nbsp;2018.</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">&nbsp;</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">The number of assignments of building units was 89,008, down 3.1% on the previous year and 15.5% lower than 2018.</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">&nbsp;</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">The total consideration for these assignments was $658.03 billion, down 13.9% compared with 2019 and 20.2% less than 2018.</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">&nbsp;</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;">There were 5,012,607 land register searches made last year.</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><span style="box-sizing: inherit;"><br></span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3103 2021-01-05 <![CDATA[Property sales up 4.9%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 7,596 sale and purchase agreements for all building units for registration in December last year, up 4.9% from November and 94.4% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for such agreements rose 6.6% from November to $70.3 billion, representing a 100.7% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 6,067 were for residential units in December, down 0.05% from November and 90.5% higher than a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for residential units was $58.7 billion, up 1.1% compared with November and 87.9% higher than December 2019.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 411,759 land register searches last month.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3095 2020-12-31 <![CDATA[Mortgage loans up 7.4%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Residential mortgage loans approved in November increased 7.4% compared with October to $37.2 billion, the Monetary Authority announced today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans financing primary market transactions rose 11.7% to $6.1 billion, while those financing secondary market transactions increased 7.5% to $26.5 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those for refinancing increased by 2% to $4.7 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mortgage loans drawn down during the month rose 14.7% to $25.5 billion.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of mortgage applications in November increased month-on-month by 4.3% to 11,375.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The outstanding value of mortgage loans increased month-on-month by 0.6% to $1.572 trillion at the end of November.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3083 2020-12-16 <![CDATA[430k housing units forecasted]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government’s 10-year housing supply target will remain unchanged at 430,000 units, while the public to private flat ratio of 70:30 will also stay the same.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Secretary for Transport &amp; Housing Frank Chan made the statement today when he unveiled the Long Term Housing Strategy Annual Progress Report 2020.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Chan said the supply target is set based on the latest projection of total housing demand. &nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">He noted that balancing the Government’s commitment to increase public housing supply substantially to meet the community’s demand and the demand for private housing, the public to private flat ratio will be maintained at 70:30 for the next 10-year period from 2021-22 to 2030-31.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The public housing supply target for the next 10-year period will be 301,000 units, comprising 210,000 units for public rental housing unitsGreen Form Subsidised Home Ownership Scheme flats, and 91,000 units for other subsidised sale flats.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The private housing supply target for the period will be 129,000 units.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Chan stated the supply of first-hand private residential flats for the coming three to four years is about 92,000 and that the Government will increase the numbers further.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“I must say that this is still one of the highest (supply) in recent years because previously, the number is even less.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“As you can tell from the figures that we published today and in a couple of quarters before this, the total number of public housing and the total number of private housing all stayed at relatively high levels (during) this term of Government.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“Therefore I can assure you that the Government will make the best endeavour to increase the numbers further. Ninety-two thousand is not a small number, bearing in mind (that) a building block only takes in, altogether, a few hundred (households), so 92,000 is indeed a large sum.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government has identified the 330 hectares of land required for providing 316,000 public housing units, 44,000 units more than the figure for the last 10-year period, Mr Chan said.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Such supply mainly comes from New Development Areas and major development projects, a number of sites which have beenwill be rezoned for public housing development and other projects including the partial development of the Fanling Golf Course and a number of brownfield clusters with housing development potential.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the 316,000 units, about one-third are scheduled for completion in the first five-year period whereas the other two-thirds fall in the second five-year period, Mr Chan added.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;<br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3037 2020-12-15 <![CDATA[Subsidised flat ballots drawn]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Ballots were drawn today for this year’s sale of&nbsp;<a href="https://hos.housingauthority.gov.hk/mini-site/hos2020/common/pdf/HOS2020_ElectronicBallotResult.pdf" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">Home Ownership Scheme</a>&nbsp;(HOS) flats and&nbsp;<a href="https://hos.housingauthority.gov.hk/mini-site/wsm2020/common/pdf/e-Ballot_Result(WSM2020).pdf" style="box-sizing: inherit; background-color: transparent; text-decoration-line: none; touch-action: manipulation; color: rgb(204, 24, 14) !important;">White Form Secondary Market Scheme</a>.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The ballot, conducted by the Housing Authority, determines the priority sequence of applications.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Eligible HOS applicants will receive notifications in batches for flat selection from May.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">A total of 7,047 flats from four new developments in Diamond Hill, Sha Tin, Ma On Shan and Fanling are up for sale.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">For the White Form Secondary Market Scheme, approval letters will also be sent to successful applicants from May for them to apply for a Certificate of Eligibility to Purchase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The certificate can be used by the applicant to purchase a flat within 12 months<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=3041 2020-12-02 <![CDATA[Property sales up 17%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 7,241 sale and purchase agreements for all building units for registration in November, up 17% from October and&nbsp;8.1% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for sale and purchase agreements rose 15.9% from October to $66 billion, representing a 7.2% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 6,070 were for residential units, up 22.6 % from October and a rise of 5.5% compared to the same month a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for residential units was $58.1 billion, up 16.1% compared with October and 21.6% higher than November 2019.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 450,229 land register searches last month.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2959 2020-11-26 <![CDATA[Scrapping stamp duty helps economy]]> <font face='Arial, Helvetica, sans-serif'>Secretary for Financial Services &amp; the Treasury Christopher Hui today said the abolition of the Doubled Ad Valorem Stamp Duty on non-residential property transactions can address people&#39;s liquidity needs during the current economic downturn.&nbsp;Mr Hui told reporters at a press conference on the Policy Address initiatives this afternoon that it is difficult to&nbsp;estimate the effect the abolition of the stamp duty would have on government revenue.&nbsp;“In terms of the Doubled Ad Valorem Stamp Duty on non-residential property transactions, I am sure as you can imagine, with this reduction in rates, there could be two sets of factors at play. On the one hand, there could be potential stimulation of transactions that may bring in more revenue.&nbsp;“At the same time, there could be other factors which will result in a reduction in revenue because it is a reduction in rates.&nbsp;“So I think the ultimate outcome of this exercise will be subject to a whole range of factors which may offset each other, so it is very hard for us to provide an estimate in terms of the actual revenue impact.”&nbsp;Mr Hui stressed that the stamp duty rate adjustment, which took&nbsp;effect today, was not aimed at&nbsp;boosting&nbsp;tax revenue.&nbsp;“If you go back to the aim of this proposal, the whole idea is not for revenue creation purposes, it is really to allow those owners who are in possession of such properties to have a way to go in terms of cashing in these properties to facilitate their liquidity flow at this rather challenging economic time. So that is something that we have in mind when we crafted this whole policy.”(The Source: new.gov.hk)\r\n\r\n\r\n</font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2951 2020-11-02 <![CDATA[Mortgage scheme extended for a year]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Mortgage Corporation today announced that the Fixed-rate Mortgage Pilot Scheme will be extended for one year to October 30, 2021.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">In response to the change in market interest rates, mortgage interest rates will be adjusted.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The interest rates per annum for 10, 15 and 20 years are 1.99%, 2.09% and 2.19%.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Fixed-rate Mortgage Pilot Scheme provides an alternative financing option to homebuyers for mitigating their risks arising from interest rate volatility, thereby enhancing banking stability in the long run.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The aggregate loan amount of the scheme is $1 billion, subject to a maximum loan amount of each private residential mortgage of $10 million.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">As the borrowers will be insulated from interest rate movement under the fixed-rate period which is 10 years or longer, agreement has been obtained from the Monetary Authority that borrowers will not be required to meet the stress testing against interest rate rise, but the current debt-to-income ratio will still be applicable.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2867 2020-11-02 <![CDATA[Mortgage plan extended]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Housing Authority today extended for another six months the time-limited arrangement allowing banks and financial institutions to offer a mortgage principal moratorium plan to Subsidised Sale Flats Scheme (SSFS) mortgagors.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Following the extension, the principal moratorium period should commence by June 30 next year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Under the current time-limited arrangement, banks and financial institutions participating in the provision of mortgage loans for the SSFS may offer a mortgage principal moratorium plan to the scheme’s flat mortgagors, allowing them to defer repayment of the principal for a maximum period of 12 months.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The repayment period of the mortgage loan may also be extended correspondingly by a maximum of 12 months.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The authority said it has received requests from some participating financial institutions through the Hong Kong Association of Banks to extend the time-limited arrangement for six months to June 30&nbsp;next year to support SSFS flat mortgagors with short-term liquidity problems to tide over the difficult times arising from the COVID-19 epidemic.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">In light of the ongoing impact of the epidemic on the economy, to help relieve SSFS flat mortgagors' cash flow problems and reduce the possibility of mortgage default, the authority agreed to extend the time-limited arrangement.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The moratorium plan is applicable to the Home Ownership Scheme, the Private Sector Participation Scheme, the Buy or Rent Option Scheme, the Tenants Purchase Scheme and the Green Form Subsidised Home Ownership Scheme in the primary market and under the Secondary Market Scheme.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2863 2020-10-30 <![CDATA[92k private flats projected]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The projected private flat supply for the next three to four years is 92,000 units, unchanged from the previous estimate.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Transport &amp; Housing Bureau today said there were 11,000 unsold units in completed projects at the end of September.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 62,000 units under construction, excluding those pre-sold by developers, and 19,000 units from disposed sites where construction may start any time.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of flats under construction in the third quarter was 3,500, while the number of units completed for the period was 2,300.<br><br>(The source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2849 2020-10-30 <![CDATA[Small flats defy Hong Kong’s recession, gaining in price as larger homes continue to lose value]]> <font face='Arial, Helvetica, sans-serif'><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Small apartments appear to be bucking a downward trend in Hong Kong’s property sector, gaining in price as the city struggles with a&nbsp;<div data-v-51c971ff="" data-v-3dec55cb="" class="generic-article__body article-details-type--a content--a" style="font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; color: inherit; display: inline;"><a data-v-51c971ff="" href="https://www.scmp.com/news/hong-kong/politics/article/3035747/hong-kong-economy-shrinks-32-cent-third-quarter-city-slips" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-51c971ff="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">crippling recession</span></a></div>.</div></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The prices of bigger homes and commercial property are falling as the coronavirus pandemic, which followed months of social upheaval, has wrought havoc on the local economy, slashing household budgets and causing a&nbsp;<div data-v-51c971ff="" data-v-3dec55cb="" class="generic-article__body article-details-type--a content--a" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-51c971ff="" href="https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3106336/coronavirus-hong-kong-jobless-rate-climbs-64-cent" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-51c971ff="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">spike in unemployment</span></a></div>.</div></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">But gains in the prices of small flats in September were enough to counter those drops and push an official gauge back into positive territory for the first time since early summer.</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The overall home price index rose 0.42 per cent in September to 382.6 after two months of declines amounting to 1.5 per cent, according to data released by the government’s Rating and Valuation Department on Friday.<br><br>“The increase was unexpected, but the property market adjustment should continue,” said Thomas Lam, executive director at Knight Frank. “The current real estate market is very distorted.”</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">It was only the prices of homes smaller than 753 square feet that actually went up, with those measuring less than 430 sq ft rising 0.4 per cent.&nbsp;<div data-v-51c971ff="" data-v-3dec55cb="" class="generic-article__body article-details-type--a content--a" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-51c971ff="" href="https://www.scmp.com/business/article/3090259/taiwanese-actress-crashes-rents-mid-levels-hong-kongs-luxury-property-set" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-51c971ff="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">Much bigger flats</span></a></div>&nbsp;– those larger than 1,722 sq ft – went in the other direction, falling by 1.3 per cent.</div></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Small apartments tend to cater to small families and are “more sensitive” to an improvement in market sentiment, according to Derek Chan, head of research at Ricacorp Properties.</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><span style="color: rgb(34, 34, 34); font-family: Merriweather, serif;">“Buyers entering the market are mainly [targeting] small to medium sized flats. As sentiment improves, they become more proactive in entering in market,” said Chan. “Then homeowners will have less room for price negotiation or reduction.”</span></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><span style="color: rgb(34, 34, 34); font-family: Merriweather, serif;"><br></span></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Buyers of bigger homes are more concerned about the longer-term prospects of the market, which “does not [benefit from] stable user demand, so large units, luxury homes continue to be under pressure,” he added. “Buyers are not very proactive in entering the market. Some owners of luxury homes with liquidity needs may sell them at lower prices, driving the prices down.”</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><div data-v-3dec55cb="" data-v-e1aeccf8="" class="js-reading-50-percent-completion-tracker generic-article__body article-details-type--reading-50-percent-completion-tracker content--reading-50-percent-completion-tracker" advertzone="business_money/article" data-gtm-vis-first-on-screen-8001567_197="532365" data-gtm-vis-total-visible-time-8001567_197="100" data-gtm-vis-has-fired-8001567_197="1" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; height: 0.0714286rem;"></div></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Based on last year’s peak, residential property prices have fallen by only 3.6 per cent.</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p data-v-3dec55cb="" data-v-e1aeccf8="" class="generic-article__body article-details-type--p content--p" advertzone="business_money/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Some 557 units in three projects will go on sale this weekend.</p></div><div data-v-e1aeccf8="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;">(The Source: South China Morning Post)</div></div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2839 2020-10-21 <![CDATA[Reclamation a feasible option: CE]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Chief Executive Carrie Lam said reclamation is one of the feasible options for creating land in Hong Kong if country parks and wetlands cannot be used for development.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mrs Lam made the statement ahead of today’s Executive Council meeting in response to media queries about whether reclamation in Hong Kong would contradict President Xi Jinping’s commitment to protect the environment.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">She said: “Hong Kong's land area is very limited. There’re 1,100 sq km and the developed proportion is about 26% to 27% because Hong Kong people, including me, we all treasure the country parks, the wetlands, and many of them are topographically very difficult - there are slopes.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“So the possibility of creating large parcels of land for us to create the new towns that we used to do in the 1960s and 1970s has become very difficult, if not impossible.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mrs Lam pointed out that reclamation outside of Victoria Harbour has always been an option and this idea had been floated more than 10 years ago when she was the Secretary for Development.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“We had already done a very extensive public consultation on further options to create land. It then included using cavern development, reclamation in the form of artificial islands, resumption of private land and brownfield development.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“By now, I think people should realise, again, this is a reality that if you don't allow the Government to touch the country parks, the wetlands, if there are extreme difficulties in resuming some of the land because they have active operations which will affect the economy, then the reclamation that we have been proposing is one of the feasible options.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Chief Executive also said that reclamation has benefits.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“There is another environmental benefit of reclamation in Hong Kong, which is to absorb the public fill materials created by the building works in Hong Kong, which are being transported to Taishan to do reclamation under a central government-approved scheme, but that will be exhausted in a few years' time so we have to find our own solution.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">She added that the Lantau Tomorrow Vision has advantages not only in forming large parcels of land but also completes an efficient rail and road network connecting Hong Kong Island via the artificial islands to the western part of the New Territories, and also gives&nbsp;the city a chance to have a third central business district.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2803 2020-09-28 <![CDATA[2 sites to provide 630 flats]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government will sell two residential sites by tender in the October-December quarter that will provide about 630 flats.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Briefing the media today on the Government’s land sale programme for the third quarter of the 2020-21 financial year, Secretary for Development Michael Wong said one of the residential sites is at the Peak and the other is in Kai Tak.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Mansfield Road site at the Peak will be divided in two parcels for disposal. The first one, to be tendered in the third quarter, can provide about 240 flats.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The site in Kai Tak is located on the old runway and can provide about 390 units.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">In addition to Package 5 of the Mass Transit Railway’s Wong Chuk Hang Station project and other private projects, the total supply in the third quarter will be about 2,780 units.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">For commercial sites, the Government will sell by tender Site 3 at the New Central Harbourfront, which was originally planned for tender in the second quarter.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Wong said its sale will adopt the rather uncommon two-envelope approach that features a design tender and a price tender.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“Site 3 is a very valuable and very strategic piece of land. Not only will it provide us with substantial Grade A office area which is good for long-term economic development, it will also act as a connecting landscape corridor linking our new harbourfront with various parts of Central. So its value goes way beyond just the amount of money.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“So the question of discount did not arise for the Government. For us, it’s always been a market-led approach.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">He said the tender documents are complicated and the Government will need more time to complete the necessary work as a result.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government will also put up for sale one industrial site in Fanling in the third quarter, capable of providing about 20,100 sq m of gross floor area.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Wong added that the Government would continue to increase land supply through a multi-pronged approach to meet the community's needs for housing, economic and social development.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(The Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2677 2020-09-17 <![CDATA[Rents revive as price falls spur investors]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Staff reporter</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Despite rising unemployment rates, average rents in the housing market inched up in July, especially for new projects.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The average rental indices in Hong Kong's residential market rose 0.6 percent month on month, the latest data from the ratings and valuation department showed.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The rental yield of new projects ranged between 2.3 and 2.9 percent. Small and medium flats in new projects with monthly rent levels of below HK$20,000 proved popular.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Hong Kong Property Services (Agency) chief executive Richard Lee Chi-shing said property prices have dropped during the city's third wave of local Covid-19 infections.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">As a result, those with sufficient capital may use this opportunity to purchase a second flat for investment.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">He also said that rents in new projects have recorded a slight increase, meaning rental income may better compensate for mortgage repayments.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Residential properties are relatively strong hedges, Lee added, so investors tend to buy flats for long-term rental income.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Rents in Kai Tak, an area that has seen a significant number of new flats, have risen consistently.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Ricacorp Properties attributed this to improvements in the neighborhood's infrastructure, with the recent opening of a new MTR station.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The overall rental yield for the area was around 2.7 percent, the agency said.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">A 349-square-foot unit at Vibe Centro in Kai Tak was rented out for HK$16,000 per month, or HK$46 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Based on the latest estimated property price of HK$7.54 million, the owner can expect to enjoy a 2.6 percent rental return.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In the same area, the monthly rent for a 336-sq-ft flat was HK$15,800, or HK$47 per sq ft. Based on the flat's market price of HK$6.4 million, the rental yield was 2.9 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Centaline Property Agency said purchasing power has continued to improve with the virus situation and flat viewings have increased.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Tseung Kwan O recorded 510 rental transactions last month, a new high for the neighborhood.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Rental transactions were largely driven by an influx of flat leases for Malibu in Lohas Park, with 148 rental deals last month going for an average of HK$37 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">A one-bedroom flat totaling 369 sq ft was rented out for HK$15,500 per month, or HK$42 per sq ft. Based on the flat's market price of HK$6.14 million, the rental yield was 3 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Atop Nam Cheong station, Cullinan West also recorded good rental returns, with Hong Kong Property Services saying the tenancy market is active for this new development.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">A 350-sq-ft one-bedroom flat was originally offered for HK$18,000 per month, but was ultimately rented out for HK$17,500 per month, or HK$50 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Based on the estimated market price of HK$7.8 million, the owner will enjoy a 2.8 percent rental return.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The Pak Shek Kok area in Tai Po also saw a resurgence in rents after a drop caused by an oversupply of new projects.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Centaline Property Agency said there is some rental demand for St Martin, with a one-bedroom unit totaling 381 sq ft rented for HK$13,500 per month, or HK$35 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Based on the flat's market price of HK$7.15 million, the rental yield was around 2.3 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">staff.reporter@singtaonewscorp.com</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">(The source:The standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2635 2020-08-25 <![CDATA[Hong Kong home rents drop near universities, as mainland Chinese students stay at home for online classes]]> <font face='Arial, Helvetica, sans-serif'><p class="MsoListParagraph" style="margin-left: 18pt; text-indent: -18pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span style="color: rgb(34, 34, 34); font-family: &quot;Times New Roman&quot;, serif; font-size: 10.5pt;">‧ Rents in some areas close to universities have dropped by about a third, by 3.4 per cent since January overall</span><span style="color: rgb(34, 34, 34); font-family: &quot;Times New Roman&quot;, serif; font-size: 10.5pt;">&nbsp;</span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family: &quot;Times New Roman&quot;,serif;color:#222222;mso-font-kerning:0pt"><span style="text-indent: -24px;">‧</span><span style="text-indent: -24px;">&nbsp;</span>Landlords are offering generous concessions as they shift focus to local tenants</span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family: &quot;Times New Roman&quot;,serif;mso-fareast-font-family:&quot;Times New Roman&quot;;color:#222222; mso-font-kerning:0pt">The Hong Kong&nbsp;<a href="https://www.scmp.com/topics/hong-kong-property"><span style="font-family: inherit, serif; color: rgb(34, 34, 34); border: 1pt none windowtext; padding: 0cm; text-decoration-line: none;">residential market</span></a>&nbsp;has lost one of its most steady sources of tenants – mainland Chinese students – this summer, after most of the city’s universities moved to online teaching for the coming semester amid the coronavirus pandemic.<o:p></o:p></span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family:&quot;Times New Roman&quot;,serif; mso-fareast-font-family:&quot;Times New Roman&quot;;color:#222222;mso-font-kerning:0pt">Rents in some areas close to universities have dropped by about a third year on year. In Sha Tin, which usually caters to students of Chinese University, Baptist University and City University, mainland Chinese renters accounted for 20 per cent to 30 per cent of deals, said Derek Chan, head of research at Ricacorp Properties.<o:p></o:p></span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family:&quot;Times New Roman&quot;,serif; mso-fareast-font-family:&quot;Times New Roman&quot;;color:#222222;mso-font-kerning:0pt">“In previous years, mainland students started looking for flats as early as May or June, because demand would be really high. But they are not coming this year,” he said.<o:p></o:p></span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family: &quot;Times New Roman&quot;,serif;mso-fareast-font-family:&quot;Times New Roman&quot;;color:#222222; mso-font-kerning:0pt">Overall rents in Hong Kong&nbsp;</span><span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 10.5pt; color: rgb(34, 34, 34); border: 1pt none windowtext; padding: 0cm;"><a href="https://www.scmp.com/business/money/wealth/article/3097714/coronavirus-economic-slump-force-mainland-chinese-owners-dump" style="font-family: &quot;Times New Roman&quot;, serif; font-size: 10.5pt;">have fallen by 3.4 per cent</a>&nbsp;</span><span style="color: rgb(34, 34, 34); font-family: &quot;Times New Roman&quot;, serif; font-size: 10.5pt;">since the coronavirus first hit the market in January, according to data by local brokerage Midland Realty, despite the average rent rising slightly over June and July. The average rent per square foot rose 0.8 per cent in July to HK$35.27 (US$4.6).</span></p> <p class="MsoNormal" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline;"><span lang="EN-US" style="font-size:10.5pt;font-family:&quot;Times New Roman&quot;,serif; mso-fareast-font-family:&quot;Times New Roman&quot;;color:#222222;mso-font-kerning:0pt">This modest recovery too might have been snapped by the third wave in Hong Kong, property agents said, a situation that will be exacerbated by the arrival of fewer students from mainland China. “We have lost 70 per cent of students tenants [in Tai Wai],” said Jason Kwok, a senior branch manager at Ricacorp. “The impact is huge.”<o:p></o:p></span></p> <p class="MsoNormal">(The source: South China Morning Post)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2535 2020-08-02 <![CDATA[Living subsidy applications open]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Community Care Fund will start accepting applications from two-person households for the One-off Living Subsidy for Low-income Households Not Living in Public Housing &amp; Not Receiving Comprehensive Social Security Assistance (CSSA) Programme from tomorrow.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The subsidy amount for two-person households is $9,000.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Beneficiaries should currently be renting accommodation on a monthly basis or for longer tenures in private housing, industrial buildings, commercial buildings or social housing operated by non-governmental organisations (NGOs).</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">People renting bed spaces offered under the Home Affairs Department's Singleton Hostel Programme or bed spaces in hostels operated by NGOs for rehabilitated offenders, residing in temporary housing as well as those living on board vessels or homeless can also apply.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The income limits for two-person households must not exceed $22,000 and beneficiaries should not be receiving CSSA or own any property in Hong Kong.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Their monthly rent for private housing, industrial buildings, commercial buildings or social housing should not exceed $11,000.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The application deadline is November 30.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The programme was launched on July 2 to relieve the financial pressure on low-income households. As at July 30, around 6,000 one-person households have submitted applications.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The fund will accept applications from three-person households from September 1, while all households irrespective of their size can submit applications from October 5.<br><br><span style="font-size: 12.6px;">Click&nbsp;</span><a href="https://www.communitycarefund.hk/en/assistance_2020.html">https://www.communitycarefund.hk/en/assistance_2020.html</a><span style="font-size: 12.6px;">&nbsp;for details.</span></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2455 2020-07-31 <![CDATA[HK secondary flats prices dip in week]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Secondary home prices in Hong Kong retreated the past week.<br></p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The Centaline Property Agency's price-tracking Centa-City Leading Index dipped by 0.04 percent to 181.69 points, after rising for three consecutive weeks.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The three sub-indexes were little changed from a week before. The&nbsp;Mass CCL index, tracking large-scale real estate was up by 1.8 percent from a month ago to 185.01 points. The sub-index tracking small and medium flats was at 182.33 points, up 1.68 percent month-on-month.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Analyzed by districts, the sub-index for secondary property in New territories West increased by&nbsp;nearly 1 percent to a 50-week-high of 168.85 points, and that for Hong Kong Island hit a 46-week-high.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">However, secondary prices in New territories East dropped with the sub-index falling by 1.1 percent from a week before and that of Kowloon was down 1.7 percent.&nbsp;<br><br>(Source: The Standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2449 2020-07-24 <![CDATA[Hong Kong outperforms global gateway cities as favoured investment destination for property over US$10 million]]> <font face='Arial, Helvetica, sans-serif'><div data-v-66fd4dfc="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-3d68ba94="" data-v-66fd4dfc="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">Hong Kong remains the preferred destination for&nbsp;<div data-v-5f87d536="" data-v-3d68ba94="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-5f87d536="" href="https://www.scmp.com/business/article/3089147/hong-kongs-luxury-property-market-buzzing-buyers-see-no-deterrent-hefty" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-5f87d536="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">luxury housing</span></a></div>&nbsp;over US$10 million, but investors are delaying big ticket purchases against an uncertain economic backdrop, with the number of deals plummeting by more than half in the first half.</div></div><div data-v-66fd4dfc="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3d68ba94="" data-v-66fd4dfc="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The city recorded 60 such residential transactions in the first half, 61.3 per cent lower than the 155 seen a year earlier, according to Knight Frank. The number of deals, however, was 15.4 per cent more than Los Angeles, which came second.</p></div><div data-v-66fd4dfc="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><p data-v-3d68ba94="" data-v-66fd4dfc="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">“Against the backdrop of quantitative easing in different parts of the world, luxury residential assets are [a] good store of value for investors,” said Maggie Lee, senior director and head of residential agency at Knight Frank Hong Kong. “Coupled with the scarcity [of] luxury homes in Hong Kong, the buyers are still optimistic these assets would bring capital appreciation over a longer-term period.”</p></div><div data-v-66fd4dfc="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-3d68ba94="" data-v-66fd4dfc="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">The outlook for Hong Kong’s luxury property sector, however, does not look bright. JLL expects prices to fall by 10 to 15 per cent this year because of decreasing capital flow from the mainland to&nbsp;<div data-v-5f87d536="" data-v-3d68ba94="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-5f87d536="" href="https://www.scmp.com/property" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-5f87d536="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">Hong Kong’s real estate market</span></a></div>, economic recession and&nbsp;<div data-v-5f87d536="" data-v-3d68ba94="" class="generic-article__body article-details-type--a content--a" target="_self" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: inherit; display: inline;"><a data-v-5f87d536="" href="https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3093925/hong-kong-unemployment-rate-rises-62-cent-highest" class="link-text" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: rgb(0, 18, 70); text-decoration-line: none; display: inline;"><span data-v-5f87d536="" class="text" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(27, 142, 248); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: inherit; font-family: inherit; vertical-align: baseline; color: rgb(34, 34, 34); word-break: break-word;">rising unemployment rate</span></a></div>.</div></div><div data-v-66fd4dfc="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 14px; line-height: inherit; font-family: Roboto, sans-serif; vertical-align: baseline;"><div data-v-3d68ba94="" data-v-66fd4dfc="" class="generic-article__body article-details-type--p content--p" advertzone="business/article" style="box-sizing: border-box; margin: 0px 0px 1.42857rem; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 1.28571rem; line-height: 2.14286rem; font-family: Merriweather, serif; vertical-align: baseline; display: inline-block; color: rgb(34, 34, 34); word-break: break-word; width: 573.75px;">(Source: Source China Morning Post)</div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2381 2020-07-13 <![CDATA[Hong Kong’s New Virus Rules Impose $645 Fine for No Mask]]> <font face='Arial, Helvetica, sans-serif'> <div class="eyebrow-v2" style="margin: 0px 0px 5px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 32px; line-height: 1.13; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline; text-transform: capitalize;">Technology</div><h1 class="lede-text-v2__hed" style="font-size: 60px; margin: 0px 0px 20px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1; font-family: BWHaasGrotesk-75Bold-Web, Helvetica, Arial, sans-serif; vertical-align: baseline; position: relative; letter-spacing: -0.025em;">Hong Kong’s New Virus Rules Impose $645 Fine for No Mask</h1><address class="lede-text-v2__byline" style="margin: 0px 0px 3px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 22px; line-height: 1.32; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline; font-style: normal;">By&nbsp;<div class="author-v2" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; display: inline-block;"><a class="author-v2__byline" href="https://www.bloomberg.com/authors/ATuhqe9QoIY/jinshan-hong" rel="author" style="background-color: transparent; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; transition: color 0.2s ease-out 0s; color: rgb(0, 0, 0);">Jinshan Hong</a></div>&nbsp;and&nbsp;<div class="author-v2" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; display: inline-block;"><a class="author-v2__byline" href="https://www.bloomberg.com/authors/AQG_Xc2b4Lg/manuel-baigorri" rel="author" style="background-color: transparent; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; transition: color 0.2s ease-out 0s; color: rgb(0, 0, 0);">Manuel Baigorri</a></div></address><address class="lede-text-v2__byline" style="margin: 0px 0px 3px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 22px; line-height: 1.32; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline;"><p style="font-style: normal; margin: 0px 0px 30px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Hong Kong ordered gyms and bars to close for a week, restored strict limits on public gatherings and introduced fines for anyone refusing to wear a mask on public transport in a fresh bid to prevent the resurgent coronavirus from spiraling out of control.</p><div class="hardwall" data-position="1" style="font-style: normal; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"></div><div class="softwall" data-position="1" style="font-style: normal; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"></div><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">The tougher measures, to take effect Wednesday, include drastically limiting the number of people gathering in public back to four, Chief Executive Carrie Lam said in a press conference on Monday. The limit had just been&nbsp;<a href="https://www.scmp.com/news/hong-kong/health-environment/article/3089215/coronavirus-hong-kong-let-groups-50-people-meet" itemprop="StoryLink" itemscope="itemscope" title="SCMP" target="_blank" rel="nofollow noopener" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">raised</a>&nbsp;to 50 in mid-June. The city also confirmed its eighth coronavirus death.</p><div class="hardwall" data-position="2" style="font-style: normal; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"></div><div class="softwall" data-position="2" style="font-style: normal; margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"></div><aside class="inline-newsletter" data-state="ready" style="font-style: normal; margin: 9px 20px 1em -210px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline; width: 270px; float: left; clear: left; max-width: 170px;"><div class="tp-container-inner" style="margin: 30px 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; height: 319px;"><iframe id="offer-0-OjR0a" name="offer-0-OjR0a" title="offer-0-OjR0a" scrolling="no" allowtransparency="true" src="https://buy.tinypass.com/checkout/template/show?displayMode=inline&amp;containerSelector=.inline-newsletter&amp;templateId=OT9BU4XV6J8S&amp;offerId=fakeOfferId&amp;showCloseButton=false&amp;trackingId=%7Bjcx%7DH4sIAAAAAAAAAFWQzW7bMBCE34Vn0yAprkT65rRO6_wZRhJX7W1FrRwmMi1TUpyi6LtXMuAG3uN-M4Pd-cPQl2zGlt-vv7bXyxBv2IQ1uKWNp-NyJEoowUXGpeZScQAOKQcDvI8_SH3DQ7y7z1YPkHOwWBVQVGViqqqShdHSWZFlJQKJxLkhmD4aip6Co1P0Iv95q3Oh1lfr1QVdfJDrO78PJ5k0wqRhK4LjYhjVHoo61KXb7yi8oa5fIwpx4Z-7_-b2ZX98ol1TY0fLRSJ-mee50msjk8Hxgu2ZsVkXe5qw7qwdzasne_Ws8016Yx7ZJ9tg9Bi6URL6up4wh7sG_Ta058W7b_2Js3d-WaCSPAEuUsXto73L1e9Yv6rbL14eOFoDDgEKAFSplWWFZAxoUyUAQtNwgW_GPqSaSiWmmZkm4xd9S3G-pdANrDyOPXddzWYSrM6MsQB__wGPjy075gEAAA&amp;experienceId=EXYK4X02QBQO&amp;tbc=%7Bjzx%7Dt_3qvTkEkvt3AGEeiiNNgMkhqnGtdVZ1qkAQOnpo_AnUGrdZi1lQ1OX5s5ZoIx3sXxSDJLcyVkHlds1jNHnHxJK3hpxpq3IOjfn_J5RRtvoYzF49_srNrk_YsTdA1mO8jylU0Z664w9lha1BgkmqDg&amp;iframeId=offer-0-OjR0a&amp;url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2020-07-13%2Fhong-kong-reports-another-record-of-41-local-cases-as-wave-grows&amp;parentDualScreenLeft=0&amp;parentDualScreenTop=0&amp;parentWidth=1366&amp;parentHeight=657&amp;parentOuterHeight=728&amp;aid=IHFDsFInrJ&amp;contentSection=content-article&amp;pageViewId=2020-07-14-12-55-56-585-urWe2GaqrLM7ON5X-59afb5bfd38fff1b841c9077da5e03cc&amp;visitId=v-2020-07-14-12-21-35-062-9S9LX2yrlj2KCi1q-a985ca55b55a2691dfae88548f35504e&amp;userProvider=publisher_user_ref&amp;userToken=&amp;customCookies=%7B%7D&amp;hasLoginRequiredCallback=false&amp;width=170&amp;_qh=738b68b795" frameborder="0" style="margin: 0px; padding: 0px; border-width: 0px; border-style: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow: hidden; background-color: transparent; width: 170px; height: 319px;"></iframe></div></aside><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Among other measures: Hong Kong will require inbound travelers who have been to high-risk regions in the last 14 days to pass a virus test before boarding their flights; restaurants will be allowed to offer only takeout from 6 p.m. to 5 a.m.; and the number of patrons at a table at other times is limited to four. Amusement parks, gyms and 10 other types of venues are to close for seven days. Lam said the city will allow civil servants flexibility on working hours, and urged companies to let staff work from home.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">People who refuse to wear a mask on public transport face a potential HK$5,000 ($645) fine.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">As part of the clampdown, Hong Kong Disneyland will close on July 15. Hotels serving the resort will remain open,&nbsp;<a href="https://www.bloomberg.com/quote/1705061D:US" itemprop="StoryLink" itemscope="itemscope" title="Company Overview" style="margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">Walt Disney Co.</a>&nbsp;said in a statement.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">“They have put in place enhanced health and safety measures that reflect the guidance of health and government authorities, such as social-distancing measures and increased cleaning and sanitization,” the company said.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">The former British colony reported 41 local coronavirus cases on Monday, another record daily high as the resurgence of infections looks set to grow into the city’s biggest wave yet. That brought the total to 1,522 cases in a city of more than 7 million people.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Of the 41 cases, 21 are related to previous clusters while 20 were of unknown origin, government officials said Monday.</p><p data-tout-type="story" style="font-style: normal; margin: 0px 0px 30px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"><a href="https://www.bloomberg.com/news/articles/2020-04-22/how-silent-spreaders-make-coronavirus-hard-to-beat-quicktake" itemprop="StoryLink" itemscope="itemscope" title="Why ‘Silent Spreaders’ Make Coronavirus Hard to Beat: QuickTake" target="_blank" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">Why ‘Silent Spreaders’ Make Coronavirus Hard to Beat: QuickTake</a></p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">The significant proportion of cases with unknown origins over the past few days suggests that hidden chains of transmission have been circulating in the Asian financial hub for some time as people returned to work and social activities.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Hong Kong is now facing a major setback in its virus containment fight. After reopening for less than two months, schools have been ordered into an “<a href="https://www.bloomberg.com/news/articles/2020-07-10/hong-kong-said-to-shut-schools-again-as-local-virus-cases-jump" itemprop="StoryLink" itemscope="itemscope" title="Hong Kong to Shut Schools Again as Virus Cases Jump (2)" target="_blank" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">early summer holiday</a>,” while restaurants and bars limit the number of patrons.</p><figure data-align="center" data-id="363267439" data-image-size="full" data-image-type="chart" data-type="image" id="35296" class="" data-widget-url="https://www.bloomberg.com/toaster/v2/charts/de7173b94abb4924ae0723f904a9d7e9.html?brand=technology&amp;webTheme=technology&amp;web=true&amp;hideTitles=true" style="font-style: normal; margin: 30px auto; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline; width: 620px;"><div class="chart" data-responsive="true" style="margin: 1em 0px 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><div class="chart-js" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;"><h3 class="chart__title" id="virus-resurgence" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: 1.25; font-family: BWHaasGrotesk-75Bold-Web, Helvetica, Arial, sans-serif; vertical-align: baseline;">Virus Resurgence</h3><p class="chart__subtitle" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 17px; line-height: 1.25; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline;">Hong Kong sees a record in local infections after easing distancing rules</p><div class="chart__container" data-src="https://www.bloomberg.com/toaster/v2/charts/de7173b94abb4924ae0723f904a9d7e9.html?brand=technology&amp;webTheme=technology&amp;web=true&amp;hideTitles=true" data-toaster-id="363267439" style="margin: 8px 0px 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; min-height: 294px;"><iframe src="https://www.bloomberg.com/toaster/v2/charts/de7173b94abb4924ae0723f904a9d7e9.html?brand=technology&amp;webTheme=technology&amp;web=true&amp;hideTitles=true" data-toaster-id="363267439" frameborder="0" scrolling="no" style="margin: 0px; padding: 0px; border-width: 0px; border-style: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; width: 620px; min-width: 100%; height: 294px;"></iframe></div><p class="chart__source" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.15; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline;">Sources: Hong Kong government, Bloomberg</p><p class="chart__footnote" style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.15; font-family: BWHaasGrotesk-55Roman-Web, Helvetica, Arial, sans-serif; vertical-align: baseline;"></p></div></div></figure><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">“A containment strategy alone may not be able to slow down the spread of infection at this stage,” Chuang Shuk-kwan, an official with the Department of Health, said on Monday. Senior government officials are “very concerned about the situation now.”</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Chuang called for citizens to remain vigilant, and observe personal hygiene and social-distancing practices.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Events including Hong Kong’s week-long&nbsp;<a href="https://www.bloomberg.com/news/terminal/QDE2B1DWRGG1" itemprop="StoryLink" itemscope="itemscope" title="Hong Kong Book Fair to Be Postponed Amid Coronavirus: Cable TV" class="terminal-news-story" target="_blank" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">book fair</a>&nbsp;and the&nbsp;<a href="https://www.bloomberg.com/news/terminal/QDEC8VMB2SJY" itemprop="StoryLink" itemscope="itemscope" title="SCMP: Jockey Club cancels Champion Awards dinner among host of new Covid-19 measures" class="terminal-news-story" target="_blank" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">champion awards dinner</a>&nbsp;by the Jockey Club have been canceled, in a sobering reminder that the pandemic is far from over. Without an effective and widely distributed vaccine, cities are likely to continue in a state of limbo in which any easing of social distancing will lead to a spike of infection.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">While Hong Kong’s people and businesses are suffering with the virus resurgences, neighboring Macau received good news after largely containing the outbreak. China’s Guangdong province&nbsp;<a href="https://www.gov.mo/zh-hant/news/336413/" itemprop="StoryLink" itemscope="itemscope" title="Click to view webpage." target="_blank" rel="nofollow noopener" style="background-color: transparent; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: dotted; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(0, 0, 0); border-left-color: initial; border-image: initial; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration-line: none;">agreed</a>&nbsp;to lift quarantine requirements for travelers returning from the world’s biggest gambling hub, paving the way for a revival of its languishing casino industry.</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">Casino resorts in Macau saw gaming revenue plunge by more than 90% for three straight months as the highly infectious pathogen forced countries to shut borders.</p><p style="font-style: normal; margin: 0px 0px 30px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">(An earlier version corrected which visitors would be tested in the third paragraph.)</p><p style="font-style: normal; margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"><span style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: PublicoText-Italic-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">— With assistance by Dominic Lau, and Christopher Palmeri</span></p><p style="margin: 30px 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: PublicoText-Roman-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;"><span style="margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: PublicoText-Italic-Web, Georgia, Cambria, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline;">from Bloomberg</span></p></address> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2339 2020-07-10 <![CDATA[Rates, rent demand notes issued]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Demand notes for rates and government rent for July to September have been issued. Payments should be made by July 31.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The demand notes reflect the rates concession for this quarter, subject to a ceiling of $1,500 and $5,000 for each rateable domestic and non-domestic tenement respectively. Any unused portion of the concession in this quarter will not be used to offset the outstanding rates in any other quarter.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The concession does not apply to payment of government rent.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">A 5% surcharge will be imposed for late payment. If the amount, including the 5% surcharge, remains unpaid six months after the payment deadline, a further surcharge of 10% will be levied.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Those who have not received demand notes should call 2152 0111.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2331 2020-07-08 <![CDATA[Stamp duty rates carefully considered]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government must carefully take into account the impact of relevant arrangements on the property market when considering whether stamp duty rates concerning residential properties should be adjusted, Secretary for Financial Services &amp; the Treasury Christopher Hui said today.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">He pointed out that any move to relax demand-side management measures or lower stamp duty rates may stimulate some citizens' demand for local residential properties and lead to a counter-productive result of pushing up property prices when the current housing supply still lags behind demand. Therefore, the Government must act prudently.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“Under the existing mechanism, if a Hong Kong permanent resident acquires a new residential property to replace his/her only original residential property, he/she is required to pay the relevant stamp duty first and claim partial refund of the stamp duty paid after disposing of the original property.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“However, it the relevant requirements are relaxed, it may invite some owners without genuine intention to dispose of their original properties to, under the guise of property replacement, defer payment of stamp duty or hold more than one residential property for a longer period with a view to making profits.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Hui emphasised that this is at variance with the policy intent of introducing demand-side management measures and goes against taking care of Hong Kong residents' needs&nbsp;in replacing their properties.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">He added that with a view to ensuring the healthy development of the property market, the Government will&nbsp;monitor market conditions and take appropriate measures in response to market changes by making reference to a series of indicators.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Such indicators include property prices, home purchase affordability ratio, transaction volume and supply of properties, and local and global economic changes.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2323 2020-07-06 <![CDATA[Property sales down 24.7%]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry received 32,749 sale and purchase agreements for all building units in the first half of this year, up 4.6% on the second half of 2019 but down 24.7% year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for these agreements for the first half of 2020 was $269.02 billion, down 8.8% on the second half of last year and 32.3% below that for the first half of 2019.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The number of assignments of building units was 35,038, down 25.8% on the previous half year and 21.5% lower year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for these assignments was $249.86 billion, down 37.2% compared with the second half of 2019 and 31.9% less year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 2,373,015 land register searches made in the last six months.<br><br>(Source: new.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2307 2020-07-03 <![CDATA[HK secondary home prices retreat]]> <font face='Arial, Helvetica, sans-serif'> <p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">Secondary home prices in Hong Kong retreated from a two-week climb.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">The Centaline Property Agency's price tracking Centa-City Leading Index fell by 1.46 percent from a week ago to 178.48 points. CCL for small and medium units fell by 1.65 percent, from the previous week. The index tracking large-scale real estate was also down by 0.4 percent week-on-week.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">The agency said that the index fell significantly, reflecting the market's general concern that social events may escalate, and some small owners took advantage of high property prices to sell.<br><br>(Source: The Standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2291 2020-07-03 <![CDATA[Property sales up 19.9%]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Land Registry recorded 8,254 sale and purchase agreements for all building units for registration in June, up 19.9% from May and 32.9% higher year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for sale and purchase agreements rose 16.7% from May to $70.3 billion, representing a 30.6% year-on-year increase.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the agreements, 6,987 were for residential units in June, up 16.8% from May and a rise of 51% compared to a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The total consideration for residential units was $64.8 billion, up 22.8% compared with May and 42.9% higher than June 2019.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">There were 477,140 land register searches last month.<br><br>(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2285 2020-06-26 <![CDATA[2 residential sites to be sold]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government will sell two residential sites by tender in the July-September quarter.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">They are in Sai Kung and Tai Po.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Briefing the media today on the Government's land sale programme for the coming quarter, Secretary for Development Michael Wong said the two sites&nbsp;will provide about 160 flats.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Including the MTR Corporation’s plans to open tenders for LOHAS Park phase 13, which will produce about 2,550 flats, the total estimated number of flats provided in the quarter are 2,710.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government will also put up for sale two commercial sites for the same quarter.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">They are at the New Central Harbourfront and in Tung Chung. Both sites could yield about 267,000 sq m of gross floor area in total.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Wong said: “The site at the New Central Harbourfront can provide about 150,000 sq m of commercial GFA (gross floor area).</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">“The developer will be required to provide a large scale public open space and the landscape that is spanning across the site to enhance pedestrian connectivity to the Central harbourfront.”</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Mr Wong explained that the Government will adopt a “two-envelope” approach for this tender, so that both design and price submissions would be taken into account during the tender evaluation.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Government will continue to increase land supply through a multi-pronged approach to meet the community’s housing, economic and social development needs, he added.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Source: news.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2265 2020-06-18 <![CDATA[Stars settle for mortgages, rock-bottom rents]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Movie star Stephen Chow Sing-chi mortgaged a luxury house on The Peak to JPMorgan Chase Bank in March, while two units at Arezzo owned by Taiwanese actress Pace Wu Pei Ci were rented out at just HK$17 per square foot, even cheaper than public housing.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Chow and local developer Ryoden Development bought the site of the former Skyhigh development in 2004 for HK$320 million and rebuilt it as four houses - Pollock's Path 10, 12, 16 and 18. No 16 and No 18 were sold in 2009 for HK$350 million and HK$300 million, while the No 10 house was sold by Ryoden Development for HK$800 million in 2011.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Chow had mortgaged the No 12 house in 2011 and redeemed it in 2019. The house has been mortgaged again in March this year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Meanwhile, Pace Wu rented out a 2,851-sq-ft and 2,779-sq-ft featured flat in Mid-Levels West for a total of only HK$100,000 per month last month, 70 percent cheaper than the market price. Its rental price per sq ft was cheaper than that of public housing.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In the rental market of public housing, a 443-sq-ft unit in Leung King Estate in Tuen Men was rented out for HK$9,000 or HK$20.3 per sq ft per month.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In the primary property market, CK Asset (1113) said it will release a price list of Sea to Sky in 24 hours and will open the show flat for the public tomorrow. The first batch for sale will be not less than 285 units, including two-bedroom to four-bedroom flats.<br></p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The developer is considering offering flat selection priority for up to 20 percent of apartments to Lohas Park residents.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Kingboard (0148) sold 27 houses at The Cavaridge in Sha Tin, pocketing HK$3.5 billion, and will launch sales of apartments by tender soon.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Wheelock Properties said it has arranged the sales plan for its project Koko Hills in Lam Tin. It is confident the project will be approved for pre-sale consent this month and will launch the sales soon after the approval.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The one-month Hong Kong Interbank Offered Rate, a benchmark of the local mortgage rate, fell for the 14th consecutive trading day below 0.5 percent, the lowest in three years and the longest decline for more than a year. The one-month Hibor fell 2.15 basis points to 0.49714 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">(Source: The standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2231 2020-06-16 <![CDATA[14 building plans approved]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The Buildings Department approved 14 building plans in April - five on Hong Kong Island, five in Kowloon and four in the New Territories.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Of the approved plans, nine were for apartment and apartment-commercial developments, two were for commercial developments, one was for factory and industrial developments, and two were for community services developments.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Consent was given for works to start on nine building projects, which will provide 126,856 sq m of gross floor area for domestic use involving 2,165 units, and 55,065 sq m for non-domestic use.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">The department also issued 15 occupation permits - three on Hong Kong Island, five in Kowloon and seven in the New Territories.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">Buildings certified for occupation have 164,187 sq m of gross floor area for domestic use involving 2,526 units, and 41,038 sq m for non-domestic use.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);"><br></p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; color: rgb(40, 40, 40); font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238);">(Sourse: News.gov.hk)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2225 2020-06-08 <![CDATA[Secondary home sales tick up over weekend]]> <font face='Arial, Helvetica, sans-serif'><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">Centaline Property Agency recorded 13 secondary transactions at ten blue-chip housing estates over the past weekend, up by 18 percent week-on-week.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">Among them, Kornhill in Quarry Bay, Laguna City in Kwun Tong, and Caribbean Coast in Tung Chung recorded no deals.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">In May, secondary transactions at ten major estates surged 64 percent month-on-month to 375, according to Centaline.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">In the primary market, Sun Hung Kai Properties (0016) has collected about HK$4.5 billion after selling 680 out of 699 units of Wetland Seasons Park Phase 2 in Tin Shui Wai.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">SHKP expects to obtain the pre-sale consent for Wetland Seasons Park Phase 3 next quarter, which offers 318 units.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">In the commercial property market, rents of Grade A office buildings went down 2.5 percent month-on-month in May, and selling prices 0.9 percent, according to Midland IC&amp;I (0459).</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">Eric Ong, director at Midland Commercial, expects a significant rally in office building transactions in the second half as more US-listed Chinese companies are set for secondary listings in Hong Kong.</p><p style="font-size: 16px; box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">(News from The Standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2189 2020-05-29 <![CDATA[HK private flat prices ease in April]]> <font face='Arial, Helvetica, sans-serif'> <p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Hong Kong private units prices slid&nbsp;in April with the tracking price index falling by 0.4 percent year-on-year percent to 376 points, an over-one-year low, data from the Rating and Valuation Department showed.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The gauge has dropped by 0.8 percent accumulatively during the first four months this year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">For private units sized below 1,000 square feet, the sub-index slid by 0.2 percent from March while that for larger units dropped by nearly 0.7 percent month-on-month.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Rents for local private units fell for an eighth consecutive month in April, decreasing by 1.3 percent month-on-month to 180 points.<br><br></p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">(News from The Standard)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2157 2020-05-28 <![CDATA[Hong Kong Home Prices Show Greater Resilience Than Commercial Properties During COVID-19 Outbreak]]> <font face='Arial, Helvetica, sans-serif'> <span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">According to JLL's&nbsp;</span><i style="box-sizing: border-box; line-height: inherit; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; color: rgb(34, 34, 34); font-size: 16px;"><b style="box-sizing: border-box; line-height: inherit;">Hong Kong Residential Market Monitor Report</b></i><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">&nbsp;released today, the price fall in mass residential is milder than that of office and retail during the market downturn.</span><br style="box-sizing: border-box; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; color: rgb(34, 34, 34); font-size: 16px;"><br style="box-sizing: border-box; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; color: rgb(34, 34, 34); font-size: 16px;"><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">Figures from JLL show capital values of Grade A office and high street shops have fallen by 14% and 35% from the first quarter of 2019 to the first quarter of this year, respectively. During the same period, mass housing prices have recorded a modest drop of 3%; reflecting resilient residential prices albeit a drop in market activity.</span><br style="box-sizing: border-box; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; color: rgb(34, 34, 34); font-size: 16px;"><br style="box-sizing: border-box; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; color: rgb(34, 34, 34); font-size: 16px;"><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">Home prices are also supported by robust sales in the primary sales market. 'OMA by the sea', the first project launched since the implementation of prohibition on group gathering, achieved a first-day sales rate of about 80% out of the 268 units launched, reflecting solid demand in the market.<br><br></span><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">Henry Mok, Senior Director of Capital Markets at JLL in Hong Kong said, "Over the near term, we expect developers to take advantage of the current window of pent-up demand and hasten their pace of releasing primary units. Asking prices will likely stay reasonable with a view to reducing inventories and taking advantage of the recovering market sentiment."</span> <div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;"><br></span></div><div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">In the land sale market, the four residential sites sold via government tender so far this year attracted an average of 14 bids per site. The sole commercial site put up for tender this year in Kai Tak only attracted 4 bids and none of them met the government's reserve price. Developers appear to hold a more positive view about the residential market.</span></div><div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;"><br></span></div><div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">Nelson Wong, Head of Research at JLL in Greater China also commented, "Looking forward, we remain cautious about the sector as downside risks appear to be building up. With the latest unemployment rate reaching a ten-year high at 5.2% and likely to increase further, the economic well being of prospective buyers as well as owners will inevitably be affected. Housing prices may soften along with the weakening broader economy and other property sectors."</span></div><div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;"><br></span></div><div><span style="color: rgb(34, 34, 34); font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif; font-size: 16px;">(News from World Property Journal)</span></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2145 2020-05-27 <![CDATA[Housing prices slid 3% YoY in Q1]]> <font face='Arial, Helvetica, sans-serif'><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Mass housing prices have recorded a modest drop of 3% YoY in Q1, according to JLL’s Residential Market Monitor. This shows that the continuous fall in housing prices is more relaxed compared to the 14% YoY and 35% YoY decline in grade A office and high street shops, respectively, over the same period.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">It also reflects resilient residential prices, albeit a drop in market activity, with home prices being supported by robust sales in the primary sales market. In addition, the first project launched since prohibition on group gathering, ‘OMA by the sea’ achieved a first-day sales rate of about 80% out of the 268 units launched.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">In the land sale market, the four residential sites sold via government tender so far this year attracted an average of 14 bids per site. Meanwhile, the sole commercial site put up for tender this year in Kai Tak only attracted four bids and none met the reserve price.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">However, head of research at JLL in Greater China, Nelson Wong warns about the downside risks in the residential sector. “With the latest unemployment rate reaching a ten year high at 5.2% and likely to increase further, the economic well-being of prospective buyers as well as owners will inevitably be affected. Housing prices may soften along with the weakening broader economy and other property sectors,” he said.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">(New from Hong Kong Businese)&nbsp;</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2143 2020-05-22 <![CDATA[Over half feel indifferent in owning a home amidst pandemic]]> <font face='Arial, Helvetica, sans-serif'><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">More than half (52%) of Hong Kongers are uninterested in owning a residential property amidst the pandemic, according to a Citi survey. Only 10% think it is a perfect time to buy a home at the moment.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Almost three-fifths (57%) are expecting home prices to fall in the next 12 months, repeating a sharp 15ppt uptick from before COVID-19. Only 6.1% of owners are willing to sell their property at a 10% discount or more amidst the crisis.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Property prices are expected to slip 7.5% by year-end but with a slightly less impact than SARS, with the largest forecasted drop of 10%. In addition, 24% of respondents feel that their household finances are going to worsen in the coming year.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Despite the bearish outlook on the property market, the number of respondents sharing this view during COVID-19 in March fell by 13pp compared with the figure recorded in January before the pandemic began.</p><div>(News from Hong Kong Business)</div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2119 2020-04-06 <![CDATA[Secondary sales slump]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0px 0px 10px;">Centaline Property Agency reported only seven secondary deals at ten major housing estates over the weekend, down by 53 percent week-on-week and the lowest in nearly two months. </p><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; line-height: 22px; overflow-wrap: break-word;"> </span><p style="box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0px 0px 10px;"> Meanwhile, Empire Group and Lai Sun Development (0488) opened three show flats at Alto Residences in Tseung Kwan O. The developers have collected HK$6.28 billion after selling 584 out of 605 flats at the project. </p><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; line-height: 22px; overflow-wrap: break-word;"> </span><p style="box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0px 0px 10px;"> Meanwhile, Hanison Construction (0896) sold a 493-sq-ft flat at West Park in Sham Shui Po for HK$9.63 million, or HK$19,530 per sq ft.</p><p style="box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0px 0px 10px;"><br></p><p style="box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0px 0px 10px;">(Source: The Standard)&nbsp;</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2047 2020-02-27 <![CDATA[HKMC to launch mortgage loan pilot scheme]]> <font face='Arial, Helvetica, sans-serif'><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">It has interest rates of 2.75%, 2.85%, and 2.95% per annum for periods of 10, 15 and 20 years, respectively.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Finance secretary Paul Chan has announced during his Budget speech that the Hong Kong Mortgage Corporation (HKMC) will float a fixed-rate mortgage loan pilot scheme that aims to provide property owners more loan options and reduce interest rate volatility risks.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">The scheme will have interest rates of 2.75%, 2.85%, and 2.95% per annum for loan periods of 10, 15 and 20 years, respectively.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">It will be carried out through banks, without stress-test requirements and capped at $10m per application.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Other property-related plans mentioned in the Budget include the launching of six commercial sites for tender during 2020 to 2021. These sites could yield a total of 8.9 million sqft gross floor area (GFA) to be delivered no earlier than 2024 to 2025. This is said to be the highest total in any financial year since 2011-2012.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">“The government’s plan to offer several large commercial sites for tender in FY2020/2021 will provide a welcome medium-to-long-term boost for local real estate occupiers and developers. However, further economic turbulence expected over the course of 2020 may negatively impact the response to sites with especially high price tags,” said Marcos Chan, head of research at CBRE.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Furthermore, the government plans to have 15 residential sites put up for sale, which will house 7,500 units. Another 8,200 units are also expected to be delivered by the MTR Corporation (MTRC), the Urban Renewal Authority (URA) and other private sector redevelopment schemes.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">The government expects an average of 19,600 private residential units to be delivered in each of the next five financial years.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">“Despite the current economic uncertainty, the low level of new residential supply – which will remain at under 20,000 units a year for the next few years – will limit the risk of over-supply and prevent a drastic correction in capital values,” Chan further commented.</p><p style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">News from Hong Kong Business&nbsp;</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2017 2020-02-25 <![CDATA[Coronavirus Significantly Impacting Hong Kong's Office Market Demand]]> <font face='Arial, Helvetica, sans-serif'><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;">According to JLL's latest&nbsp;<i style="box-sizing: border-box; line-height: inherit;"><b style="box-sizing: border-box; line-height: inherit;">Hong Kong Office Market Monitor Report</b></i>, Central's Grade A office rents dropped the sharpest among Hong Kong's core business districts as its vacancy rate reached 4% in January 2020, the first time in more than five years.<br style="box-sizing: border-box;"><br style="box-sizing: border-box;">Office vacancies in major business districts continued to be on the rise, causing rents in the overall market to edge down by 0.9% m-o-m last month. The most severe decline occurred in Central's office market, which dropped 1.1% m-o-m to HKD 120.0 per sq. ft as the vacancy rate reached 4%, the highest since August 2014.<br style="box-sizing: border-box;"><br style="box-sizing: border-box;"><div class="embed" style="box-sizing: border-box; margin: 0px; padding: 0px; float: right;"><img alt="Thumbnail image for Alex-Barnes.png" src="https://www.worldpropertyjournal.com/assets_c/2019/12/Alex-Barnes-thumb-200x223-30296.png" class="mt-image-right" width="200" height="223" style="box-sizing: border-box; max-width: 100%; height: auto; display: inline-block; vertical-align: middle; padding-left: 20px; float: right; margin: 0px 0px 20px 20px;"><p class="cap" style="box-sizing: border-box; margin-right: 0px; margin-bottom: 1.25rem; margin-left: 0px; padding: 0px; line-height: 1.6; text-rendering: optimizelegibility; clear: right; text-align: right; margin-top: -10px !important; font-family: helvetica, arial, sans-serif !important; font-size: 12px !important;">Alex Barnes</p></div>In Central, office leasing demand was weak as new lettings dropped 49% m-o-m. Activities were primarily driven by small expansions within the submarket. For instance, China Guangfa Bank has leased 13,000 sq. ft at One Exchange Square to relocate and expand out of another Grade A building within Central.<br style="box-sizing: border-box;"><br style="box-sizing: border-box;">Alex Barnes, Head of Markets at JLL in Hong Kong commented, "The overall Grade A office market recorded a net withdrawal of 173,600 sq. ft last month. Immediate demand has weakened off the back of the coronavirus, as a number of businesses put decision making on hold.&nbsp; Some pockets of activity exist, with the majority of demand in decentralized locations."<br style="box-sizing: border-box;"><br style="box-sizing: border-box;"><div class="embed" style="box-sizing: border-box; margin: 0px; padding: 0px; float: left;"><img alt="Thumbnail image for Nelson-Wong-headshot.png" src="https://www.worldpropertyjournal.com/assets_c/2019/12/Nelson-Wong-headshot-thumb-200x228-30299.png" class="mt-image-left" width="200" height="228" style="box-sizing: border-box; max-width: 100%; height: auto; display: inline-block; vertical-align: middle; float: left; margin: 0px 20px 20px 0px;"><p class="cap" style="box-sizing: border-box; margin-right: 0px; margin-bottom: 1.25rem; margin-left: 0px; padding: 0px; line-height: 1.6; text-rendering: optimizelegibility; clear: left; margin-top: -10px !important; font-family: helvetica, arial, sans-serif !important; font-size: 12px !important;">Nelson Wong</p><p class="cap" style="box-sizing: border-box; margin-right: 0px; margin-bottom: 1.25rem; margin-left: 0px; padding: 0px; line-height: 1.6; text-rendering: optimizelegibility; clear: left; margin-top: -10px !important; font-family: helvetica, arial, sans-serif !important; font-size: 12px !important;"><br style="box-sizing: border-box; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"></p></div>In the investment property market, the sales of office and retail properties remained very slow. Nelson Wong, Head of Research at JLL in Greater China and Hong Kong said, "Only a limited number of offices changed hands for relatively small lump sums. The few transactions predominantly took place outside of Central. Investors in the retail market have grown more cautious. Their interests are largely focused on small lump sum assets in non-core areas, pricing below HKD 30 million."<br style="box-sizing: border-box;"><br style="box-sizing: border-box;">&nbsp;</div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><br style="box-sizing: border-box;"></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><a href="https://www.worldpropertyjournal.com/news-assets/Hong-Kong-Grade-A-Office-Vacancy.jpg" style="box-sizing: border-box; text-decoration-line: none; line-height: inherit; cursor: pointer; color: rgb(198, 15, 19) !important;"><img alt="Hong-Kong-Grade-A-Office-Vacancy.jpg" src="https://www.worldpropertyjournal.com/assets_c/2020/02/Hong-Kong-Grade-A-Office-Vacancy-thumb-1200x186-30442.jpg" class="mt-image-none" style="box-sizing: border-box; max-width: 100%; height: auto; display: inline-block; vertical-align: middle; border: none;"></a></div><div style="box-sizing: border-box; margin: 0px; padding: 0px; font-family: &quot;PT Serif&quot;, Georgia, &quot;Times New Roman&quot;, serif;"><i><font size="1">News from World Property Journal</font></i></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=2015 2019-12-17 <![CDATA[Kwoks show faith with $9b West Kowloon buy]]> <font face='Arial, Helvetica, sans-serif'><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Sun Hung Kai Properties (0016) yesterday said it would sell a 25 percent share of its land above the high-speed rail West Kowloon Station to companies owned by the Kwok family - who are SHKP's main shareholders - for HK$9.4 billion.</span><div><font color="#333333" face="Helvetica Neue, Helvetica, Arial, sans-serif"><br></font> <div><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The commercial part of the site will be retained by SHKP, it said.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Last month, SKHP paid HK$42.23 billion to secure the commercial site atop the high-speed rail terminus in a tender that attracted just three bidders, including a consortium. At HK$13,345 per square foot of floor area, it became the most expensive piece of land in Hong Kong's history.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Chairman and managing director Raymond Kwok Ping-luen also reaffirmed that SHKP is looking for strategic investors to join in the development of the project.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Meanwhile, MTR Corporation (0066) has started to collect developers' expressions of interest until December 23 for its Lohas Park Package Twelve project.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The project is located at the remaining portion of Tseung Kwan O Town Lot No. 70 in the western part of the Clear Water Bay Peninsula, with a maximum residential gross floor area of 89,290 square meters and providing no more than 2,000 residential units.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In other news, a Hong Kong Property Services Agency survey found that 57 percent of its respondents believe home prices will fall in the next 12 months while 20.5 percent believe any decline would be within 5 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The survey also showed that 39.7 percent of respondents intended to buy flats within the next 12 months, up 1.6 percentage points quarter-to-quarter, and up 5 percentage points from the same period last year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The agency predicts there will be 5-percent volatility for Hong Kong property prices next year and the price for mini units many fluctuate by around 8 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The month of November saw 238 first-hand and second-hand transactions of luxury homes priced more than HK$20 million were recorded, down 11.2 percent month-on-month.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Centaline's senior associate director of research Wong Leung-sing expects the overall transactions of luxury homes will reach a three-year low.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Meantime, the per sq ft price of constituent estates in the Centa-City Leading Index has dropped below the price level at the end of last year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Elsewhere, the mortgage-related one-month Hong Kong Interbank Offered Rate rose 0.08 percent to 2.6 percent.</p></div></div></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1989 2019-12-16 <![CDATA[Secondary sales hit two-month low]]> <font face='Arial, Helvetica, sans-serif'><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The property market remained downbeat over the weekend, with secondary transactions hitting a new low over the past two months.</span><div><font color="#333333" face="Helvetica Neue, Helvetica, Arial, sans-serif"><br></font> <div><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Ricacorp Properties reported only four secondary transactions at ten major housing estates over the weekend, down by 20 percent from a week before and hitting a ten-week low.</span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;"><br></span></div><div><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Six major estates reported no transactions.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Laguna City in Kwun Tong, Metro City in Tseung Kwan O, Kingswood Villas in Tin Shui Wai and Caribbean Coast in Tung Chung recorded one deal respectively. Among these, a three-bedroom flat at Metro City changed hands for about HK$7.88 million, or HK$14,981 per sq ft while a 749-sq-ft unit at Caribbean Coast was sold for HK$7.85 million, or HK$10,481 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">The secondary transactions further shrank because Christmas and the New Year are approaching, social unrest has not completely eased, and recent economic data reflect gloomy market prospects, said Ricacorp chief executive Willy Liu Wai-keung.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Liu said many home owners are refusing to cut asking prices, due to several favorable factors, including the phase-one trade deal announced by the United States and China, the Federal Reserve's decision to hold interest rates steady, and an upward trend in the stock market, so buyers are staying on the sidelines.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In other deals, a 284-sq-ft flat at City One Shatin fetched HK$5.03 million, or HK$17,704 per sq ft, after HK$472,000 was cut from the original asking price. The selling price was also 16 percent lower than that of a 284-sq-ft flat at the estate which changed hands in June last year, according to Midland Realty?.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">Also, a 1,010-sq-ft unit at City Garden in North Point was sold for HK$17.88 million, after HK$2.12 million was slashed from the original asking price.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">In the primary market, Sun Hung Kai Properties (0016) will launch five luxury houses at Crown of St. Barths in Ma On Shan for sale by tender on Thursday while China Evergrande (3333) will launch 180 flats at Emerald Bay in Tuen Mun for sale the same day.</p><p style="box-sizing: border-box; margin: 0px 0px 10px; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px;">China Evergande has so far collected around HK$1.8 billion after selling about 370 flats at the project.</p></div></div></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1987 2019-12-13 <![CDATA[Luxury homes worst off amid price declines]]> <font face='Arial, Helvetica, sans-serif'><div class="content" style="box-sizing: border-box; overflow-wrap: break-word; margin: 0px 15px 30px; padding: 0px; overflow: hidden; position: initial; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; line-height: 22px;"><p style="box-sizing: border-box; margin: 0px 0px 10px;">Small and middle-sized residential properties are expected to see at least a 10 percent price drop next year, says JLL, adding that luxury units are likely to fall 20 percent.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">The commercial real estate services provider also predicted that commercial property prices and rentals will fall overall next year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">In the secondary market, Rita Wu Tsang Sui-king and Timothy Wu Po Tang, descendants of Wing Lung Bank's founder, Wu Yee-sun, sold a unit with a salable area of 2,361 sq ft at Tregunter Towers on The Peak for HK$60 million, or HK$25,413 per sq ft. They bought the unit three years ago for HK$46.5 million.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">A unit with a parking space at Sea Crest Villa, Sham Tseng, changed hands at a two-year low of HK$9.38 million, or HK$8,883 per square foot, down 29 percent from the asking price of HK$13 million last year.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">Without the HK$1 million parking space, the unit's price was only HK$7,935 per sq ft.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">Another unit at The Arch Sun Tower, West Kowloon, changed hands at HK$12.5 million, or HK$31,646 per sq ft, around 20 percent lower than the HK$16 million market estimate. The price returned to the level of similar units in 2013.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">At the same time, a vendor of a unit at Novum East, Quarry Bay, sold his flat for HK$9.98 million, or HK$22,129 per sq ft, with an estimated loss of HK$1.5 million compared with his buying price of HK$10.08 million in January 2018.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;">The developer representatives of One Eighty in Sai Wan Ho said that they may consider leasing out the units if they can't sell flats in the project before the vacancy tax is imposed. But they are still confident of the sales performance.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;"></p><div class="clearfix" style="box-sizing: border-box;"></div><div class="gad1 ts-content" style="box-sizing: border-box; position: absolute; top: 680px; right: 10px; width: 300px; margin: 10px auto;"><div class="ad w300-h250" style="box-sizing: border-box; margin-bottom: 10px;"><div id="div-gpt-ad-1442818250328-1" data-google-query-id="CPLzwZTpseYCFVq8lgodvUYKmw" style="box-sizing: border-box; height: 250px; width: 300px;"><div id="google_ads_iframe_/270010083/TS-300x250-Index-1_0__container__" style="box-sizing: border-box; border: 0pt none;"><iframe id="google_ads_iframe_/270010083/TS-300x250-Index-1_0" title="3rd party ad content" name="google_ads_iframe_/270010083/TS-300x250-Index-1_0" width="300" height="250" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" data-google-container-id="2" data-load-complete="true" style="box-sizing: border-box; border-width: 0px; border-style: initial; vertical-align: bottom;"></iframe></div></div></div></div><div class="clearfix" style="box-sizing: border-box;"></div></div><div style="box-sizing: border-box; color: rgb(51, 51, 51); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><div id="div-gpt-ad-1442818250328-3" data-google-query-id="CPTzwZTpseYCFVq8lgodvUYKmw" style="box-sizing: border-box; height: 90px; width: 728px; margin: auto;"></div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1985 2018-08-02 <![CDATA[Property sales down 8.5%]]> <font face='Arial, Helvetica, sans-serif'><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">The Land Registry recorded 8,466 sale and purchase agreements for all building units in July, down 8.5% on June but up 55% compared to the same period a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">The total consideration for sale and purchase agreements in July was $99.4 billion, an increase of 23% on June and 117.1% more year-on-year.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">Of the sale and purchase agreements, 6,091 were for residential units, a 9.3% fall from the previous month but up 73.3% compared to a year ago.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">The total consideration for residential units was $65.2 billion, down 4.1% from June but a year-on-year rise of 96.4%.</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">&nbsp;</p><p style="box-sizing: inherit; margin-top: 0px; margin-bottom: 0px; font-family: Helvetica, &quot;Microsoft JhengHei&quot;, 微軟正黑體, SimHei, Arial, sans-serif; font-size: 12.6px; background-color: rgb(238, 238, 238); color: rgb(40, 40, 40); background-image: none !important; background-position: initial !important; background-size: initial !important; background-repeat: initial !important; background-attachment: initial !important; background-origin: initial !important; background-clip: initial !important;">There were 483,658 land register searches in July.</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1834 2018-08-01 <![CDATA[ Hong Kong home prices hit another record, but could face headwinds]]> <font face='Arial, Helvetica, sans-serif'><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">By Venus Wu&nbsp;</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">HONG KONG, July 31 (Reuters) - Hong Kong private home prices hit another record in June and climbed over 10 percent in 2018's first-half, government data showed, but analysts said potential interest rate hikes and trade disputes could crimp increases over the rest of the year.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">Any cooling in prices would be good news for the government, which has repeatedly vowed to make housing more affordable in a city often cited as the least affordable in the world.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">Property prices rose 1.6 percent in June from May to break record levels for the 20th month in a row, according to an index compiled by the Rating and Valuation Department released on Tuesday. June prices were up 15.9 percent compared with a year earlier.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">A 650-square-foot flat on Hong Kong Island would cost nearly HK$11.5 million ($1.47 million), according to calculations using June data from property agency Midland Realty.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">But after a 27-month-long run of rising monthly prices, the longest such period in Hong Kong's history, analysts expect the red-hot market to ease over the rest of the year.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">"The asking prices of some new projects are now less aggressive - a sign that developers are keen to boost sales," Cliff Tse, regional director of valuation advisory services at property consultancy JLL, said on Friday.</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">"Combined with worries about a trade war and a potential interest rate hike, house price growth in the second-half of the year will not be as brisk as the first-half."</p><p style="margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif; font-size: 16px;">While several property consultancies expect prices to edge up at a reduced pace, Citigroup Global Markets Asia projected a 7 percent drop in the second-half of 2018. ($1 = 7.8483 Hong Kong dollars) (Reporting by Venus Wu Editing by Joseph Radford)</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1832 2018-07-31 <![CDATA[Hong Kong home prices start to lose steam as price growth slows for second straight month in June]]> <font face='Arial, Helvetica, sans-serif'> <span style="color: rgb(102, 102, 102); font-family: &quot;PT Serif&quot;, serif; font-size: 24px;">Runaway home prices in the world’s most expensive city to buy property rises for 27 months in a row in June</span><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The prices of lived-in homes in Hong Kong gained for a 27th straight month in June, but the rate of increase slowed down for a second straight month.</span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">An index of secondary-market home prices rose 6.3 points, or 1.644 per cent, to 389.4 in June, according to data released by the Rating and Valuation Department on Tuesday – a bit slower than the 1.645 per cent gain in May, and 1.86 per cent increase in April.</span></div><div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Prices of flats measuring less than 430 square feet gained 1.58 per cent to 429.7 on the index.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Flats of 1,722 sq ft or more increased by just 1.27 per cent to 334.4.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The rental index meanwhile surged by 1.2 per cent to 193.7, much faster than the 0.3 per cent increase in May, reflecting an accelerated increase in leasing costs, the data showed.</p><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><div class="sentifi-widget" data-wid="272" style="box-sizing: border-box; margin-top: 34px; margin-bottom: 34px;"></div></div><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"></div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Analysts expect home price growth to further slow down in the coming months because of a slew of government measures announced recently to ease the housing crisis in Hong Kong, the world’s most expensive place to own property.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a contenttype="text" href="https://www.scmp.com/news/hong-kong/community/article/2155263/property-porn-hong-kong-when-home-prices-are-so-high-they" shape="rect" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Property porn in Hong Kong: when home prices are so high, they become obscene</a></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“It’s a sign the market is cooling down,” said Derek Chan, head of research at Ricacorp Properties. “We’ve seen that homeowners are giving a larger room for bargaining and more buyers are adopting a wait-and-see approach.”</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Data from Ricacorp shows that transaction volume of lived-in homes last week dropped about 42 per cent compared to the week of June 25, when the government announced the cooling measures.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Headwinds also include downbeat stock markets, global trade tensions and the prospect of interest-rate rises.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“The stock market has been quite volatile since January and news about the&nbsp;<a href="https://www.scmp.com/topics/us-china-trade-war" target="_self" style="background-color: transparent; box-sizing: border-box; color: rgb(99, 117, 169); text-decoration-line: none;">Sino-US trade war</a>&nbsp;has impacted the purchasers’ sentiment,” said Vincent Cheung, deputy managing director for Asia valuation and advisory services at Colliers International.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Earlier this month, Citibank became the first major financial institution to predict a correction in Hong Kong’s home prices this year, saying prices were likely to drop 7 per cent in the second half of 2018<span class="c2 text-only" style="box-sizing: border-box;">.</span></p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The city’s home prices have rocketed 13 per cent in the first half, while property agents have maintained their price growth forecast for the whole year at about 15 per cent.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">On June 28, Chief Executive Carrie Lam Cheng Yuet-ngor introduced measures to cool the runaway home prices, including a&nbsp;<a href="https://www.scmp.com/business/article/2157549/prices-luxury-homes-new-territories-expected-dip-developers-rush-offload" target="_self" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">vacancy tax on newly built flats remaining unsold</a>; unlinking the pricing of government-subsidised housing from private market rates; and building affordable housing on at least six prime sites originally reserved for private developers to construct luxury homes.</p></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1830 2018-07-25 <![CDATA[Meet the ‘new wave’ of buyers who could keep Hong Kong’s property market hot]]> <font face='Arial, Helvetica, sans-serif'><span style="color: rgb(102, 102, 102); font-family: &quot;PT Serif&quot;, serif; font-size: 24px;">Thousands of high-earning professionals from mainland China will qualify for permanent residency in the city by next year, freeing them from extra taxes on house buying and potentially spurring demand for homes</span><div><span style="color: rgb(102, 102, 102); font-family: &quot;PT Serif&quot;, serif; font-size: 24px;"><br></span></div><div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Around 21,000 professionals from mainland China could become permanent Hong Kong residents by 2019, according to brokerage CLSA, and the numbers are likely to increase in the following years as the Hong Kong government’s visa programme for mainland Chinese pulls in more high earners.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">With permanent residency – earned after seven years living in the city – comes exemption from a 15 per cent duty on non-residents’ buying homes, which was imposed in 2012, as well as other levies that had effectively meant non-permanent residents would have to pay up to 30 per cent more for a home.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Now the wave of young professionals who moved to Hong Kong around 2012 will be free of that burden, which could, according to CLSA calculations, translate into demand for some 7,000 homes in a city already short of housing.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“The duty was launched in 2012, and it suddenly froze the house purchasing power among mainland Chinese professionals who had arrived in Hong Kong in 2010, 2011 and 2012. This year and in 2019, we will see a large increase in demand from these people,” said Nicole Wong, regional head of property research at CLSA.</p><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><div class="sentifi-widget" data-wid="272" style="box-sizing: border-box; margin-top: 34px; margin-bottom: 34px;"></div></div><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"></div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“The determination of this group to get a flat in Hong Kong is really strong since they have paid high rents for seven years to avoid paying the tax,” Wong said.</p><p class="v2-processed link" style="box-sizing: border-box; margin: 34px 0px; max-width: 100%; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; color: rgb(51, 51, 51);"><a contenttype="text" href="https://www.scmp.com/news/hong-kong/education/article/2142816/why-mainland-chinese-man-chose-hong-kong-residency-and-why" shape="rect" target="_self" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Why this mainland Chinese man chose Hong Kong residency (but his wife didn’t)</a></p><p class="v2-processed link" style="box-sizing: border-box; margin: 34px 0px; max-width: 100%; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; color: rgb(51, 51, 51);"><span style="font-size: 18px;">The median price of a home in Hong Kong has been rising for the past 26 months, with developers of new homes raising their prices with each successive sales launch, confident that there are enough eager property buyers to snap up any additional supply that goes on the market.</span></p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The Hong Kong government has recently imposed new measures to try and rein in prices, including a tax on unsold units and offering more land to build public housing. Citibank meanwhile has forecast a fall of as much as 7 per cent in home prices in Hong Kong in the second half of this year, citing new supply and a downbeat stock market.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">But including the possible demand from the potential new buyers for 7,000 homes, other analysts said it was hard to see prices coming down.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“The government’s annual target is to produce about 18,000 private units a year, while an extra 7,000 are in demand now. The increasing demand from mainland professionals will sustain, if not accelerate much, the heat,” said Derek Chan, head of research at Ricacorp Properties. “I cannot see an end to price increases unless the government boosts the land supply.”</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Government figures show that more than 30 per cent of mainland Chinese professionals working in Hong Kong earn salaries higher than HK$40,000 (US$5,098) a month. In comparison, the median income of Hongkongers was HK$16,800 a month last year, with 14 per cent earning over HK$40,000.</p><p class="v2-processed link" style="box-sizing: border-box; margin: 34px 0px; max-width: 100%; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; color: rgb(51, 51, 51);"><a contenttype="text" href="https://www.scmp.com/property/hong-kong-china/article/2148580/hong-kong-home-prices-rise-25th-straight-month-record" shape="rect" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Hong Kong home prices rise for 25th straight month as record-breaking deals keep coming</a></p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">There are already indications that the permanent-residents-in-waiting are ready and willing to put that money into the property market.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“I am not poor, but the tax was just too much,” said Angela Li, a 35-year-old financial professional who arrived in Hong Kong in 2011. “I was considering buying a house when I first arrived, but soon the extra tax policy was launched and I gave up.”</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">She has started searching for a flat in the neighbourhood near Olympic MTR station in Kowloon, where she currently lives, paying a rent of HK$25,000 a month.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“The mortgage will be pretty much the same as the rent I pay,” Li said.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Property agents said that in the past couple of months they have seen a 20 per cent to 30 per cent increase in young mainland Chinese looking to buy property.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“Now they have a breather from the heavy tax, more mainland Chinese professionals will be looking to get a house,” said Midland Realty's residential chief executive, Sammy Po.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“They are mainly looking at new developments in Kai Tak, West Kowloon and North Point. They are not like those deep-pocketed mainland businessmen we previously saw, coming to the city on a shopping spree for ultra-luxury homes. It is a new wave.”</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">&nbsp;</p></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1825 2018-06-28 <![CDATA[Sweeping changes to Hong Kong’s subsidised housing policy set to be proposed by Chief Executive Carrie Lam, Post learns]]> <font face='Arial, Helvetica, sans-serif'><span style="color: rgb(102, 102, 102); font-family: &quot;PT Serif&quot;, serif; font-size: 24px;">Sources say proposals will make subsidised housing cheaper and impose a vacancy tax on newly built unsold homes</span> <div><span style="color: rgb(102, 102, 102); font-family: &quot;PT Serif&quot;, serif; font-size: 24px;"><br></span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Hong Kong’s leader is expected to announce a package of new policy proposals to combat the city’s unaffordable housing by Friday, including a plan to make government-subsidised housing cheaper, the&nbsp;</span><em style="box-sizing: border-box; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Post</em><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">&nbsp;has learned.</span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></span></div><div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The package will also include a proposed vacancy tax on newly built but unsold homes, as well as taking back prime government sites reserved for private developers to bid on and build public-sector housing on them.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Chief Executive&nbsp;<a contenttype="text" href="http://www.scmp.com/topics/carrie-lam" shape="rect" title="www.scmp.com" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Carrie Lam Cheng Yuet-ngor</a>’s biggest move on the housing front yet comes after home prices continued to rise in the world’s least affordable property market, fuelling public discontent. Friday will also mark the end of the current government’s first year in office.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Sources said the package would first be discussed in an Executive Council meeting between Lam and her top advisers on Thursday.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“[The package] symbolises Lam’s report card, and she wants to rush this out before July 1,” a source close to the situation said. Lam took office on July 1 last year.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The proposed review of the subsidised housing pricing mechanism is likely to disconnect the prices from market rates to prevent prices from inflating each year, according to the source.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Under the proposed mechanism, subsidised housing prices would relate to a family’s budget. The calculation will be based on the median monthly income of applicants, a percentage of this income reflecting how much applicants should pay every month, and the number of years applicants should take to pay off the mortgage.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a contenttype="text" href="http://www.scmp.com/comment/letters/article/2152567/why-prices-hong-kong-homes-will-keep-rising-until-sales-are" shape="rect" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Why prices of Hong Kong homes will keep rising until sales are restricted to locals only</a></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The existing mechanism sets a discount off the market price and, after the discount, the price of half the flats in a project to be sold should be affordable – meaning the monthly mortgage payment should not exceed 40 per cent of applicants’ income – to eligible applicants falling within the income limit. This discount has remained at 30 per cent since 1991.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">On an RTHK programme on Wednesday, Anthony Chiu Kwok-wai, a member of the subsidised housing committee under the Housing Authority, which scrutinises all public-sector housing policies, said the income limit for subsidised housing, now HK$57,000 for families of two or more, was linked with market prices and would increase every year.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">If the subsidised housing prices are to be unlinked from market prices, Chiu said, the income limit should be lower than the existing level, or there would be more families with higher incomes eligible for a limited amount of subsidised flats.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Stanley Wong Yuen-fai, chairman of the committee, had similar concerns.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a contenttype="text" href="http://www.scmp.com/news/hong-kong/hong-kong-economy/article/2152599/public-interest-top-concern-hong-kong-vacancy-tax" shape="rect" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">‘Why care only about property developers and not the public?’: Hong Kong’s leader justifies vacancy tax plan to boost housing supply</a></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“At a time when the land supply is scarce, I hope we will reach out to the neediest families,” he said.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The committee will have a meeting late on Friday. Wong said he expected the meeting to be about the pricing mechanism review.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">But Lawrence Poon Wing-cheung, a scholar of housing policy at City University, said lowering the income limit would only push a group of families too wealthy for subsidised housing but too poor for private flats to stretch themselves into the private market, which would also push private property prices even higher.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Instead of lowering the income limit, Poon said, the government should build more subsidised flats to absorb demand from the private market.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The supply of subsidised housing in Hong Kong has been so limited that getting one is widely considered akin to winning the lottery.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">According to the source, the government has identified four to five prime private housing sites in Kai Tak for building public-sector housing.</p><div class="panel-pane pane-entity-field pane-node-body pane-first pos-0" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 18px; line-height: 26px; font-family: &quot;PT Sans&quot;, sans-serif; color: rgb(51, 51, 51);"><div class="pane-content" style="box-sizing: border-box;"><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%;">On vacancy tax, a government source said officials would not impose a very high level of tax in the beginning.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%;">“It can be increased over time, depending on the actual market response, just like other property cooling measures,” the source said.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%;">The source said the public should not only focus on the estimated 9,000 completed, but also on the unsold flats.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%;">“We are talking about a supply of tens of thousands of new flats in the next few years,” the source said. “We have to make sure these flats will be released on the market [in a timely manner].”</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%;">The Executive Council is also expected to discuss on Thursday details about a starter-home scheme for those who are too rich for subsidised housing but too poor for private housing.</p></div></div><div class="panel-separator" style="box-sizing: border-box; font-family: Arial, serif; font-size: 13px;"></div><div class="panel-pane pane-block pane-scmp-newsletter-node-newsletter-subscription-form pos-1" style="box-sizing: border-box; font-family: Arial, serif; font-size: 13px;"><div class="pane-content" style="box-sizing: border-box;"><div class="row scmp-newsletter-subscribe" style="box-sizing: border-box; margin-left: 0px; margin-right: 0px;"></div></div></div><div class="panel-separator" style="box-sizing: border-box; font-family: Arial, serif; font-size: 13px;"></div><div class="panel-pane pane-block pane-scmp-content-scmp-print-head-snippet pos-2" style="box-sizing: border-box; color: rgb(153, 153, 153); margin: 16px 0px 0px; font-family: Arial, serif; font-size: 13px;"><div class="pane-content" style="box-sizing: border-box;"><div class="print-head-label" style="box-sizing: border-box; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 16px; line-height: 20px; font-family: &quot;PT Sans&quot;, sans-serif;">This article appeared in the South China Morning Post print edition as:&nbsp;<span class="print-head-title" style="box-sizing: border-box;">Lam set to unveil measures aimed at cooling flat prices</span></div></div></div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></p></div></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1809 2018-06-26 <![CDATA[Hong Kong retains world’s top luxury prime housing market tag for second year on Chinese demand]]> <font face='Arial, Helvetica, sans-serif'> <div class="panel-pane pane-node-title pane-first pos-0" style="box-sizing: border-box; margin-top: 10px;"><div class="pane-content" style="box-sizing: border-box;"><h1 itemprop="name headline" class="title" id="page-title" style="color: inherit; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 38px; line-height: 45px; font-family: &quot;PT Serif&quot;, serif; box-sizing: border-box; margin: 20px 0px 0px;">The city’s stratospheric luxury property market might soon be overtaken by other global hotspots such as Los Angeles</h1></div></div><div class="panel-separator" style="box-sizing: border-box;"></div><div class="panel-pane pane-node-created pull-left pos-2" style="box-sizing: border-box; margin: 24px 0px 0px; color: rgb(153, 153, 153); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 14px; line-height: 20px; font-family: &quot;PT Sans&quot;, sans-serif; float: left !important;"><div class="pane-content" style="box-sizing: border-box;"><div itemprop="dateCreated" property="schema:dateCreated" content="2018-06-26T08:03:27+08:00" class="node-published" datetime="2018-06-26T08:03:27+08:00" style="box-sizing: border-box;">PUBLISHED : Tuesday, 26 June, 2018, 8:03am</div><div itemprop="dateModified" property="schema:dateModified" content="2018-06-26T09:45:00+08:00" class="node-updated" style="box-sizing: border-box;"><span class="node-updated-date node-updated-date-hl" style="box-sizing: border-box;">UPDATED : Tuesday, 26 June, 2018, 9:45am</span></div></div></div><div class="panel-separator" style="box-sizing: border-box;"></div><div class="panel-pane pane-custom pane-4 pull-right pane-comment-count pos-3" style="box-sizing: border-box; float: right !important; height: 44px; margin-top: 20px;"><div class="pane-content" style="box-sizing: border-box;"><p style="box-sizing: border-box; margin: 0px 0px 10px;"><a class="scmp_button_comment count-processed popup-processed" href="http://www.scmp.com/property/hong-kong-china/article/2152317/will-hong-kong-keep-its-crown-worlds-biggest-luxury-housing#add-comment" title="Comments" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none; display: block; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: bold; font-stretch: normal; font-size: 14px; line-height: 14px; font-family: &quot;PT Sans&quot;, sans-serif; text-transform: uppercase; margin: 0px;">COMMENTS:&nbsp;<span class="icon scmp-icon-comment" style="box-sizing: border-box; position: relative; display: inline-block; width: 54px; height: 54px; vertical-align: middle;"><span class="addthis-counter" style="box-sizing: border-box; position: absolute; top: 0px; left: 0px; font-weight: normal; width: 54px; height: 54px; line-height: 54px; text-align: center; color: rgb(255, 255, 255); text-indent: -5px;">3</span>&nbsp;</span></a></p></div></div><div class="panel-separator" style="box-sizing: border-box; clear: both;"></div><div class="panel-pane pane-entity-field pane-node-field-images pos-4" style="box-sizing: border-box; clear: both; padding-top: 24px;"><div class="pane-content" style="box-sizing: border-box;"><div class="swiper-container scmp-gallery-swiper swiper-processed" style="box-sizing: border-box; margin: 0px auto; position: relative; overflow: hidden; direction: ltr; backface-visibility: hidden; z-index: 1; width: 945px; height: auto;"><div class="swiper-wrapper" style="box-sizing: content-box; position: relative; width: 945px; transition-property: transform, left, top; transition-duration: 0s; transform: translate3d(0px, 0px, 0px); transition-timing-function: ease;"><div class="swiper-slide" style="box-sizing: content-box; float: left; position: relative;"><img data-enlarge="https://cdn4.i-scmp.com/sites/default/files/styles/980w/public/images/methode/2018/06/26/4d20711c-7834-11e8-8ce4-b59b2fedb43f_1280x720_094458.JPG?itok=uonpRgaJ" data-caption="Mount Nicholson at The Peak in Hong Kong. Two units in the development sold for HK$1.6 billion (US$149 million) in November. Photo: SCMP Pictures" typeof="foaf:Image" data-original="https://cdn3.i-scmp.com/sites/default/files/styles/980x551/public/images/methode/2018/06/26/4d20711c-7834-11e8-8ce4-b59b2fedb43f_1280x720_094458.JPG?itok=abBIgDxZ" width="980" height="551" alt="" title="Mount Nicholson at The Peak in Hong Kong. Two units in the development sold for HK$1.6 billion (US$149 million) in November. Photo: SCMP Pictures" class="lazyload-processed loaded" src="https://cdn3.i-scmp.com/sites/default/files/styles/980x551/public/images/methode/2018/06/26/4d20711c-7834-11e8-8ce4-b59b2fedb43f_1280x720_094458.JPG?itok=abBIgDxZ" data-ignore="true" style="box-sizing: border-box; border: 0px; vertical-align: middle; width: 945px; overflow: hidden; height: auto; font-size: 10px; color: rgb(170, 170, 170); font-style: italic; cursor: pointer; font-family: Arial, serif;"><span style="font-family: Arial, serif; font-size: 13px;"></span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“Every year Hong Kong sets the world record for luxury sales [by transaction value], but that may not hold true this year,” said Zackary Wright, the company’s executive director for APAC and Western North America.</span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“This is not because Hong Kong is slipping, but because there are a couple of other markets that are very strong, like Los Angeles.”</span></div><div><span style="color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><br></span></div><div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Los Angeles is home to the world’s most expensive residential property – a mansion called “The One” located in the exclusive Bel Air neighbourhood, which is due to go on the market in mid-2018 for US$500 million (HK$3.92 billion).</p><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><div class="sentifi-widget" data-wid="272" style="box-sizing: border-box; margin-top: 34px; margin-bottom: 34px;"></div></div><div class="sentifi-widget" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"></div><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a href="https://www.scmp.com/business/article/2151330/21-year-high-hong-kong-property-sales-expected-touch-us51-billion-first-six" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">21-year high – property sales to hit US$51 billion in first half of 2018</a></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Christie’s defines any residential property worth US$1 million or above as a luxury home.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The average price of a luxury home in LA at the end of 2017 was US$2.5 million, not far behind Hong Kong’s average of US$2.8 million, according to a recent report by Christie’s.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a href="http://www.scmp.com/business/article/2152093/twin-repulse-bay-town-houses-fetch-us12746-million-snatching-price-record" target="_self" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Twin Repulse Bay town homes sell for US$127.46 million, a neighbourhood record</a><br style="box-sizing: border-box; margin-top: 34px; display: block; margin-bottom: 34px;"></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">But the highest Los Angeles luxury property prices last year fell well short of Hong Kong’s premium properties, especially in The Peak neighbourhood.</p><div class="methode-html-wrapper v2-processed no-float" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><div style="box-sizing: border-box; margin-top: 34px; margin-bottom: 34px;"><iframe width="100%" height="450" data-original="https://multimedia.scmp.com/widgets/slideshow/index.html?id=VfN2Ec84h2&amp;style=scmp" scrolling="no" frameborder="0" class="lazyload-processed loaded" data-spm-act-id="0.0.0.i2.52e4625et9Uw94" src="https://multimedia.scmp.com/widgets/slideshow/index.html?id=VfN2Ec84h2&amp;style=scmp" data-ignore="true" style="box-sizing: border-box; display: block; margin: 0px auto; max-width: 100%;"></iframe></div></div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The most expensive property sold in LA last year went for US$88 million, while Hong Kong boasted the world’s first and second most expensive home sales of 2017, fuelled by mainlanders seeking to hedge against yuan depreciation by buying “trophy homes” in limited supply.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Because of this, the report named Hong Kong as the world “most luxurious” prime housing market for the second year running.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a href="https://www.scmp.com/property/article/2065778/founder-iphone-screen-vendor-pays-hk28-billion-peak-mansion" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Founder of iPhone screen vendor pays HK$2.8 billion for The Peak mansion</a></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Pollocks Path Estate on The Peak was sold for a record-breaking HK$2.8 billion (US$360 million) to technology manufacturing tycoon Yeung Kin-man in January 2017 while two units in the Mount Nicholson development sold for HK$1.6 billion (US$149 million) in November.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">More recently, another house on The Peak changed hands for HK$1.39 billion (US$177.3 million) in March – making it Asia’s second most expensive property on a square foot basis.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The international luxury housing market saw a rebound in 2017 as prices jumped by 11 per cent after stagnant growth in 2016, the report found.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a href="http://www.scmp.com/property/hong-kong-china/article/2150312/owners-two-residential-buildings-tai-tam-join-forces-offer" target="_self" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Tai Tam's luxury property owners are selling. The price tag? HK$3.78 billion</a><br style="box-sizing: border-box; margin-top: 34px; display: block; margin-bottom: 34px;"></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The world’s “hottest” or fastest-growing luxury primary housing market is Victoria, British Columbia, according to the report. It is a mere four-hour car journey from Vancouver, already home to large immigrant communities from China, Hong Kong and Taiwan.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Japan and Hawaii are also popular destinations for Asian investors looking to buy luxury second homes, said Sonny Saito, chief executive of Japan Capital Realty, a subsidiary of Christie’s International Real Estate.</p><div class="methode-html-wrapper v2-processed no-float" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;"><div style="box-sizing: border-box; margin-top: 34px; margin-bottom: 34px;"><iframe width="100%" height="450" data-original="https://multimedia.scmp.com/properties/statistics/index2.html" scrolling="no" frameborder="0" class="lazyload-processed loaded" data-spm-act-id="0.0.0.i3.52e4625et9Uw94" src="https://multimedia.scmp.com/properties/statistics/index2.html" data-ignore="true" style="box-sizing: border-box; display: block; margin: 0px auto; max-width: 100%;"></iframe></div></div><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">“Hong Kong and mainland Chinese investors are particularly keen on the US West Coast, Seattle and, increasingly, Thailand,” said Saito.</p><h3 class="v2-processed link" style="box-sizing: border-box; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 22px; line-height: 30px; font-family: &quot;PT Sans&quot;, sans-serif; margin: 34px 0px; max-width: 100%;"><a href="http://www.scmp.com/business/article/2151590/hong-kong-buyers-interest-japanese-property-cools-short-term-after-osaka" target="_self" style="box-sizing: border-box; background-color: transparent; color: rgb(99, 117, 169); text-decoration-line: none;">Osaka quake jolts Hong Kong buyers' interest in real estate</a><br style="box-sizing: border-box; margin-top: 34px; display: block; margin-bottom: 34px;"></h3><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">But there are also signs of a diminishing appetite for “trophy” homes more generally worldwide. Only three residential properties sold for more than US$100 million in 2017, the report said.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The world’s 10 most expensive homes sold for a combined US$1.24 billion last year, lower than the 2016 figure of US$1.32 billion.</p></div></div></div></div></div> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1806 2016-11-04 <![CDATA[Hong Kong more than doubles property stamp duty to 15 per cent to cool overheating market]]> <font face='Arial, Helvetica, sans-serif'><p class="v2-processed" style="box-sizing: border-box; margin: 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Hong Kong’s government has announced the latest round of property measures to cool off property investments by increasing the stamp duty on property transactions to 15 per cent across the board.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">It will be raised from the previous range of between 4.25 per cent and 8.5 per cent.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">The measures apply to individual and corporate buyers effective on November 5.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Chief Executive Leung Chun-ying said the new round of measures are being implemented because home prices have risen at a faster pace with increasing investors rushing into the market.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Hong Kong’s home prices rose for the sixth consecutive month in September, bringing an accumulative growth of 8.9 per cent, led by small and medium sized homes, according to government data.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">Home prices in September were just 3.46 per cent below the peaks in September last year, according to the Rating &amp; Valuation Department.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">In April , home prices rose 0.6 per cent month-on-month, but the growth rose at a faster pace. In September, the month-on-month increase reached 2.78 per cent.</p><p class="v2-processed" style="box-sizing: border-box; margin: 16px 0px 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: &quot;PT Sans&quot;, sans-serif; font-size: 18px;">from South China Morning Post</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1461 2015-11-05 <![CDATA[Hong Kong property sales slump to 19-month low for October - and worse is yet to come, say analysts]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)</font>Property sales in Hong Kong slumped to a 19-month low in October, and analysts predict the worst is yet to come. The government, meanwhile, said it would continue to increase land supply.</p><p>The slump in total sales volume accelerated last month, with sales down 43.63 per cent year on year, compared with September's drop of 31.6 per cent.</p><p>"It is the worst October result since we started recording data in 1991," said Buggle Lau, chief analyst at agent Midland Realty.Overall transactions in October fell 17.85 per cent from the previous month to 4,491, following a modest recovery in September, the Land Registry said. In September, total property transactions rose 5.2 per cent month on month to 5,467.</p><p>Chief Executive Leung Chun-ying yesterday said he would continue to increase land supply for residential flats and maintain restrictive measures on overseas buyers.</p><p>Speaking before an Executive Council meeting, Leung said government efforts to increase land supply had started to bear fruit, with an 11-year high supply of new private flats expected for the coming three to four years.</p><p>The Transport and Housing Bureau said that new flats to be completed up to 2019 would amount to 86,000. This was a record high from September 2004 when the bureau began releasing related figures, Leung said.</p><p>"We have put more land into the market through changing land use ... our efforts have started to have an effect," he said.</p><p>Last month residential transactions fell 22.6 per cent to 3,300, from September's 4,263, as the take-up rate in primary launches weakened while sales activity in the secondary market was painfully quiet. The total sales value of residential deals fell 32.81 per cent month on month to HK$22.52 billion.</p><p>"There were 2,035 transactions recorded in the secondary market," said Derek Chan, head of research at agent Ricacorp Properties. "The situation was even worse than … when Hong Kong was hit by the severe acute respiratory syndrome [Sars] outbreak in 2003."</p><p>Chan said monthly transactions in the secondary market averaged 3,478 in 2003, with the lowest number - 2,505 deals - seen in February of that year. He expected the market would be clouded by cautious sentiment, with total sales volume likely to hit the 3,800 level when the Land Registry announces the November figure.</p><p>As there is usually a lag between a transaction and its registration, the October figures reflect the market in September to early October.</p><p>Lau said sales of new homes dropped 12 per cent month on month in October to 1,409 units, down from September's 1,602.</p><p>An increasing number of analysts are predicting Hong Kong home prices will start to fall next year, with some expecting a decline of 30 per cent by 2017 as interest rates rise, supply increases and the economy deteriorates.</p><p>According to investment bank Barclays, home prices are now down 2.7 per cent compared to their mid-September peak.</p><p>"Should home prices continue to fall in the coming weeks, this could tip the home owners' and home buyers' sentiment mindset into bearish territory and potentially speed up the pace of the physical market's correction," it said in its latest research report.</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1209 2015-09-16 <![CDATA[Hong Kong home sale volumes in secondary and primary markets moving in opposite directions]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)Home sales in the secondary and primary residential market in Hong Kong are moving in opposite directions in terms of transaction volumes and more secondary owners are expected to slash asking prices, say industry experts.</font></p><p><font size="4">Agents say an "Ice Age" has descended on the secondary residential market while developers - who continue to offer an array of incentives to lure buyers - are enjoying encouraging sales.</font></p><p><font size="4">"The number of weekly transactions in major housing estates has dived below 50 for six consecutive weeks. It is the longest dip in the past 20 years," said Buggle Lau Kar-fai, chief analyst at Midland Realty.</font></p><p><font size="4">During the week to Sunday, 34 units were sold at 35 estates tracked by Midland Realty, down 10.5 per cent from the 38 sold in the previous week.</font></p><p><font size="4">He said there was only one week which was just as poor - in 2003 when the city was gripped by the outbreak of severe acute respiratory syndrome.&nbsp;</font></p><p><font size="4">Zero transactions were recorded at 18 out of 35 housing estates it monitored.</font></p><p><font size="4">To speed up transactions, some owners in financial trouble have been forced to sell their homes at a loss or reduce their asking prices substantially.</font></p><p><font size="4">A 2,251&nbsp;square&nbsp;foot unit at a luxury development, The Graces, in Tai Po changed hands for HK$39 million, compared HK$44.89 million paid by the owner in 2013. Taking into account the 10 per cent special stamp duty if speculators flip homes within three years, the owner will lose nearly HK$10 million - the biggest loss since the stock market crash in July.</font></p><p><font size="4">In contrast to the sluggish secondary market, home sales in the primary residential market have remained strong.</font></p><p><font size="4">There were 370 units sold over the weekend of September 12-13, 6 per cent higher than the 349 units sold the previous weekend.</font></p><p><font size="4">Sun Hung Kai Properties sold all of the second batch of 338 units at the second phase of Century Link in Tung Chung. The developer has sold about 71 per cent of the 932 units at Century Link II over the past two weeks.</font></p><p><font size="4">"Recent sales of new launches and declining secondary volume suggest buyers are becoming more selective in primary launches and sale progress for primary launches with aggressive pricing will be affected," said Patrick Wong, a property analyst at BNP Paribas Securities (Asia).</font></p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1169 2015-04-27 <![CDATA[Projected Hong Kong private home supply raised to record 78,000]]> <font face='Arial, Helvetica, sans-serif'> <font size="4">(South China Morning Post)The projected supply of private homes in Hong Kong has been raised to a record high of 78,000 for the coming three to four years as the government accelerates land sales.<p>Analysts said an increased annual supply had become a trend, but one that was unlikely to stem rising home prices in the short term.</p><p>The Transport and Housing Bureau announced the official figures in a report on new private housing supply for the first quarter of the year.</p><p>Some 78,000 new homes are projected to be put on the market over the next three to four years, an increase of 4,000 flats from the estimate made in the bureau's previous quarterly report.</p><p>Meanwhile, the number of flats under construction in the first quarter of the year fell 75 per cent to 2,000 from the 8,000 reported in the first quarter of last year. The number of flat completions fell to 200, from 2,900 flats in the same period last year.</p><p>Property consultants put the declines in first-quarter flats under construction and flat completions down to differences in developers' construction schedules. They say supply will increase significantly in the second half of the year because the government has been increasing land supply.</p><p>"The number of 78,000 flats is a record-high projection, driven by an increase in land sales by the government in the first quarter," said Cliff Tse, national director of valuation advisory services at property consultant JLL.</p><p>The bureau's latest report says "units from disposed sites where construction may start any time" increased to 21,000 in the first quarter, an increase of 6,000 units from December.</p><p>The projection of 78,000 homes includes 61,000 units under construction but excludes those presold by developers.</p><p>In the first quarter of this year, developers presold 10,000 flats, up from 7,000 in the previous quarter.</p><p>Tse said the revised home supply projection would not result in an immediate correction in home prices.</p><p>The total of 78,000 units represented supply of between 19,500 and 26,000 flats a year, Tse said, which is comparable with the average home supply of 25,000 units a year in the 1990s.</p><p>Thomas Lam, the head of valuation and consultancy at Knight Frank, said the news would not affect home prices.</p><p>"In the short term, home seekers won't feel the threat as the increased supply has not yet come," he said.</p><p>But Wong Leung-sing, an associate director of research at Centaline Property Agency, said the market would gradually see a balance between demand and supply.</p><p>"The city's housing market has entered a new trend," Wong said. "Home supply will be sustainably increased to meet demand and developers will accelerate property launches to reap cash for new site acquisitions."</p><p>Centaline estimates that 17,703 flats will be completed next year, with 28 per cent of them already presold by developers.</p><p>The latest Centa-City leading index, issued yesterday by Centaline and which monitors home prices in the secondary market, dropped 1.1 per cent week on week to 140.04, slightly below the market peak of 142.36 recorded in the week to April 5.</p></font></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=1055 2014-10-30 <![CDATA[Government measures dim Hong Kong’s property investment appeal]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)Weak demand and the government's double stamp duty are keeping real estate investors away from Hong Kong's office market, say industry executives, while Japan and Australia have become favoured alternatives in Asia-Pacific.</font></p><p><font size="4">The preferred country-sector combinations are Japan-office, Australia-office and China-retail, according to this year's investment intention survey by the Asian Association for Investors in Non-Listed Real Estate Vehicles.</font></p><p><font size="4">Tight supply in the absence of strong demand growth would keep Hong Kong's office market flat or even push it slightly downwards, said the association's chairman Nicholas Loup, who helped Britain's privately owned property group Grosvenor set up its first Asia office in Hong Kong two decades ago.</font></p><p><font size="4">"Combine that with the [double] stamp duty measure [and] I would imagine investors to an extent would sit on the sidelines waiting to see some proper direction in the market and whether the government is going to relax these measures at some point," he said last week.</font></p><p><font size="4">"The fact that there has been some interference in the market for the first time in this way is sending a signal that maybe the game has changed in Hong Kong, where we used to have a very free and open market without government interference."</font></p><p><font size="4">In contrast, Australia has always been regarded as a transparent and liquid market with easy access, while investors are also looking at Japan as Abenomics boosts growth and investor memories about the 2011 Fukushima nuclear disaster fade.</font></p><p><font size="4">"What is interesting [about] real estate in markets such as Australia and Japan is the yield premium that one can achieve above the cost of funding," said Graham Mackie, chairman of the association's investor advisory board, who also serves as head of Asia-Pacific real estate at UBS Global Asset Management.</font></p><p><font size="4">The funding cost in Japan was 1 per cent while the cap rate was 4 per cent, he said.</font></p><p><font size="4">The UBS fund was also looking for opportunities in mainland China's logistics property sector, as well as refurbishment of Grade-B offices in Hong Kong and Singapore, Mackie added.</font></p><p><font size="4">Real estate investment in Hong Kong generated an average yield of 4 per cent, while Australia offered 6 to 7 per cent, said Simon Mallinson, executive managing director of EMEA at Real Capital Analytics.</font></p><p><font size="4">In mainland China, Loup said there were expectations of a market correction in certain cities and sectors.</font></p><p><font size="4">"So we'll certainly see some shake-up in the market there," he said. "With some high-profile issues at companies and the whole process of smoothing out the debt cycle in China, inevitably there will be some opportunities and better prices coming out in the next 12 months."</font></p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=924 2014-07-31 <![CDATA[Hong Kong to see surge in tiny flats as demand remains strong]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)Developers are expected to produce more tiny flats in their future projects given the frenetic buying spree for shoe-box homes by young homebuyers and investors, industry observers said.</font></p><p><font size="4">Demand for cheaper small flats would continue to rise, they said, since Hong Kong home prices have remained buoyant despite the government's introduction of new stamp duties.</font></p><p><font size="4">"Building more small flats will become a trend, as they are sought after by younger home seekers and long-term investors," said Patrick Chow Moon-kit, head of research at Ricacorp Properties.</font></p><p><font size="4">A Midland Realty survey showed that land that had been sold in the past two years and designated for building small flats would supply 12,400 units over the next few years.</font></p><p><font size="4">Upcoming new home sales include those at Sun Hung Kai Properties' 968-unit The Wings Phase 3 in Tseung Kwan O, which will offer about 200 small units of 334 sq ft to 360 sq ft. The official launch date has not yet been set.</font></p><p><font size="4">Chow said that the market's attention has turned to smaller flats. He noted they were being sold for record prices in the secondary market and were commanding high rents per square foot.</font></p><p><font size="4">A case in point was a 225 sq ft unit at a new project, The Avery in Kowloon City, which has been leased at a monthly rent of HK$14,000, or HK$62 per square foot - which is higher than in Mid-Levels.</font></p><p><font size="4">On Monday, a 327 sq ft two-bedroom unit at City One in Sha Tin was sold for HK$4 million, or HK$12,400 per square foot. It was a record price per square foot for the development.</font></p><p><font size="4">Chow also attributed the popularity of small flats to the tightening of mortgage lending.</font></p><p><font size="4">Under Hong Kong Mortgage Corporation's mortgage insurance scheme, buyers of flats below HK$4.5 million could receive mortgage loans of up to 90 per cent of the flat's value, capped at HK$3.6 million, while for flats priced between HK$4.5 million and HK$6 million the maximum loan-to-value ratio is 80 per cent, capped at HK$4.8 million. For flats priced between HK$7 million and HK$10 million, the maximum ratio is 60 per cent, capped at HK$5 million.</font></p><p><font size="4">Since the government doubled the stamp duty for the purchase of a second or subsequent home, buyers of such flats have to pay stamp duty of 1.5 per cent, as against HK$100 previously, for a property priced at HK$2 million or below; 3 per cent, from 1.5 per cent previously, for one priced between HK$2 million and HK$3 million; and 6 per cent, from 3 per cent previously, for a unit priced at between HK$4 million and HK$6 million.</font></p><p><font size="4">"New homes being offered in the price range of HK$4 million and HK$6 million registered the fastest sales response because of the lending policy. Properties exceeding HK$7 million will require a higher down payment," Sino Land associate director Victor Tin Sio-un said.</font></p><p><font size="4">Sino Land has sold 95 units at Park Ivy - a joint venture with the Urban Redevelopment Authority in Tai Kok Tsui - sized between 256 sq ft and 321 sq ft.</font></p><p><font size="4">Midland said the number of secondary residential market transactions for homes worth HK$5 million or below fell to 3,479 last month after hitting a first-half high of 3,524 in May.</font></p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=849 2014-03-10 <![CDATA[Dark clouds over Hong Kong's property market as 'perfect storm' looms]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)Hong Kong's housing market faces being caught in the middle of a perfect storm, with government curbs having crimped demand at a time of increasing supply and an imminent interest rate rise threatening to set off a severe price correction.</font></p><p><font size="4">Home prices in the second-hand market peaked at 18 per cent above the previous 1997 high in March last year after doubling since 2008, but have since fallen 5 per cent in a sign the government's tough stance on reining in an overheated market is having the effect desired by Chief Executive Leung Chun-ying.</font></p><p><font size="4">A collapse in demand that saw overall property sales plunge to a 23-year low of 70,501 deals last year has fuelled fears of a repetition of major downward trends of the past.</font></p><p><font size="4">Amid the continuing slide, which began when the government imposed a hefty increase in stamp duty in February last year, gloom-and-doom forecasts of prices plunging as much as 35 per cent in two years have emerged.</font></p><p><font size="4">"There are strong similarities with the 1997 bubble, but the exceptionally low level of interest rates has encouraged homebuyers to borrow more in this cycle than in 1997. So the market is far more dependent on inter-generational transfer of equity, low supply and low interest rates," said Andrew Lawrence, the managing director of real estate equities research at Malaysian investment bank CIMB Securities.</font></p><p><font size="4">Before 2009, about 75 per cent of property transactions required a mortgage, Lawrence said, but following a drop in mortgage rates, now at a historical low of about 2.2 per cent, nearly every property transaction had been mortgage-funded.</font></p><p><font size="4">One of the most bearish property analysts in the city, Lawrence said home values could fall more than 50 per cent in a worst-case scenario if the government did not relax the higher stamp duties.</font></p><p><font size="4">"The first stage is a function of the cumulative impact of government measures: dampening demand and increasing supply," he said. "The second stage is the result of a rise in interest rates due to the normalisation of United States monetary policy.</font></p><p><font size="4">"The return of property prices to their long-term trend would likely require both of these factors to weigh on prices, but a correction to long-term trend currently implies a 54 per cent correction. However, we are not expecting an immediate crash."</font></p><p><font size="4">Lawrence said a 35 per cent correction over the next two years was more likely, with most of that driven by increased supply.</font></p><p><font size="4">Leung has pledged to supply 20,000 new flats a year - just 14,100 started construction last year - as part of a plan to tackle soaring housing inflation that has pushed home ownership ever further out of the reach of ordinary people, fuelling social discontent.</font></p><p><font size="4">Lawrence said he expected interest rates and the exit of liquidity from the banking system would start to weigh on market sentiment in the months ahead.</font></p><p><font size="4">"In addition, given the change in the duration of the special stamp duty, we expect the second half of this year and the first half of next year to be hit by even lower demand levels," he said.</font></p><p><font size="4">The special stamp duty imposes a levy of up to 20 per cent on those who resell their flats within three years, compared with the previous 15 per cent levy on sales within two years.</font></p><p><font size="4">Forecasts by developers, whose revenues ride on property prices, are more positive.</font></p><div class="blockquote-quote"><font size="4"> This is the first time the market is undergoing consolidation because of austerity measures</font></div><div class="blockquote-author"><font size="4"> Joseph Tsang, Jones Lang LaSalle</font></div><p><font size="4">"It will only fall 5 to 10 per cent," said Stewart Leung Chi-kin, the chairman of Wheelock Properties, a subsidiary of Wheelock and Co.</font></p><p><font size="4">"How can home prices fall, taking into account rising construction costs? Developers will not sell homes at below cost as they have strong staying power.</font></p><p><font size="4">"They can sit on their projects and wait for the market's recovery. Developers can compensate for their shortfall in property sales through selling other assets and rental income."</font></p><p><font size="4">Leung's view was echoed by Li Ka-shing, the head of Cheung Kong (Holdings), the city's biggest developer by market capitalisation. Li said developers which had gone through the 1997 crisis were now "financial healthy with low gearing", implying they would be in no rush to sell properties at below cost.</font></p><p><font size="4">Despite the upbeat talk, there has been evidence of a downward trend, with a number of developers selling new homes at prices below those in the secondary market.</font></p><p><font size="4">In one example, Sun Hung Kai Properties last month sold flats at its Riva development in Yuen Long at HK$7,600 to HK$12,400 per square foot (on a net basis) - up to 45 per cent below list prices when the project was first launched in March last year and also 15 per cent below second-hand home prices in the area.</font></p><p><font size="4">Analysts expect developers will continue to cut prices when they launch new projects.</font></p><p><font size="4">But while they expect new supply and higher borrowing costs will exert pressure on prices, they rule out a return to the dark days of 1997, when prices plunged by as much as 70 per cent when a sharp rise in interest rates sowed panic among distressed homeowners with extremely high leverage levels.</font></p><p><font size="4">CLSA's regional head of property research, Nicole Wong, said a repeat of that crisis was unlikely.</font></p><p><font size="4">"The current price correction is policy-driven," Wong said. "Whenever there is a policy-driven correction, there is likely a floor because measures can be tweaked or even reversed if the correction goes too far."</font></p><p><font size="4">But the collapse in 1997 had no floor because it was driven by economic contraction, which created a downward spiral.</font></p><p><font size="4">Joseph Tsang, the managing director and head of capital markets at Jones Lang LaSalle, shared Wong's view, saying the average loan-value ratio was 70 per cent in 1997, compared with 50 per cent now, and there had been a regional economic meltdown at the same time.</font></p><p><font size="4">"This is the first time in history the property market is undergoing consolidation because of austerity measures," Tsang said.</font></p><p><font size="4">Paul Louie, the head of regional property research at Barclays, said in a report he believed the government would roll back the various stamp duties and other cooling measures if home prices fell 15 to 20 per cent.</font></p><p><font size="4">"But will this help support the market and stabilise home prices? The experience from the 1998 Asian crisis and the recent tightening clearly show that the various tightening or easing measures only have a fleeting impact, and it took a long time to reverse the overall trend," Louie said.</font></p><p><font size="4">In the 1997-98 crisis, the government rolled back restrictive measures within nine months, with home prices finding a temporary bottom in October 1998 and then rebounding 9.4 per cent by December, before dropping 25 per cent from 1999 to 2000.</font></p><p><font size="4">The first of the latest round of austerity measures were announced in 2009, but it took four years for their effects to be felt.</font></p><p><font size="4">"Our concern is that if the various property measures have not worked on the way up, why would they work in reverse to support home prices as they come down?" Louie said.</font></p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=743 2014-01-23 <![CDATA[Hong Kong ranks world's No 1 for 'most unaffordable' housing]]> <font face='Arial, Helvetica, sans-serif'><FONT size=4>(South China Morning Post)Soaring property prices in the past few years have given Hong Kong the title of most unaffordable housing in the world for the fourth straight year, according to a survey of 360 cities by US-based consultancy Demographia.</FONT> <P><FONT size=4>The survey reported that Hong Kong's median home price was more than HK$4.02 million, while the annual median household income of HK$270,000 was nearly one-15th of the home price.</FONT></P> <P><FONT size=4>Demographia rated housing affordability in Hong Kong as "severely unaffordable".</FONT></P> <P><FONT size=4>"It is impossible for the salary income to catch up," said Polytechnic University real estate professor Eddie Hui Chi-man.</FONT></P> <P><FONT size=4>He said property prices had surged sharply while the government "didn't increase the land supply" and only resumed the Home Ownership Scheme for flats in October 2011, after it was suspended for nine years.</FONT></P> <P><FONT size=4>In 2012, property prices jumped more than 20 per cent.</FONT></P> <P><FONT size=4>Hui believes the housing problem will remain serious over the next two years as new housing supply will not increase significantly until 2016.</FONT></P> <P><FONT size=4>"Despite the government cooling measures in the property market, property prices would only drop a few per cent this year," he said. "The prices are still out of the budget of ordinary families."</FONT></P> <P><FONT size=4>Sammy Po Siu-ming, the chief executive of the residential department at Midland Realty, said he did not think property prices would drop sharply this year.</FONT></P> <P><FONT size=4>"The housing demand from end-users remains strong, while the interest rates are low. And many people are cash-rich," Po said, adding he expected that property prices would fall 5 to 10 per cent this year.</FONT></P> <P><FONT size=4>Canada's Vancouver and the United States' Honolulu ranked second and third in having the most unaffordable housing in the survey.</FONT></P> <P><FONT size=4>Demographia said if housing exceeded three times annual household incomes, it meant there were serious political issues that needed to be addressed, with respect to land supply and infrastructure planning, provisioning and financing.</FONT></P> <P><FONT size=4>In other Asian countries, the survey showed that Singapore's median home price was 5.1 times above the gross annual median household income.</FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=713 2014-01-08 <![CDATA[Kerry Properties maintains prices amid heavy discounting]]> <font face='Arial, Helvetica, sans-serif'><P><FONT size=4>(<EM>South China Morning Post)</EM>Developer Kerry Properties has chosen not to follow the market trend of heavily discounting the prices of flats in its project The Summa, which will be released for sale this week.</FONT></P> <P><FONT size=4>In sharp contrast to steeply discounted launch prices announced last week by rival Cheung Kong (Holdings) at its Diva project in Tin Hau, Kerry has priced its units in The Summa in Sai Ying Pun at the same level as previously released new projects in the vicinity, and above secondary market prices for the area.</FONT></P> <P><FONT size=4>Cheung Kong grabbed the market's attention last week with the launch of units in The Diva, a single-block building at 133 Electric Road in Tin Hau, near Causeway Bay Market, at average asking prices of HK$22,514 per sq ft for the 118 flats, which range in size from 493 to 741 square feet. That is 16 per cent below the average price per square foot of saleable area of HK$26,779 achieved in November by Henderson Land for its nearby project The Hemispheres.</FONT></P> <P><FONT size=4>Buyers at The Diva who qualify for the maximum discount on offer when the flats are sold from Friday this week will enjoy a discount of 25 per cent on The Hemispheres' prices if they buy their flat by Tuesday and for cash, and join the project's Club Lifestyle. The minimum price of a 493 sq ft flat in the project works out at HK$7.97 million after discounts.</FONT></P> <P><A class="colorbox colorbox-insert-image init-colorbox-processed-processed cboxElement" title="The Diva in Tin Hau undercuts a rival project. Photo: Edward Wong" href="https://www.scmp.com/sites/default/files/2014/01/07/09a44890711c4064ca77b2adc3592d12.jpg" rel=gallery-all jQuery1389145490209="10"><FONT size=4></FONT></A></P> <P><FONT size=4>Kerry Properties' The Summa in Sai Ying Pun will also be launched for sale this week. The development in Hing Hong Road, near King's College, comprises 168 flats, and according to the price list released on Friday last week the average price per square foot of saleable area of the first batch of 50 flats works out at HK$27,202.</FONT></P> <P><FONT size=4>The saleable area of the flats is between 756 and 1,513 sq ft, and prices will range between HK$17.92 million and HK$49.9 million. The average price after discounts is HK$22,989 per sq ft - higher than secondary market prices in the district, which range between HK$13,000 and HK$18,000 per sq ft. But the prices are similar to those achieved by Sun Hung Kai Properties at its Imperial Kennedy project, also in Western district. The average discounted price of the first flats released for sale there in November was HK$23,035 per sq ft.</FONT></P> <P><FONT size=4>Despite the pricing, the market response to the release of the flats in The Summa was positive, said Shiu Ka-kuen, a district sales manager at Centaline Property. "Most of the interested home seekers are upgraders who live in the district," he said.</FONT></P> <P><FONT size=4>In contrast, many buyers who had indicated an interest in units in The Diva were investors, according to Eddie Tao, at Hong Kong Property Agency.</FONT></P> <P><FONT size=4>Kerry Properties is part of the Kerry Group, which also controls SCMP Group, publisher of the <I>South China Morning Post.</I></FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=700 2013-12-13 <![CDATA[Time to fix glaring loophole in Hong Kong's property stamp duty]]> <font face='Arial, Helvetica, sans-serif'><P><FONT size=4>(South China Morning Post)A loophole in the new stamp duty has created the impression that it's one rule for the rich and another for the rest of us.</FONT></P> <P><FONT size=4>As one of its cooling measures to calm the red-hot property market, the government has introduced a bill which enables the doubling of the stamp duty of flat sales worth more than HK$2 million for buyers who already own at least one property. The only exemption is for those who are permanent Hong Kong residents who don't own a flat.</FONT></P> <P><FONT size=4>The bill, however, is still stuck in the legislature, though lawyers have been withholding the extra stamp duty. The problem is that there is a glaring loophole in the Stamp Duty Ordinance. It has come to light in recent weeks, partly because transaction volume has picked up again after a period of calm, and some sales are raising eyebrows.</FONT></P> <P><FONT size=4>There have been cases of multiple flats being purchased in one go at luxury estates such as the yoo Residence in Causeway Bay, the Cullinan atop the Kowloon MTR station and The Avenue, a new project in Wan Chai. In each case, the buyers just paid the old stamp duty because the flat purchases were counted as a single transaction. The Financial Services and Treasury Bureau has confirmed the validity of the sales, but the government refused to comment. Despite full knowledge of its existence, officials appear unwilling to do anything about it.</FONT></P> <P><FONT size=4>Critics, however, have pointed out the obvious: this rather large loophole defeats the purpose of the government's own cooling measures to crack down on rampant property speculation.</FONT></P> <P><FONT size=4>One reason for the officials' reluctance to amend the bill and close the loophole is that they already have a nasty fight on their hands, with many pro-business lawmakers fighting against it. That's why it has been lingering in the Legislative Council's bills committee, with no end in sight to its passage despite being tabled in May. So far, it has been having an effect on flat sales because the doubled stamp duty is retroactive. It's not clear whether the government knew about the problem from the start or only afterwards. Either way, it is counterproductive to leave the loophole unchanged.</FONT></P> <P><FONT size=4>It is also unfair, as it obviously favours buyers with deep pockets. They are the kind of people who have the resources to play the property market. Despite the difficulty, it's time for the government to bite the bullet, acknowledge the shortcomings of the bill and work to rectify the problem.</FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=680 2013-11-23 <![CDATA[Hongkongers' interest in buying property falls, Citibank survey finds]]> <font face='Arial, Helvetica, sans-serif'> <p><font size="4">(South China Morning Post)Some 15 per cent of Hongkongers said they were interested in buying property in the last quarter, a drop of more than 10 percentage points year-on-year, according to an annual survey by Citibank released yesterday.</font></p><p><font size="4">Analysts said the government's market cooling measure of an additional stamp duty of 15 per cent on purchases by corporate and non-permanent resident buyers contributed to the drop in purchasing intentions. The policy was introduced in November last year.</font></p><p><font size="4">The survey also found that the average number of property transactions per quarter fell by almost 40 per cent, to 13,000 in the first three quarters of the year, compared with a quarterly average of 21,000 last year and in 2011.</font></p><p><font size="4">Some 1,600 Hongkongers in the 21 to 60 age bracket were surveyed. The margin of error of the survey was 5 per cent.</font></p><p><font size="4">"We saw a steady decline both in people's interest in buying and the volume of property transactions after the introduction of the new measure," said Citibank's head of research, Kit Chow Wai-kit.</font></p><p><font size="4">"Other potential factors such as property prices and salaries have remained stable."</font></p><p><font size="4">Some 15 per cent of those surveyed were interested in buying property, up from 12 per cent in the second quarter.</font></p><p><font size="4">Fanny Lum So-fun, Citibank's head of retail banking products, said the lower-than-expected prices of flats in new housing estates could have caused the rise in interest.</font></p><p><font size="4">She predicted that there would be 16,000 new flats offered next year, which could lead to a 10 per cent decrease in prices and more transactions.</font></p><p><font size="4">Around 45 per cent of people interviewed in September believed property prices would drop over the next two years, compared to 25 per cent in September last year.</font></p><p><font size="4">Some 3 per cent thought it was a good time to buy property.</font></p><p><font size="4">About 61 per cent of respondents believed that mortgage rates would increase next year, compared with 37 per cent last year. Despite talk about the United States cutting back on its "quantitative easing" policy, Lum said the bank believed US dollar interest rates would not increase until mid-2015 and that Hong Kong dollar interest rates would remain stable until then.</font></p><p><font size="4">Half of the survey's respondents owned property, with about 43 per cent having a mortgage. About half of the survey's respondents believed they would not be able to own a flat within the next ten years.</font></p><p><font size="4">About 15 per cent of respondents believed they could afford to buy a flat.</font></p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=663 2013-08-17 <![CDATA[Property developer expects no price drop]]> <font face='Arial, Helvetica, sans-serif'> <p>(South China Morning Post)Wheelock Properties, the biggest landlord in Tseung Kwan O, said there is little room for housing prices to drop because of high construction costs.</p><p>"Construction is now more expensive than land. This is unprecedented," said vice-chairman Stewart Leung Chi-kin.</p><p>He said construction costs, both in terms of human resources and materials, had increased 50 per cent in the past few years.</p><p>In July, Wheelock bought a seaside plot in Tseung Kwan O for HK$3.67 billion, or HK$4,288 per square feet, 6 to 13 per cent lower than the prices at which seaside lots were sold last year. It planned to invest HK$8 million in a residential project on the site that would include high-rise apartment buildings and sea-view detached houses.</p><p>Leung said the area was well equipped and densely populated, and had great potential to become the next central business district after Central and Admiralty. But he added that the government needed to find a way out for the environmental problems caused by the landfill site in southeast Tseung Kwan O.</p><p>The company has bought four plots in the satellite town totalling 2.34 million sqft for HK$9.9 billion since last year. The first project is expected to be launched next year, with prices of more than HK$10,000 per square foot.</p><p>Although Leung sounded confident, sales of first-hand residential properties have been hit by the new ordinance in April aimed at shielding buyers from dishonest practices.</p><p>Research by Centaline Property Agency in July said the inventory level of residential properties, or the ratio of unsold units, stood at 14.6 per cent - the highest in nine years.</p><p>To clear its 15 remaining units, Hongkong Land offered a 5 per cent discount for the Serenade project in Tai Hang last month. From Tuesday, Kerry Properties will sell the last 35 flats at its Lions Rise project in Wong Tai Sin at discounts of up to 9 per cent.</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=583 2013-06-06 <![CDATA[Buyers return to property market]]> <font face='Arial, Helvetica, sans-serif'> <p>(South China Morning Post) Property transactions rebounded significantly last month from a 15-month low as price declines lured buyers back into the city's market.</p><p>Data from the Land Registry yesterday showed it received 5,288 property sale and purchase agreements for registration, 20.5 per cent more than in April. Year on year, the figure fell 54 per cent.</p><p>Residential transactions jumped 24.8 per cent to 4,276.</p><p>"As home prices decreased gradually, end-users quickened their pace in returning to the market," said Patrick Chow Moon-kit, the head of research at Ricacorp.</p><p>"With the introduction of the Residential Properties (First-hand Sales) Ordinance, the primary flat market lacked attraction and drove buyers and agents back to the secondary market."</p><p>The value of home sales last month totalled HK$24 billion, up 28.4 per cent from April. The total value of all property sales fell 2.4 per cent to HK$31.1 billion.</p><p>"Sales volume may climb by a few hundred this month because of an improved market," said Centaline Property Agency research head Wong Leung-sing. "But the figure is still very low, actually."</p><p>Wong said transaction costs, such as stamp duty, had increased after the government's tightening measures, and home prices would not drop much before interest rates rise in about two years.</p><p>As a result, residential transactions were unlikely to jump, he said.</p><p>Land Registry figures mainly relate to sales in the previous month, as deeds can be lodged 30 days after the transaction.</p><p>Jeffrey Ng Chong-yip, a senior executive director of Hong Kong Property Services, expects total property transactions to remain at about 5,000 in this month's data, as few primary housing projects hit the market in May, although secondary flat sales rose.</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=525 2013-04-10 <![CDATA[Government needs better ways to rein in property prices]]> <font face='Arial, Helvetica, sans-serif'> <p>(South China Morning Post) It's no secret that since late 2009, there have been valiant attempts to moderate the rise in property prices in Hong Kong.</p><p>In the past three years the government and related agencies have intervened in the property market no fewer than 25 times, introducing additional stamp duties - a Special Stamp Duty and a Buyers' Stamp Duty - and mandating banks to lower their maximum mortgage advance ratios and run increased interest rate stress-test scenarios. Most recently, it doubled ad valorem stamp duty rates.</p><p>Given Hong Kong's fixed exchange rate system and the United States Federal Reserve's unprecedented multiple rounds of quantitative easing, the city has no option but to import a low-interest-rate regime and watch billions of dollars pour into the property markets unfettered.</p><p>With the barrage of direct and unprecedented government interventions in the local property market in the past three years, have these measures achieved their unspecified goal? If the goal has been to moderate the rise, or dampen residential property prices, the data shows that the collective measures have been largely ineffectual, as prices have continued to rise by 35-40 per cent since the first measures were implemented in 2009.</p><p>Interestingly, most of the measures have targeted transactions (flow) rather than existing holders of property (stock). For example, in November 2010, the Special Stamp Duty was introduced to disincentivise short-term buyers/investors. On the surface, it succeeded in eliminating confirmor purchases of new homes and significantly reduced speculation in the secondary market.</p><p>However, the reduction in property market liquidity created unintended consequences that continued to drive prices higher as intrinsic demand from genuine buyers remained strong against a market backdrop with substantially reduced liquidity. Rather than step back and ask why the measures have not succeeded, or which measures would be more effective, the government continues deeper into uncharted territory.</p><p>A broad spectrum of market watchers have suggested the government communicate when it will retreat from market interventions and allow transactions under normal conditions.</p><p>While analysing the impact of the current measures is important, there are other measures that would be more effective at addressing the root of Hong Kong's surging property prices, rather than its symptoms.</p><p>First, contrary to policies, maintaining unfettered market liquidity is critical in achieving the desired goal of dampening property prices. When liquidity is artificially withdrawn from a market, the normal price-clearing mechanism where a willing seller and a willing buyer agree to transact is altered (as is the case with the recent stamp duties).</p><p>Second, most market experts agree that property financing costs are usually one of the main drivers in deciding whether to rent or buy. In Hong Kong, with negative real interest rates and mortgage rates substantially below rental yields, it's no wonder that more people are buying - even at today's record prices.</p><p>Here are three concrete measures to directly address the property bubble:</p><ul><li> increase financing costs;</li></ul><ul><li> increase government rates;</li></ul><ul><li> introduce a property-only capital gains tax.</li></ul><p>With the government continuing to advocate maintaining the US dollar peg, which results in disproportionately low financing rates and inflated asset prices, the Hong Kong Monetary Authority's action on February 22 to increase the banks' capital-risk weighting of residential mortgages by 50 per cent (from 10 per cent to 15 per cent), was a key contributor to banks' increase in mortgage interest rates of 0.25 per cent shortly thereafter.</p><p>Anecdotal evidence suggests that this increase in mortgage rates and the expectation of future rate rises is largely responsible for the nominal reduction in property prices. Prior to the Basel II rules, which set global minimum capital requirements for banks, the HKMA permitted a concessionary risk weighting of 50 per cent for residential mortgages. Therefore, it still has ample room to bring mortgage rates in line with market levels.</p><p>For a more direct and equitable impact, the government should consider increasing the cost of holding properties by increasing annually assessed rates.</p><p>In Hong Kong, government rates for homes are approximately 0.1 per cent. Because nearly all properties are leasehold, the government assesses an annual rate based on rental value, rather than assessing a property tax.</p><p>In many other countries, property taxes have proved an effective tool in moderating price increases. California charges an annual property tax of 1 per cent of the assessed value, and in London the rate is 1.4 per cent. Therefore, with low mortgage financing rates hovering at 2.5 per cent and meagre government rates (10 basis points), the cost of holding properties in Hong Kong is among the lowest globally.</p><p>While advocates of Hong Kong's simple and low tax regime would consider this final suggestion a heresy, a capital gains tax on property would be a more effective tool in managing speculators and more equitable in taxing "gains" rather than transactional value as in the case of the Special Stamp Duty. This duty is assessed even if the buyer has sold their property at a loss within the initial three-year holding period.</p><p>Almost all developed countries, and China, have a capital gains tax on properties. This is generally accepted as fairer. Why not Hong Kong?</p> </font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=479 2013-03-21 <![CDATA[Second-hand home transactions hit historic lows]]> <font face='Arial, Helvetica, sans-serif'><font size="4"> </font><p><font size="4">[South China Morning Post]Home sales in the secondary market have plunged to historical lows, hit by increased mortgage rates and developers' competitive pricing strategies on new developments that have lured home seekers away from the second-hand housing sector.</font></p><p><font size="4">With buyers sidelined as they await clearer pricing signals, analysts and property agents believe demand will not pick up again until prices in the mid- to mass housing markets fall by 10 per cent or so, and by more in the luxury sector.</font></p><p><font size="4">"There have been only three transactions in Taikoo Shing so far this month," said Kenneth Chiu, assistant sales manager for Centaline Property Agency's Taikoo Shing branch. "It is even worse than the 20 deals done during the Sars scare," he said, referring to the outbreak of severe acute respiratory syndrome in 2003.</font></p><p><font size="4">Average transaction prices in the estate are around HK$11,852 per square foot.</font></p><p><font size="4">The slump comes as the secondary market wrestles with a "double-whammy" of increased mortgage rates and sweeteners offered by developers to help shift units in newly released projects. The fresh challenges follow on the doubling of stamp duty payable by buyers of second homes introduced last month.</font></p><p><font size="4">Hongkong &amp; Shanghai Banking Corp, the local unit of global banking group HSBC and the city's biggest home lender with total residential mortgages of HK$686 billion as at December 31, took the lead in raising its rates on new home loans by 25 basis points to between 2.85 per cent and 3.15 per cent, from between 2.6 and 2.9 per cent. The variation depends on borrowers' credit records. Standard Chartered, Hang Seng and Bank of East Asia followed with similar rises.</font></p><p><font size="4">"The housing market is entering a turbulent period," said Chiu. Besides a landslide in sales of luxury homes, districts like Tin Shiu Wai where average transaction prices were HK$4,400 per sq ft for the area's most active housing estate, Kingswood Villas.</font></p><p><font size="4">Hong Kong Ferry's Green Code project in Fanling has sold 350 flats since it was launched last week.</font></p><p><font size="4">Byrant Man, a sales manager at Ricacorp Properties Tin Shui Wai branch, said five flats changed hands in the district last week versus seven transactions per week in a normal period, despite discounting by sellers. "Individual home owners have cut their asking prices by three per cent but potential buyers remained on the sidelines awaiting further cuts."</font></p><p><font size="4">Buyers in the area are typically first-time home buyers who are more sensitive to interest rates and prices, he said.</font></p><p><font size="4">No deals were recorded in 20 of 50 housing estates according to records monitored by Ricacorp Properties for the week ended March 17, and total sales amounted to 65 versus 62 the previous week.</font></p><p><font size="4">Falling secondary market deals and higher commissions on new home sales have prompted agents to turn their attention to marketing new homes.</font></p><p><font size="4">Adrian Ngan Wai-hung, an executive director of Citic Securities' real estate equity research department, believes developers will be forced to cut selling prices by five to 10 per cent before home seekers are lured back to the market. "And it will take a bigger cut to sell flats priced above HK$10 million," he said.</font></p><p><font size="4">Patrick Wong, associate director of property research at BNP Paribas Securities, said he expected developers "to adopt flexible pricing strategies".</font></p></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=463 2012-12-27 <![CDATA[Fewer new flats sold over Christmas holidays this year]]> <font face='Arial, Helvetica, sans-serif'><DIV class="panel-pane pane-entity-field pane-node-body pane-last pos-1" jQuery1356580326161="98"> <DIV class=pane-content> <DIV class="field field-name-body field-type-text-with-summary field-label-hidden clearfix"> <DIV class=field-items> <DIV class="field-item even first last" property="content:encoded"> <P>Hong Kong's property market is not benefiting from the Christmas spirit, with just a few new homes sold over the holiday period as the latest round of cooling measures bite.</P> <P>"Christmas is a traditional low season for the property industry, but we saw much slower sales this year compared to a year ago," said Jeffrey Ng, the senior executive director of Hong Kong Property Services (Agency).</P> <P>He said the exact Christmas sales data had yet to be finalised, but sales volume had dropped 20 per cent on December 25 and 26 compared with the same period last year.</P> <P>Agents said that over the Christmas holidays, less than 10 flats were sold in The Reach in Yuen Long, a project jointly developed by Henderson Land Development and New World Development; Sino Land's Providence Bay in Tai Po, Chinachem Group's Pictorial Garden in Sha Tin and One West Kowloon in Lai Chi Kok.</P> <P>Separately, since the introduction of the 15 per cent buyers' stamp duty, Ng said, sales in the luxury homes sector had declined significantly even before Christmas.</P> <P>"Investors have nearly left the sector," he said.</P> <P>Midland Realty director Sammy Po Siu-ming said most homebuyers preferred to stay on the sidelines as home prices had shown no sign of a big fall so far.</P> <P>The Centa-City Leading Index, which tracks prices at 100 housing estates in the city, closed at 114.97 for the week to December 16, ending four consecutive weeks of falls after reaching a record 116.81 for the week of November 11. The index's base period uses the 100 recorded in the first week of July 1997.</P> <P>"The market will become clearer when developers start releasing their new projects next month," Po said. "Their pricing strategy will certainly have an impact on secondary market transaction prices."</P> <P>Ignoring the weakening market sentiment, Sun Hung Kai Properties said it would release three projects over the next two months amid the government's call to increase supply to meet the city's growing housing demands. The projects are The Wings' phase two development in Tseung Kwan O, Residence 88 in Yuen Long, and Imperial Kennedy in the Western district.</P> <P>Victor Lui Ting, SHKP's deputy managing director, said the developer hoped to generate about HK$30,000 per square foot for Imperial Kennedy.</P> <P>Po said he believed sales would rebound over the Lunar New Year on February 10 to 13 - a peak season for property.</P> <P>"With expectations of an overall improvement over the upcoming Lunar New Year, some home seekers may buy early instead of waiting for the market to turn hot again," he said.</P></DIV></DIV></DIV></DIV></DIV></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=397 2012-05-31 <![CDATA[New flats for old prices create a stir for society]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Against a backdrop of high prices and low transactions in the secondary housing market, homebuyers are excited about a new project in Sham Shui Po, where flats are being presold at secondhand prices. <P>Heya Green, a non-subsidy 327-unit development by the Hong Kong Housing Society, has attracted more than 50,000 visitors to its showflats since the project was launched on May 21. <P>The homes on Po On Road are being offered exclusively to Hong Kong identity card holders. <P>In the first week of the launch, at least 1,300 applications were submitted for the 180 flats released - marking an oversubscription of 7.5 times - with prospective buyers required to include draft checks for HK$200,000 along with their applications. <P>"Buyers mostly believe the quality of flats [by the society] is usually better, because it normally builds public housing and is more trustworthy," said Eddie Hui Chi-man, deputy director of the Research Centre for Construction and Real Estate Economics at Hong Kong Polytechnic University. <P>The Housing Society is usually known for building government- subsidized housing, such as rural public housing, sandwich-class housing and senior citizen residences. <P>Most Heya Green homes are two- or three-bedroom flats sized between 567 and 777 square feet. The flats do not carry any resale restrictions. The first batch of 60 units released by the Housing Society was priced at an average of HK$7,723 per square foot. The second and third batch of 30 flats each cost an a</SPAN> <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>verage of HK$7,920 and HK$8,200 psf, and the fourth batch of 60 flats was priced at an average HK$8,179 psf. <P>Smaller flats at relatively new projects nearby - such as the Aqua Marine, The Pacifica, Banyan Garden and Liberte - are commanding a minimum HK$8,000 psf. <P>Heya Green is likely to affect the resale prices of flats at such projects, Hong Kong Property assistant district director Dave Ma Tai-yeung said earlier, with asking prices expected to rise by about 5 percent. <P>Applications for Heya Green flats are open until Sunday. A Hong Kong ID card holder can apply for only one flat, and applications under a company name will not be accepted. <P>The Housing Society is expected to draw lots on June 9 to come up with the buyers' list. <P>Hui said the popularity of Heya Green is fueled by the continual low interest rate environment. "For those who end up failing to buy a flat in the new project, they may turn to the older ones in the neighborhood. This would instantly drive the prices of secondary flats upwards," he said. <P>Apartments in 14-year-old Cornin Garden, a project under the Home Ownership Scheme that was also developed by the Housing Society, now cost about HK$4,497 psf on the secondary market. <P><EM><FONT color=#999999 size=2 face="Arial, Helvetica, sans-serif">News from the Standard</FONT></EM></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=369 2011-12-29 <![CDATA[Highs and lows]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Hang on to your hat - the Hong Kong property market is taking everyone on a roller coaster ride. Housing prices climbed to their peak during the week of June 5, when the Centa-city Leading Index - which measures price movements in the SAR's property market - hit 100.72. <P>Last week, the index dropped to a 36-month low of 96.81. <P>Not long after prices reached their 2011 plateau, developers started launching sales at new projects. <P>According to Hong Kong Property, 14 new projects were introduced in the fourth quarter, with 2,770 new flats available so far - up 37 percent from 2,020 new units in the third quarter. These 14 projects could provide as many as 5,432 flats. <P>Projects in the New Territories represent about 70 percent of new inventory, or 1,914 homes. Hong Kong Island accounts for 20 percent, or 541 flats, and Kowloon 11 percent, or 315 flats. <P>However, the more flats developers threw on stream, the lower the prices became. <P>For example, at Festival City 3 in Tai Wai, Cheung Kong (Holdings) (0001) originally indicated it would price the new flats with reference to neighboring flats in the secondary market, or at least HK$9,000 per square foot. Instead, the first 240 flats were launched at an average of HK$8,113 psf - nearly 11 percent lower. <P>Phase three prices were also lower than those at Festival City 2, which fetched HK$8,300 to HK$8,500 psf when flats there hit the market in November last year. </P> <P>A similar situation also unfolded recently at The Wi <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD><IMG src="http://www.thestandard.com.hk/newsimage/20111229/6_2011122819211706419Marinella01.jpg"></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>ngs, developed by Sun Hung Kai Properties (0016). The first batch of 50 flats atop Tseung Kwan O MTR station sold in October at an average HK$12,698 psf. <P>Two weeks later, SHKP introduced new batches averaging HK$8,118 psf - 36 percent cheaper. <P>Centaline Property co-founder Danny Wong Man-yin said this trend may signify that developers feel pessimistic over the market outlook. <P>"As developers are generally viewed as the smart money in the industry, their moves to cut prices may adversely impact the market confidence of secondary owners and buyers, as their action implies the outlook is negative," he said. <P>During good times, Wong noted, new apartments generally command prices about 30 percent higher than secondary homes in the same area. But now, the premium is only around 10 percent. <P>"If the developers felt optimistic about the market, why price the flats so low?" Wong said. <P>Woes in the primary market have a huge impact on secondary units. <P>"Buyers' attention has drifted to the primary market, as some new projects are priced close to the neighboring secondary flats," said Midland Realty vice chairman Albert Wong Kam-hong. <P>During the past four-day Christmas break, only 16 transactions were recorded among the city's 10 benchmark residential projects, compared with 67 deals last year, and 80 in 2009. Transactions on the previous weekend were even lower - at eight. <P>Danny Wong partly blames property price drops on the mainland's slumping export volume. <P>"Mainland exports are slowing down, and buying interest from the mainlanders has slowed dramatically due to the deteriorating economic outlook," he said. "It wouldn't be surprising to see some of them selling their properties in Hong Kong to cash out." <P>Mainland buyers have become a major force in the local housing market, accounting for about 30 percent of sales at some primary residential projects - up from only 2 percent in 2008. <P>"Thirty percent is a rather high level. I don't see it climbing further next year," said Eddie Hui Chi-man, deputy director of Hong Kong Polytechnic University's Research Centre for Construction and Real Estate Economics. <P>"Some of them might be affected by the decrease in exports. But don't forget there are home purchase limits in effect in the mainland property market. If they can't invest [there], they can only go to other places. <P>"Hong Kong would still be one of their most preferred areas to buy property." <P>Hui said the local property market will stabilize if China's economic growth can be maintained at 8 percent next year. He foresees housing prices here slipping 5 percent in 2012. <P>Most property experts predict price drops ranging from 10 to 20 percent next year. However, former UBS property analyst Franklin Lam Fan-keung - who is known for his bullish views - forecasts prices to rise by 15 percent instead, despite a 5 percent dip in the short term. <P>"Exports in Hong Kong are still weak, due to the debt issues in Europe," said Lam, founder of the think-tank HKGolden50. "That will put some pressure on property prices in the short run. <P>"However, it has a limited effect on the unemployment rate, which remains at a low level. Expansion of the workforce will drive the hike in residential demand. Along with the continual low interest rate environment, and the tight land supply, the property market next year should see healthy development." <P>Lam cautioned the government against changing its policies according to market conditions, suggesting instead that it make the market adapt to existing policies. <P>Earlier this month, Secretary for Housing and Transport Eva Cheng Yu- wah hinted that the administration may review the Special Stamp Duty before it hits the two-year anniversary mark. <P>But the next day, Chief Executive Donald Tsang Yam-kuen reiterated that he has no intention of removing the property cooling measures. <P><FONT color=#666666><EM>News from the Standard</EM></FONT></SPAN></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=361 2011-10-06 <![CDATA[All eyes on Tsang]]> <font face='Arial, Helvetica, sans-serif'><P><SPAN class=bodyCopy>Private residential properties are beyond the reach of many people in the low- income bracket and those who want to buy a flat for the first time will be keeping an eye on next week's policy address.</SPAN></P><SPAN class=bodyCopy> <P>Surveys last month found that while prices of private flats have declined in recent months, there are those who will not be able to afford one for at least another 10 years. Demands have grown for more public housing especially for low- income earners.</P> <P>People waiting to hear any policy news related to public housing may yet find out what new announcements will be made when Chief Executive Donald Tsang Yam-kuen delivers the last policy address of his term next Wednesday. <P>He has so far indicated that he will consider various approaches to subsidized public housing and offer "practical measures" to housing and other concerns such as the widening wealth gap. <P>The public is keen to know how many flats will be built under the Home Ownership Scheme. <P>Souces said the first batch of HOS flats - probably 2,000 to 3,000 - is expected to be available in at least three to four years.</P> <P>But the core question is how the scheme will impact the private residential market, a key pillar of the economy. Tsang has been known for not wanting to pave the way for another crash in the housing market, unlike his predecessor Tung Chee-hwa who announced 85,000 new HOS flats but later shelved the plan. Indications are that the administration will announce fewer than 5,000 public housing units, <SPAN class=bodyCopy>so the financial markets will not be jolted and dragged down further. </SPAN><SPAN class=bodyCopy>The Hang Seng Index lost 22 percent during the three months ended September 30. This has been its worst quarterly&nbsp;loss in a decade. Real estate stocks have not been spared in these volatile times. </SPAN></P><SPAN class=bodyCopy> <P>Cheung Kong (0001) gave up 26 percent in the period and Sun Hung Kai Properties (0016) lost 23 percent. Landlord Hysan Development (0014) slumped 38 percent in the quarter. Still, this may present a buying opportunity.</P> <P>"We believe Hong Kong property stocks are cheap for long-term investors, however, they may still be subject to short-term share price declines if a new crisis breaks out," wrote Citigroup analysts Ken Yeung and Griffin Chan. <P>A possible revival of the HOS, introduced by the Housing Authority, has been discussed widely in the months leading up to the policy address. <P>In his policy speech last year, Tsang said: "Some people want the government to use proposed [public rental housing] sites to build HOS flats. Any proposals that may undermine our pledge to maintain waiting time of three years for public housing are unacceptable." <P>Launched in 1978 and halted since 2003, the HOS has been described as one of the most dependable ways to stop home prices from surging. With residential property prices rising rapidly before new tightening measures such as special stamp duties were announced in November, more people have demanded the revival of the scheme. <P>That was then. This is now. Tsang also mentioned last year that "there are diverse views on the resumption of HOS." <P>The easing of property prices and falling deals recently may prompt the government to rethink the scheme's implementation. <P>At 50 major residential projects there was a 20 percent week-on-week decline in deals last week. Only 127 flats changed hands between September 26 and October 2, said Ricacorp director David Chan Tai-wai. This marked a six- year low. <P>"Both buy side and sell side remain inactive before the policy address. Quality homes may attract higher prices, while ordinary homes could be sold at good discounts," Chan said. <P>Hong Kong Polytechnic University building and real estate professor Eddie Hui Chi-man said the recent turnaround in the property market may compel the government to reduce the number of HOS flats that may be built. "HOS flats are needed for sure, but 5,000 seems to be a reasonable level as home prices are currently going down." <P>He estimates 3,000-5,000 flats would be enough in the first year, if the scheme were to be revived. "It could also put units onto the market faster." <P>Hui believes the resumption of the HOS can help the property market find the right balance. "Prices will not necessarily plunge. But the market will get healthier, thanks to more viable supply." However, Chinese University of Hong Kong economics associate professor Andy Kwan Cheuk-chiu said 5,000 HOS flats will not satisfy demand. "Building 5,000 units annually would do nothing to solve the housing problem," Kwan said. <P>He suggests the government build 8,000-10,000 HOS units every year to "relieve housing pressure in a more direct and timely manner." <P>Kwan said the HOS can help home prices reach a more reasonable and affordable level. "It does not necessarily mean that the property market will suffer. It would instead help to restore order." <P>Real estate agencies think otherwise. <P>Centaline research director Wong Leung-sing said resuming the HOS will affect home prices. "It's all about sentiment." <P>To minimize any possible impact on the market, HOS flats should only be sold to first-time buyers, Wong said. "Each can have one and only one chance to buy an HOS flat." <P>Centaline founder Shih Wing-ching goes further, saying "the move will badly affect flat owners." He said most buyers are mainlanders, while locals just cannot afford expensive properties. <P>"Right now many mainland investors are coming here with lots of money. The prices suggest there is a bigger demand for investment rather than domestic use." <P>Citigroup does not expect strong measures to be announced in the policy address. <P>"Home prices have stopped the uptrend since June, so previous measures are considered to be effective with minimal participation from short- term investors and speculators," Citigroup said in a research note. The analysts believe the government is likely to propose 5,000 HOS flats annually, compared with an historical average of 15,000. <P>"However, we estimate the first batch of HOS units will not come before 2015." How many subsidized homes will be built only Tsang will tell.</P> <P><FONT color=#666666 size=2 face="Arial, Helvetica, sans-serif"><EM>News from the Standard</EM></FONT></P></SPAN></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=354 2011-08-24 <![CDATA[Rent surge hits restaurants]]> <font face='Arial, Helvetica, sans-serif'><H2 id=ART><FONT size=4>Street-level premises, even in non-prime areas, see rents double as landlords cash in, forcing restaurateurs upstairs or out of business</FONT></H2> <P>Landlords of street-level shops in Hong Kong are demanding big rent increases as leases come up for renewal, forcing tenants to quit in search of cheaper premises. </P> <P>The rolling rent rises have extended from primary to secondary locations, despite a market outlook that remains clouded by global economic uncertainty. <P>Restaurant operators on Canal Road West and Leighton Road, Causeway Bay - which cater for a largely local clientele - have been informed by their landlords that rents will increase by up to 110 per cent. <P>"Rents for street-level shops in first-tier locations have increased to sky-high levels, and the ripple effects will fuel rent rises in fringe areas. Disregarding locations, landlords think every shop is now a goose that lays a golden egg," said Joe Lin, senior director of retail services for property consultancy CB Richard Ellis. <P>Lin said hotels catering to big-spending mainland tourists had provided a shot in the arm for retail properties. In June, the 258-room Best Western Hotel at the junction of Bowrington Road and Canal Road West opened. With the soon-to-open 90-room Vela Pacific in Morrison Hill Road, there will be six hotels in the area. <P>Japanese restaurant Wallmann Market, located near Best Western, will close this month after the landlord raised the monthly rent to HK$180,000 from HK$85,000. Owner Ruby Wong said it was extremely difficult for small restaurants to survive. She opened the 1,000 sq ft restaurant eight years ago, when her monthly rent was just HK$45,000. <P>"Our set lunch sells for HK$40 and most customers are white-collar workers from nearby offices. If I increase the set lunch to HK$60, who will come? <P>"We are not a jewellery store, or an international flagship store that can afford to pay high rent." <P>Wong said the big increase arose mainly because the new owner needed to justify its investment after buying the shop for HK$45 million in March. The yield under the old rent would be only 2 per cent a year. But a monthly rent of HK$180,000 would now bring a yield of 4 per cent. <P>A step away from Wallmann, the 600 sq ft kebab shop Pakora &amp; Spice will also close this month. <P>"We are struggling to survive as rental and food costs keep rising," said Mable Chan, a former web designer who opened the shop with her husband eight months ago. "The landlord has accepted our early termination as he believes he will generate higher rents from the next tenant." <P>Chan said food costs alone had jumped 30 per cent this year, making it difficult for a small shop like hers to compete with fast food chains like Maxim's, which opened recently in the area. <P>The 3,000 sq ft Nam Ah Restaurant in Leighton Road, which serves Singaporean and Malaysian cuisine, will close its doors in November after its landlord increased its rent to HK$360,000 from HK$255,000. <P>"We cannot sustain our business at a rent exceeding HK$300,000 a month. No matter how hard I work, it is impossible to make a profit," said owner Lam Doon. <P>Lam said he had found 4,000 sq ft premises on the first floor of a commercial building in a nearby area in order to continue operating. Rents there were only one-third of the new asking rate, he said. <P>"It is a most difficult time to do business now as rents spiral upwards. It is the first time we have had to relocate to an upper floor since my father started the restaurant in 1964. At the peak of our business we had five outlets. Now we are down to only one," said Lam. <P>Helen Mak, a director of retail services at Colliers International, said the recent dramatic change in market sentiment had had little negative impact on the retail leasing market, and she was unaware of any retailers holding back on their expansion plans. <P>"Since 1996, noodle shops and rattan furniture stores in Canton Road, Tsim Sha Tsui, have been edged out by jewellery retailers who can pay rents of millions of dollar a month. It is hard to blame landlords for charging higher rents if the area is undergoing a dramatic change," she said.</P> <P><EM><FONT color=#333333 size=2>News from the SCMP</FONT></EM></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=351 2011-02-10 <![CDATA[Homing in on new builds]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>At least 10,000 new flats will come on to the local housing market this year to boost supply, but prices are likely to keep rising. "More than 17,000 flats will be needed this year, and the 10,000 units will not be sufficient," said Cheung Kong executive director Justin Chiu Kwok- hung, who expects home prices will rise by 10 percent in 2011. <P>Supply may gradually increase as Financial Secretary John Tsang Chun- wah reportedly plans to announce a boost in land supply in his budget speech on February 23. <P>However, Tsang may not introduce further tightening measures to curb property speculation. <P>Cheung Kong will sell seven projects in Hong Kong with about 3,500 flats in 2011, including the latest project, Uptown in Yuen Long. <P>A further 1,100 flats from Phase 2C of Lohas Park in Tseung Kwan O will also hit the market. <P>Sun Hung Kai Properties will sell homes at Imperial Cullinan in West Kowloon, UniQ in Shau Kei Wan and Park Nara in Yuen Long. <P>Henderson Land Development is expected to put 1,200 flats on the market, including homes at its projects at Lok Wo Sha in Sha Tin and Tai Tong, Yuen Long. <P>Chiu warned that the local property market will remain volatile, despite the fact that prices are on the upside. <P>Midland Realty director Albert Wong Kam-hong agreed. "Government policies will keep changing market sentiment," Wong said. "Prices will keep on growing, at a relatively slower pace." <P>The government introduced curbs last November that initially squeezed spec</SPAN> <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>ulators. However, just one month later prices surged again. <P>"This indicates that demand from end-users is overwhelming," said Ricacorp head of research Patrick Chow Moon-kit. <P>"More mainlanders are buying homes in Hong Kong due to continuous curbs in China." <P>Last month Shanghai and Chongqing implemented property taxes. Analysts said the taxes, which came into effect on January 28, have resulted in a slowdown of home sales in the two cities. <P>In Hong Kong, people have had pay rises and have more buying power this year, keeping the market buoyant, said Eddie Hui Chi-man, a professor at Hong Kong Polytechnic University. <P>"A limited supply and pay rises at the beginning of this year encourage people," he said. <P>Transactions have been picking up, and more deals were done during the four-day Lunar New Year holiday than over the same period last year. <P>Among the 10 benchmark residential projects, 22 flats were sold during the holidays, compared with only four deals in the same period last year, according to Midland Realty data. <P>"Home prices are expected to rise after the Lunar New Year, so buyers act early before the rally," said Midland chief analyst Buggle Lau Ka-fai. <P>In January, registered transactions for pre-owned homes dipped 14 percent from the previous month, indicating December sales were disappointing. <P>"Smaller homes priced under HK$2 million saw a 28 percent plunge to 2,472, underperforming the overall market," said Hong Kong Property director Jeffrey Ng Chong-yip. "These units accounted for 31.6 percent of total sales last month, as compared to 37.7 percent in December." <P>Overall transactions dipped below 10,000 in January, the first time in 22 months, with 8,002 homes changing hands. <P>"The effect from the tightening measures launched in November remained through the year to January," said Centaline research director Wong Leung-sing. <P>With more new homes launched, secondary home prices are expected to slowly catch up, said Ricacorp's Chow. <P>Midland's Lau said home owners jack up prices because they expect good sales in new projects nearby. But he warned: "If prices of secondary flats are getting close to new homes, why would buyers consider older flats?" <P>The fast-growing prices concern the government, analysts said. RBS (Hong Kong) analyst David Ng Ka-chun expects the tightening policy to continue this year because of the buoyant market. <P>"I think Hong Kong's property prices have over-shot," Ng said. "Another 5 percent gain in price in the first few months of the year could trigger another round of tightening." <P>He expects the growth rate of Hong Kong property prices to be unchanged from last year. <P>Housing prices have risen more than 50 percent since the beginning of 2009, according to property agent Centaline. <P><FONT color=#999999 size=2><EM>News from the Standard</EM></FONT></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=348 2011-01-06 <![CDATA[Quick on the uptake]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Despite numerous signs pointing to a cooling property market, real estate has instead continued its upward trend, finishing the year with a 15 percent price increase across the board, following a stellar 27 percent jump in 2009. <P>The onerous signs in 2010 included high-profile land auctions that failed to meet the high-end of estimates - including two sites in Tai Po and one in Kowloon Tong - as well as acute government measures to cut down on speculation in November. <P>Last January, a plethora of naysayers in the industry pointed to the sharp price rise in 2009 as evidence that a correction was due within this year. For 2011, analysts have changed their tune - predicting another year of double-digit gains. <P>"The rise will definitely continue," said Patrick Chow Moon-kit, head of research at Ricacorp. <P>He points to four drivers to make his case. The first lies in the relationship between inflation and ultra-low interest rates, which will have a synergistic effect on property prices. <P>"The inflation level, if we go by the forecasts, is going to be 5 percent. That means for 2011, we're going to have negative interest rates," Chow said, adding this will boost property values as more people are going to be buying. <P>"Look at the price of a mortgage. Banks are offering [Hong Kong interbank offered rate] plus 0.8 right now, which amounts to around 1 percent. Some say it might even drop to HIBOR plus 0.65, which would mean an overall interest around 0.85 percent. <P>"If you su</SPAN><SPAN class=bodyCopy>btract the 5 percent inflation figure from that interest rate, you get something around minus 4 percent, which means that in effect, the bank is helping you pay off the loan." </SPAN></P> <P><SPAN class=bodyCopy>The second driver is an economic tenet: tight inventory means high prices. </P> <P>"There will be a low supply in primary properties next year," Chow said, forecasting developers won't release much more than 10,000 homes, with the bulk going on sale after the third quarter. <P>This compared with an average of nearly 20,000 flats released annually from a period starting from 1998 to 2010, although supply has dwindled in the past two years. <P>For 2011, Chow anticipates no projects with more than 1,000 homes will be released on either Hong Kong Island or Kowloon. <P>"The largest development on the island will be in Wong Chuk Hang, at 411 units," Chow said. "In Kowloon, Hang Lung Properties has a large development in Olympic Station called Long Beach, with around 1,104 units, but they haven't shown any signs of releasing them for sale. On the whole, there are going to be significantly fewer units available on the primary market next year." <P>Chow said the flats that will go on sale will be concentrated in the New Territories. "These will appeal to a specific set of buyers, so they're not going to alleviate demand in a big way." <P>The third driver, Chow noted, is the rising wealth of Hong Kong citizens. <P>"We now have a record amount of money in bank deposits at over HK$7 trillion. This is a landmark," he said. "In 1997, we had around HK$2 trillion. This means that Hong Kong people are going to have ample cash to purchase property for the foreseeable future." <P>The fourth driver is the continued liquidity flow into Hong Kong from the mainland. As mainlanders have grown richer, the fiscal policy of the central government has centered on deflating asset bubbles. A key component of that strategy, Chow said, is increasing capital outflows. <P>"Much of this capital leaving China, of course, is going overseas, for example, to Japan or Europe, which in recent history have been favored destinations for mainland money," he said. <P>"But there will always be a number of investors who prefer to stay closer to home, and therefore will invest in the property market in Hong Kong." <P>There are risks that more government measures will be imposed to cool the market, Chow said, but as 2009 has proven, they will be speed bumps rather than game-changers. <P>"Of course, policy risk is now going to be more and more of a factor in the equation. The government won't let prices rise ridiculously - or more than 20 percent," Chow said. "So it'll be a rocky climb consisting of alternating price rises, and price plateaus due to government cooling measures. But the direction will remain the same. <P>"I predict prices will go up by 10 to 15 percent this year." <P>Buggle Lau Ka-fai, chief analyst at Midland Realty, agrees that housing prices will continue rising - but steadily, in spurts - tempered by government policies. <P>Lau believes the increases on the whole will be more measured, and reflect the smaller number of transactions that are predicted to occur. <P>"Our view is that secondary prices will likely increase further, we estimate in the range of 10 to 11 percent for this year," Lau said. <P>"They will be less than last year, due to new policy measures and the historical price runup." <P>Because the fundamentals remain the same - rising liquidity, low interest rates and an accelerating economy - Lau said the general trajectory is going to continue. But these factors will be tempered by the drop in transaction volume, which Lau puts at about 18 percent. <P>"We estimate a drop from 161,000 to 162,000 [flats] predicted for this year to around 132,000. This can be directly attributed to the anti-speculation stamp duties," Lau said. <P>Another point of view is that long- term investors will feel more secure in entering the market, he said. <P>"With the savings [interest] rate so low, it will make more sense for people to transfer their money from their bank account into bricks and mortar." <P><FONT color=#666666 size=2><EM>News from the Standard</EM></FONT></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=342 2010-12-23 <![CDATA[Blue-chip buys on the rise]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Weekend transactions of used apartments in Hong Kong rose as an index tracking home prices in the city had its biggest weekly drop in more than six months, according to Centaline Property Agency. <P>Sales at projects including Tai Koo Shing and Mei Foo Sun Chuen increased 25 percent to 66 from a week earlier, said Centaline, Hong Kongs largest closely held realtor. <P>Midland Holdings, the citys biggest realtor by market value, said transactions dropped to 45 from 50. <P>On November 19, the government intensified a yearlong battle to curb surging home prices with additional taxes and policies a day after the International Monetary Fund warned that asset inflation may derail the citys economy. <P>Homes sold within six months of purchase will now incur a 15 percent stamp duty, and downpayments will increase for most mortgages, with those for homes costing at least HK$12 million rising to 50 percent from 40 percent. </P> <P>Louis Chan Wing-kit, managing director for residential sales at Centaline, said some end-users are taking advantage of the recent correction in prices to buy, while long-term investors also prefer these big blue-chip projects for their stable returns. </P> <P>The Centa-City Leading Index, which tracks the citys home prices, fell 1.28 percent in the week ended December 12 from a week earlier, its biggest fall since May 30, to 88.27, Centaline said last week. <P>Hong Kongs residential transactions may fall as much as 35 percent in 2011 from 2010 after the government measures, Midland said earlier this month. <P>Policymakers, including Hong Kong Monetary Authority head Norman Chan, see property-price bubble risks as US monetary easing contributes to capital inflows. <P>Hong Kongs currency peg to the US dollar prevents officials from raising interest rates to cool demand. BLOOMBERG</P> <P><FONT color=#666666 size=2><EM>News from the Standard</EM></FONT></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=343 2010-12-02 <![CDATA[Wait and see before rebound]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>On November 19, the Hong Kong government announced its strong dose of new measures to curb excessive property speculation in the local residential market, and enhance risk management in mortgage lending by local banks. <P>The new measures include the introduction of a special stamp duty on residential units, on top of the current property transaction stamp duty; prohibition against deferred payment of stamp duty; and new guidelines to local banks further lowering the loan-to-value ratio for mortgages - raising downpayments. <P>There's no doubt a short-term market consolidation is about to occur over the next three months. Prospective homebuyers currently hold a wait-and- see attitude toward declining home prices, while existing owners who have been looking to sell their properties are expected to offer the homes for lease. <P>Instead of keeping their premises vacant for short-term resale, it's a better alternative to lease them out for the next two years to avoid paying the special stamp duty. <P>This will result in a growing inventory of residential rental stock stemming from investors who are prepared to extend their timeframe. <P>Residential sales volume over the next three months is forecast to drop 20 to 30 percent from the current level of about 11,000 monthly transactions. Meanwhile, average selling prices would fall 5 to 10 percent, with similar downward adjustments for rental homes. <P>The anticipated retreat of short-term property traders will enable the local market to function properly in response to genuine end-user demand. <P>However, the majority of end-users are opting to sit back and wait for higher loan-to-value ratios to be offered. <P>Long-term investors with strong equity backgrounds will be least affected by a short-term downward adjustment in residential rentals. <P>Institutional real estate funds will stay on the sidelines as the higher downpayments required for both residential and commercial properties create difficulties in raising sufficient financing. <P>Although mezzanine loans are available in the marketplace, they are usually obtained at much higher cost, exceeding their funding benchmarks. <P>In the longer-term prospective - notwithstanding the short-term market consolidation - property prices will stage a rebound toward the end of the first quarter in 2011 if the US dollar remains weak, inflation continues to rise, and the low interest rate environment prevails. <P>Joanne Lee is an assistant manager of research and advisory at Colliers International. As the world's third-largest real estate services firm, Colliers provides specialized services across all property sectors. For more information, please visit www.colliers.com. <P><FONT color=#666666 size=2><EM>News from the Standard</EM></FONT></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=344 2010-09-28 <![CDATA[Flood of new homes before policy address]]> <font face='Arial, Helvetica, sans-serif'><P><SPAN class=bodyCopy>28th September 2010</SPAN></P> <P><SPAN class=bodyCopy>Developers rushed to tap a revival in market sentiment yesterday with fresh launches prior to the chief executive's policy address next month. </P> <P>Nan Fung Development released the first price list of 30 homes - mostly studio flats - at Queen's Cube for an average of HK$15,570 per square foot. <P>And Sun Hung Kai Properties (0016) announced the prices for 28 villas at Valais. <P>Cheung Kong Holdings (0001), meanwhile, put 302 more flats at Oceanaire on the market, while KWah International's (0173) Shiu Fai Terrace project will be available in mid-October. Registration for Nan Fung's 96-home building in Wan Chai starts tomorrow and sales begin on October 6. Prices range from HK$5.97 million for a 401-square-foot flat to HK$9.32 million for a 582-sq-ft one, or HK$14,888 to HK$16,843 psf. <P>Nan Fung director Victor Mak Yat-king said potential official curbs should have limited effects on sales, since he expects more than 60 percent of buyers to be long-term investors targeting rentals. <P>At nearby Zenith, investors accounted for about 60 percent of buyers, said Midland Realty senior sales manager Barry Tun. Transactions in September have doubled from August to 10, with prices rising by 6 percent to HK$10,600 psf. An investor recently bought a 650-sq-ft flat for HK$6.2 million, or HK$9,508 psf, eyeing a rental yield of about 4.3 percent. <P>In the same district, 5 Star Street - to be completed by year-end - will cost from HK$17,000 to HK$22,000 psf and York Place from HK$14,000 to HK</SPAN><SPAN class=bodyCopy>$16,000 psf. </SPAN></P> <P><SPAN class=bodyCopy>In Sheung Shui, SHKP will start selling the first 28 villas at Valais for an average of HK$8,388 psf on National Day. The cheapest five are HK$8,100 psf, or around HK$20.5 million. Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said there is plenty room for price increases. </P> <P>In Ma On Shan, Cheung Kong will sell 288 apartments and 14 houses at Oceanaire for an average of HK$6,811 psf and HK$8,353 psf, respectively. Another 424 homes will go on sale from Thursday. <P>The cheapest flat costs HK$3.8 million. <P>KWah's 16-story building in Happy Valley will provide 24 apartments. Typical flats measure 3,600 sq ft. Special apartments are 7,200 to 7,300 sq ft. <P>Chief Executive Donald Tsang Yam-kuen's policy address is on October 13. <P><FONT color=#999999 size=2><EM>News by the Standard</EM></FONT></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=334 2010-07-23 <![CDATA[URA invites bids for Sai Ying Pun site]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>The Urban Renewal Authority has invited firms to apply to redevelop a 23,143-square-foot site in Sai Ying Pun. <P>The site, bordering Third Street and Centre Street, may provide a total gross floor area of 177,175 sq ft, mainly for residential use, the URA said. <P>It intends to provide about 270 homes, including a large number of units smaller than 500 sq ft. <P>Judging from the URA and Kerry Properties' (0683) Island Crest nearby, smaller homes could potentially cost buyers more per square foot. <P>Comparable homes at the redevelopment project in First Street and Second Street were sold for just above HK$14,000 to around HK$18,000 psf early this year, higher than units of about 800 sq ft, said Hong Kong Property sales manager Anthony Wong. "Small units involve small lump-sums and have good rental yield," Wong said, noting the supply of these units is low in the district. <P> <TABLE border=0 cellSpacing=0 cellPadding=9 width=250 align=right valign="top"> <TBODY> <TR> <TD> <CENTER> <DIV style="POSITION: absolute; VISIBILITY: hidden; TOP: 0px; LEFT: 0px" id=beacon_4645cffdfa><IMG style="WIDTH: 0px; HEIGHT: 0px" alt="" src="http://203.80.0.221/openx-2.6.4/www/delivery/lg.php?bannerid=34&amp;campaignid=3&amp;zoneid=4&amp;loc=http%3A%2F%2Fwww.thestandard.com.hk%2Fnews_detail.asp%3Fpp_cat%3D1%26art_id%3D100864%26sid%3D28996542%26con_type%3D1%26d_str%3D20100723%26sear_year%3D2010&amp;referer=http%3A%2F%2Fwww.thestandard.com.hk%2Fnews_search_resu.asp&amp;cb=4645cffdfa" width=0 height=0></DIV></CENTER></TD></TR></TBODY></TABLE> <P>The URA said it also plans to re-use a pair of existing tenement buildings as public open space. <P>Interested parties have to prove development experience and financial capability, and submit expressions of interest by July 30. <P>Meanwhile, URA chairman Barry Cheung Chun-yuen noted criticism of excessively large bay windows at Lime Stardom, co-developed with Sun Hung Kai Properties (0016), and said the issue would be discussed with the Development Bureau. He personally supports a cap on size. DEREK YIU</P> <P><EM><FONT color=#666666 size=2>News from the Standard</FONT></EM></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=324 2010-04-07 <![CDATA[Property sales rise 20pc]]> <font face='Arial, Helvetica, sans-serif'><P>The number of property sales for all building units received for registration last month rose 20.5 percent over May.<BR><BR>The 15,747 sales and purchase agreements recorded was also a 32.6 percent increase over June last year.<BR><BR>The Land Registry also announced the value of last month's deals amounted to HK$58.2 billion, a 32.2 percent rise compared with May and a 1.2 percent year-on-year increase.<BR><BR>Residential deals accounted for 13,805, a 17.1 percent increase over May and a 35.3 percent year-on-year increase.<BR><BR>The value of these residential deals amounted to HK$49.7 billion, a 26.1 percent increase over May but 1.4 percent down on June last year.<BR></P> <P><FONT color=#333333 size=2><EM>News from the Standard</EM></FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=310 2010-03-25 <![CDATA[Festive atmosphere]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Surrounded by mountain views of Lion Rock and Kau To Shan, Festival City phase one in Tai Wai offers luxury and convenience. The residential project by Cheung Kong (Holdings) is scheduled for completion in August. <P>The show flat is a 980-square-foot unit that faces south-east and based on unit D of block one, two, three and five. <P>The unit has a three-bedroom layout featuring an en suite master bedroom and a utility room. <P>The stylish flat, with crystal and glass accents, allows residents to enjoy the sun and Sha Tin landmarks such as Shing Mun River and Amah Rock. <P>The interior design theme is Caramel Delight, which translates to earth tones in the rectangular living-and-dining area, which spans approximately 200 sq ft. <P>The 110-square-foot master bedroom has a mirror wall decorated with crystals, and a cushioned bay window designed for snuggling up with a book. <P>The bathroom and kitchen are equally elegant. The marbled bathroom features a large mirror, while quality tiles, glass and stainless steel surfaces make the kitchen chic yet easy to clean. <P>The remaining two bedrooms contrast dramatically in colors. One has a soft beige color scheme, while the other features a black and gray palette, accented by a zebra-print chair. <P>The striking visual effects continue into the guest bathroom, which has golden mosaic walls. <P>The utility room has been renovated into a study to reflect its versatility. <P>A pendant with 35,000 Swarovski crystals adds glitter to the </SPAN> <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>fully equipped clubhouse, Club Festival. <P>Inspired by California gardens, the Beverly Majestic Garden in Festival City offers wide open spaces, with jogging routes and a corridor adorned with sculptures.</P> <P><FONT color=#333333 size=2 face="Arial, Helvetica, sans-serif"><EM>News from The Standard</EM></FONT></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=313 2010-02-24 <![CDATA[Economy to grow 4 to 5 pc, predicts John Tsang]]> <font face='Arial, Helvetica, sans-serif'><P>Hong Kong's economy is expected grow by 4.0 to 5.0 percent in 2010, the city's financial secretary John Tsang said in his annual budget speech today.<BR><BR>"I am cautiously optimistic about Hong Kong's economic prospects for 2010,'' Tsang said.<BR><BR>But he said the city had to remain vigilant against any ``possible relapse'' in the economy.<BR><BR>"In the short term, we must carefully adjust the exceptional measures introduced to combat the financial tsunami and tackle the risk of asset-price bubbles.''<BR><FONT color=#333333 size=2 face="Arial, Helvetica, sans-serif"><EM><BR>News from The Standard</EM></FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=314 2010-02-11 <![CDATA[Crest of life]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Island Crest by luxury residence developer Kerry Properties in partnership with the Urban Renewal Authority comprises two contemporary residential towers. <P>The project in Mid-Levels West will offer 488 exquisitely appointed residential units with typical gross floor areas ranging from some 500 to 1,200 square feet. <P>Home owners will enjoy all the pleasures of a well-appointed clubhouse that offers diverse facilities. The development also offers a number of duplexes and prime units on the top three floors. <P>Three show flats were launched last week, with themes ranging from elegant to minimalist. <P>Unit A is a three-bedroom 1,186 sq ft home complete with utility room. The living and dining areas are rectangular for maximum practicality. Tall, wide windows let in abundant sunlight and create a sense of expanded spaciousness, while offering good views of surrounding streetscapes. <P>Fabric adorning the walls of the living area and earth-toned walls and floors in the bedrooms give a soft and natural ambience. The semi-open plan kitchen also enhances the unit's sense of spaciousness. <P>Unit B covers 755 sq ft with two bedrooms and a utility room. Though smaller, this unit, which offers sea views, exudes a sense of freshness with its tiled floors and wood panel walls. To fully utilize the space, the bay window of the master bedroom has been transformed into a flexible vanity. <P>The 625 sq ft Unit E offers two bedrooms. The absence of a hallway enhances practicality while the </SPAN> <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>extensive use of glass adds to overall spaciousness. <P>The black, white and gray color scheme creates a modern ambience, balanced by a crystal chandelier above the dining table. One of the bedrooms has been altered into a study to reflect the flexibility of the layout. <P>In addition to typical units, Island Crest offers 26 special units ranging from 1,500 to 3,000 sq ft. <P>Island Crest residents will benefit from the Sai Ying Pun MTR station, which will be ready in 2014. <P>The area is one of the few tranquil, yet convenient, traditional neighborhoods for its close ness to the Central business district and various educational institutions, making it ideal for families and business executives alike. <P>Clubhouse facilities include outdoor swimming pool, children's play pool, jacuzzi, sauna and steam bath, conference room, resting area, reading area, multi-function banquet room, multi- media recreation room, mahjong room, children's play area, BBQ area and a landscaped podium garden. <P>Island Crest <P>Address 8 First Street, Sai Ying Pun <P>Number of blocks 2 <P>Number of units 488 <P>Unit areas 496 to 1,186 sq ft <P>Layouts 1 - 3 bedrooms <P>Developers Kerry Properties and Urban Renewal Authority <P><EM>News from the Standard</EM></SPAN></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=300 2010-01-20 <![CDATA[Home purchases start new year on strong note]]> <font face='Arial, Helvetica, sans-serif'>The new year has got off to a flying start for Hong Kong's property market, with sales surging to a two-year high last week. <P>Data collated by Ricacorp Properties shows 730 sales and purchase agreements were signed in the city's 50 major housing estates in the week to January 17, up from 614 in the previous week and the most recorded in the past 105 weeks.</P> <P>Prices rose 1.1 per cent during the week, taking the cumulative increase in the average prices of secondary-market deals in the past two months to 4 per cent, the data shows. <P>"There is no particular reason for the rise. Buyers just feel good about the market outlook," said Patrick Chow Moon-kit, the head of research at Ricacorp. <P>"Positive factors that have helped boost sales activity include steady economic development and the recent news that a government site in Tseung Kwan O has been triggered for public auction," Midland Realty chief analyst Buggle Lau Ka-fai said. </P> <P>Casting a wider net, data from Hong Kong Property Services (Agency) shows sales agreements for residential, commercial and industrial deals lodged with the Land Registry in the first 15 days of this month were up about 23 per cent month on month to 6,143. The agency expects the number of deals to reach 12,000 this month, the highest since September last year. <P>The sustained market recovery is fuelled by buyers returning after sitting on the sidelines, agents say. <P>A potential buyer is Wong Ka-chun, who has lived with his wife in a rented flat for the past three years but believes now is the time to buy. <P>"Mortgage charges are so low that the purchasing cost is not high. I will take this opportunity to buy," Wong said. "I will then save money to buy a better quality flat in two to three years." <P>Wong said although prices are on the rise, they are still below levels they reached before the global financial crisis in the fourth quarter of 2008. <P>"Even if the crisis happens again and prices plunge 25 per cent from current levels, the potential downside is acceptable," he said. <P>Helping to boost sentiment in the market, the government announced on Friday that it had accepted an applicant's minimum guaranteed bid of HK$2 billion for a 132,397 square foot site in Tseung Kwan O. The site will be triggered for public auction on February 22. <P>Crystal Tam, the head of Centaline Property Agency's Tseung Kwan O branch, said sales activity in the area rose 33 per cent to 43 deals at the weekend, against 30 in the previous weekend. <P>Prices had not yet risen and the difference between asking prices and transaction prices had narrowed as sellers refused to lower prices in anticipation of a better outlook, she said.</P> <P><FONT color=#333333 size=2><EM>News from South China Morning Post</EM></FONT></P></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=294 2010-01-13 <![CDATA[Top homes tipped to soar]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Hong Kong luxury home prices may rise 20 percent this year as the economy expands and supply remains limited, real estate broker CB Richard Ellis said. <P>Mass residential prices may rise 15 percent, CBRE said yesterday. <P>Home prices rose 29 percent locally last year, outperforming Tokyo, London and New York, as record low mortgage costs, near-zero interest rates on savings deposits and buying by mainlanders stoked demand. <P>Existing residential property values, now at the highest in almost 12 years, may rise another 35 percent, according to Centaline Property Agency. <P>"Further gains in the property market will be supported by continued low interest rates and loose monetary policies," said Tony Ng, CBRE senior director for investment properties.</P> <P>Henderson Land Development (0012), controlled by billionaire Lee Shau-kee, said in October it sold a luxury duplex apartment for HK$439 million and claimed a record selling price on a per-square-foot basis of HK$88,000. </P> <P>Lee said last month that home prices will rise another 10 percent in 2010. Henderson's shares more than doubled in 2009, making the stock last year's best performer on the Hang Seng Property Index. <P>Hong Kong's home prices are being bolstered by rising employment and an economic recovery. <P>The jobless rate for the three months ended November 30 fell to 5.1 percent, the lowest in nine months, after the economy grew for a second straight quarter in the three months through September. <P>An index of existing home prices rose to 74.07 in the week ended January 3, the highest since March 1998, Centaline said. The weekly measure may rise to 100, the real estate agency said. <P>The index was last at 100 in October 1997. <P>December home sales slid 9 percent to HK$34.7 billion, the lowest level in eight months, according to the Land Registry. Still, the figure almost doubled from a year earlier. BLOOMBERG.</P> <P><FONT color=#666666><EM>News from The Standard</EM></FONT></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=295 2009-10-28 <![CDATA[Causeway Bay style]]> <font face='Arial, Helvetica, sans-serif'><SPAN class=bodyCopy>Hong Kong has always had a ruthless operational efficiency about the place, born of the necessity of ensuring freedom - free markets, freedom of the highways, the freedom for a bit of hustle and plenty of bustle. That comes at the risk of cramming its denizens, and in this regard Causeway Bay has always been something of an exception to the rule. <P>The greater part of the district has always been relatively free of congestion despite its synonymity with crowds that have made its shop rents among the world's most expensive. Victoria Park, Central library, Queen's College and harbor areas provide the perfect counterpoint to its more pedestrian attractions, giving it breathing room. <P>The attractions meld at V Causeway Bay2 serviced apartments to offer expats, executives and dealmakers the best of both worlds. The latest building to get V's designer nous brings maximum rest, with its location in the more verdant and quieter neighborhoods, and maximum entertainment options, when guests feel like taking the short walk along the broad avenues to Causeway Bay central. <P>Those two worlds are apparent within as well. A unique state-of the- art security access elevator takes you up to your very own private world. Once you step out, you have the floor all to yourself, literally, whether your choice is Luxe One, Magic Two, Dream Two or Grand Suite. No noisy neighbors, no thin walls, your very own space, lots of it in a stone-finished apartment building that keeps your fun private an</SPAN> <TABLE id=Table2 border=0 cellSpacing=0 cellPadding=9 width=250 align=right vAlign="top"> <TBODY> <TR> <TD></TD></TR></TBODY></TABLE><SPAN class=bodyCopy>d the noise out. Nooks and corners offer clear views. Wooden- decked verandahs caress your soles. <P>The apartments are also stocked with the best shop items to soothe the discerning traveler. Feather duck down pillows and dreambeds with feather tops bring total repose. Free standing bathtubs, rainshowers, towel warmers and fog-free mirrors leave one gloriously cool in summers and snugly warm in winters. Galley-styled kitchens with corrian tops, fresh herbs and Le Creusset cookware make cooking minimum effort and maximum delight. <P>Surround sound equalizer systems, LCD TVs, iPod connections, complimentary Now TV and internet broadband connection, home entertainment systems with DVD players, an inhouse movie library, Wii sets with games ensure that the apartment rocks for you, your family and your friends. <P>For those with bigger budgets, the Grand Suite offers French-style patio doors that lead to stunning terraces, where state-of-the-art barbecue decks and luxury soak tubs make small intimate gatherings unforgettable. <P>So step into the world of V, where fine style and total substance blends in perfect harmony to offer the corporate dealmaker the perfect stay.</P> <P><EM><FONT size=2>News from the Standard</FONT></EM></P></SPAN></font> https://www.bestfortune.com.hk/eng/news_detail2.php?sno=287