The recent property cooling measures introduced in Hong Kong will not have an impact on Singapore property prices. Experts said foreign property investors are unlikely to switch their portfolio from Hong Kong to Singapore. Besides being leading international financial centres, both Singapore and Hong Kong hold some of the world's most expensive homes. Hong Kong tops the list, according to research from...
Hong Kong Property Market
The Hong Kong Monetary Authority (HKMA) said yesterday it has ordered banks to toughen lending requirements for borrowers with more than one mortgage on residential property, in a bid to prevent the city from being flooded with "hot money" after the United States announced an aggressive new stimulus plan to spur growth. Hong Kong's de facto central bank also said it had restricted the maximum length for...
The chill winds blasting through financial markets have hit rents for luxury properties in Hong Kong as banks lay off high earners and international companies cut back on expatriate packages, property brokerage Jones Lang LaSalle said on Monday. With luxury homes costing HK$100 million (S$16.2 million) or more, rental yields for high-end homes already yield less than 2 per cent, a return set to dwindle...
Property prices here grew at a slower pace and sales fell in the second quarter as global stock markets weakened, but the risk of a bubble will remain as long as interest rates stay low, the city's Financial Secretary warned yesterday. Mr John Tsang told legislators that market sentiment had moderated in the past two months after a sharp rebound in February. In May, prices grew by less than 1 per cent and...
Hong Kong's property market faces great corrective pressure amid threats from the euro zone crisis and macroeconomic volatility, causing uncertainty for home buyers, Financial Secretary John Tsang said on Monday. Mainland China has seen the world's fastest-growing prices over the last five years, up 111 per cent through the end of last year, with Hong Kong in second place at 94 per cent, according to...
Property prices in the territory fell 3.5 per cent in the July to October period, Hong Kong Monetary Authority chief executive Norman Chan said yesterday, a day after authorities said they might ease housing market curbs if necessary. Housing prices are "slowly coming down and ... will continue for a bit and hopefully we will be able to achieve a soft landing ... When the environment trends downwards, we...
In sharp contrast to Singapore's move to further cool the private home market, Hong Kong will ease some of its property curbs if prices extend their decline amid Europe's worsening credit crisis and a global economic slowdown. Housing prices are "slowly coming down and ... will continue for a bit and hopefully we will be able to achieve a soft landing ... When the environment trends downwards, we will...
The Hong Kong government has proposed a new law that will slap fines and jail terms on property developers who mislead buyers of new homes. The government yesterday kicked off a two-month consultation period on the new law, which it hopes to introduce to the Legislative Council in the first quarter of next year. "There are consumer protections on other areas and there should be similar protections on...
The threat of a global economic slowdown is intensifying risks in Hong Kong's home market and the government will monitor housing policies designed to curb prices, said Financial Secretary John Tsang. "The deepening of the European debt crisis and stalling growth in the United States could affect Hong Kong's economy and may bring turmoil to global financial markets," Mr Tsang told lawmakers in Hong Kong...
Luxury residential prices and rents in Hong Kong rose to a new high in the second quarter of the year due to tight supply and strong demand from mainland Chinese buyers, according to a report by Colliers International. Overall luxury residential prices rose by 3.8 per cent on a quarterly basis to a record of HK$19,520 (S$3,024) per sq ft in the three-month period ended May, surpassing the previous peak in...