Hutchison Whampoa, the conglomerate controlled by Mr Li Ka-shing, Asia’s richest man, has sold a house in Hong Kong’s Victoria Peak for HK$740 million (S$119 million). The 6,863 sq-ft house at the seven-home, 28 Barker Road project was sold to an unidentified buyer, according to the developer’s website. The price is the second-highest paid in the city after a house on Pollock’s Path in The Peak...
Hong Kong Property Prices
Hong Kong home prices fell the most in four-and-a-half years in the week ended July 7, on concerns that interest rates will begin to rise if the US Federal Reserve phases out its monetary easing program later this year, the Bloomberg news agency reported. Prices fell 1.8 per cent during the week, the most since November 2008, according to an index compiled by Centaline Property Agency, the city’s...
The overheating property market remains the biggest risk factor to the stability of the Hong Kong economy, Mr Norman Chan, head of the Hong Kong Monetary Authority, said yesterday, adding that household debt was now at 59 per cent, close to the record high of 60 per cent in 2002. Only three months after Hong Kong rolled out a tough new round of cooling measures, home prices have again climbed to record...
Hong Kong is at risk of an abrupt decline in property prices after gains fuelled by low interest rates and a limited supply of new housing, the International Monetary Fund (IMF) said. "The property sector is the main source of domestic economic risk," the IMF said in a report on the city released today. The odds of a slump that has major economic and financial consequences is "fairly low in the near...
Hong Kong may take further measures to control runaway property prices but the Asian financial centre is likely to avoid steps such as a capital gains tax which would be complicated, Hong Kong's leader, Leung Chun-ying, said on Thursday. Mr Leung's government imposed a 15 per cent tax on non-resident and corporate buyers of property late last week and speculation has been rife that further curbs will be...
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...
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...
Prices for luxury residential property in Hong Kong are likely to fall over the next quarter as investors turn to commercial properties after the government imposed harsh measures to cool the housing market, industry executives said. Hong Kong, which has some of the most expensive apartments in Asia and is home to property tycoons such as Li Ka-shing and Lee Shau-kee, has seen luxury home prices exceed...
05:55 AM Sep 11, 2010 Hong Kong home prices have risen to their highest levels since December 1997, according to Centaline Property Agency, defying government efforts to rein in speculation and prevent an asset bubble. The Centa-City Leading Index rose 1.11 per cent to 84.54 in the week ended Sept 5, from 83.61 a week earlier, according to a press release by one of Hong Kong's biggest property...
Property prices in Hong Kong are expected to stay on an uptrend, according to analysts. They noted that despite government measures to cool the sector, home sales rose to its highest level in almost 3 years last month, and the latest land auction also exceeded estimates. Residential sales in Hong Kong rose by 33 per cent in value last month, underscoring strong demand fuelled by a record low interest...