Hong Kong's government on Friday unveiled its latest attempt to cool the red-hot property market, amid public anger at spiralling prices and fears highlighted by the IMF of a real estate bubble. Financial Secretary John Tsang announced a sliding scale of new stamp duties to take effect midnight Friday aimed at restraining what he called "short-term speculative" inflows into the glitzy financial hub's...
Hong Kong Property
The International Monetary Fund (IMF) yesterday warned of increasing risks of a property bubble in Hong Kong amid continued liquidity inflows and rock-bottom interest rates and urged the city's government to take further measures to rein in the booming real estate market. The IMF said that while the city had returned to robust growth, it saw rising inflationary pressures fuelled in large part by soaring...
Singapore and Hong Kong have emerged as the top two preferred property investment markets in Asia. That's according to property consultant Colliers International's "Global Investor Sentiment Survey" for the third quarter of this year. The survey found 70 per cent of the investors are only interested in their own domestic market when looking to expand their real-estate portfolio. The remaining 30 per...
Hong Kong luxury home prices have exceeded the previous peak of 1997, fuelling speculation the government may introduce further steps to prevent the housing bubble from bursting. Prices of apartments with an area of at least 100 sqm (1,076 sq ft) are 13.8 per cent higher than in the third quarter of 1997, the Hong Kong Monetary Authority (HKMA)said in a slide presentation posted on its website on...
The number of used home sales in some of Hong Kong's biggest private housing estates jumped 90 per cent at the weekend compared to the previous weekend, underscoring optimism that government measures may only have limited impact on home prices. There were 116 deals recorded over Saturday and Sunday at various projects, including Tai Koo Shing in the Island East district and Mei Foo Sun Chuen in Kowloon,...
Hong Kong's leader on Wednesday outlined new steps to cool the world's hottest property market, including a halt to automatic residency for rich buyers, in the face of simmering public anger. The residency measure will particularly hit wealthy investors from mainland China, whose buying spree in high-end apartments has done much to stoke fears of a new bubble in the Hong Kong economy. Chief Executive...
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...
Sale brings in HK$8b for firm, partners as demand stays strong Sun Hung Kai Properties Ltd, the world's biggest developer by market value, has sold 300 flats at an apartment project in Hong Kong's Island South district over the past two weekends. The sale at the Larvotto project has brought in a total of HK$8 billion (S$1.4 billion) in revenue for Sun Hung Kai and partners Kerry Properties Ltd and...
Sun Hung Kai may put up another 50 apartments for sale this week Sun Hung Kai Properties Ltd, the world's biggest developer by market value, will put another 50 luxury apartments up for sale in Hong Kong after buyers snapped up all 92 flats in a first batch put up for sale over the weekend. The company sold the apartments at its Larvotto project at an average of about HK$40 million (S$7.1 million) per...