The Larvotto development rises above boats moored in the Ap Lei Chau district of Hong Kong. Under a new policy, buyers will only be able to purchase one flat and will not be permitted to resell the unit before its completion date. The guidelines issued by the Real Estate Developers Association follow a police probe into the controversial sale of luxury flats that fell through months after its developer...
Hong Kong Property
Mainboard listed Tsit Wing International says its subsidiary, Tsit Wing Coffee Company, has sold a property to an independent third party for HK$16.9 million (S$3 million) in cash. The property is situated at Kwai Tak Industrial Centre in the New Territories in Hong Kong. Tsit Wing International says the transaction will result in an estimated profit of HK$9.8 million. It also says the consideration for...
Henderson Land Development, the Hong Kong developer controlled by billionaire Lee Shau Kee, was questioned for a seventh time by the government over luxury apartment transactions that spurred efforts to cool home prices and a crackdown on marketing tactics. The Lands Department asked the company to provide copies of title deeds and additional details on how it calculated the interest penalty for late...
Hong Kong billionaire Lee Shau-kee's Henderson Land Development said the sale of 20 luxury apartments has collapsed, ending HK$2.67 billion ($478 million) in deals that sparked a government inquiry and fueled efforts to rein in home prices. Most buyers pulled out of the 39 Conduit Road project in Hong Kong island's Mid-Levels district, Henderson said in a filing to the stock exchange, responding to...
WHEN Sean Clifford returned to Hong Kong for a friend's wedding in 2005, he couldn't believe the kind of rental returns he estimated he could achieve in a year after renovating an apartment in one of the city's old walk-up buildings. 'I went out and looked at property, and I was shocked,' he recalled. 'It was a 25-30 per cent return on your cash if you took an apartment and renovated it' in an appealing...
The Hong Kong government pledged to boost land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors' estimates. "We hope the market will be stable," Financial Secretary John Tsang said. "There will be land auctions in June and July." Hong Kong has limited corporate purchases of apartments and it may raise the stamp...
Hong Kong's so called "cage men" may be among the city's poorest, but rents per square foot for their dingy wire-mesh cubicles are now on a par with luxury flats in the city's famed Peak district. With Hong Kong's property prices having soared over the past year and urban redevelopment shrinking the supply of older, cheaper tenement blocks, thousands of cage men still dwelling in 15-square-foot cubicles,...
Hong Kong and Singapore jumped from the bottom five to the top five of an annual list measuring the rise in luxury home prices. This was according to the latest figures from property consultants Knight Frank International for 2009. The firm said that this reflects the attraction of prime residential property, where demand tends to improve as prices dip. Overall, luxury home prices in the Asia Pacific...
HONG Kong prime office rents may fall a further 26 per cent this year as the global financial crisis prompts banks and investment companies to control spending, according to a report by property agency Colliers International. "The prime office market is predicted to experience a further downward adjustment due to the consolidation of the financial markets and the global economic outlook," Colliers...
Tokyo has been ranked as the top property investment city in the Asia-Pacific, according to a survey by Washington-based Urban Land Institute and PricewaterhouseCoopers. But while investors see plenty of opportunities in the regional property sector, financing may prove to be a key challenge in the coming year. Together with Tokyo, Singapore, Hong Kong, Bangalore and Shanghai round up the list for the...