Rental yields in Hong Kong in June rose to their highest level in more than 13 years, fuelled by strong leasing demand from mainland Chinese students, even as falling mortgage costs made property ownership more affordable compared with renting, according to Centaline Property. The Centaline Rental Index Yields, which tracks residential rental yield, rose for…
Tenant churn in retail properties in Hong Kong will continue in coming months, as prominent restaurants close but affordable eateries and fast-food chains thrive amid economic uncertainty and job insecurity among local residents, analysts said. Hong Kong’s food and beverage (F&B) operators have taken a hit during the ongoing economic slump, which shrank retail sales…
David Wraight, managing director at Morgan Stanley, has bought two luxury residential units in Hong Kong for HK$147.3 million (US$18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates. The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New…
David Wraight, managing director at Morgan Stanley, has bought two luxury residential units in Hong Kong for HK$147.3 million (US$18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates. The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New…
In a commercial rental market beset by high vacancy rates, many Hong Kong landlords feel stuck between a rock and a hard place: giving tenants a break on rent makes it harder to pay mortgages and threatens asset value, but holding the line on rent runs the risk of driving tenants away. In this difficult…
Hong Kong is facing a commercial real estate crisis, with small and medium-sized developers as well as banks under increasing pressure as capital values slide amid lethargic leasing activity, according to JLL. The capital value of commercial property was set to drop by “a further 5 to 10 per cent” this year, said Joseph Tsang,…
Just over five years ago, residential and commercial real estate prices and rents were hitting record highs. Developers reported robust earnings and had access to cheap financing, boosting their confidence – and that of investors – to spend more on new projects or acquire existing income-generating properties. But this golden era ended abruptly. Social unrest…
Just over five years ago, residential and commercial real estate prices and rents were hitting record highs. Developers reported robust earnings and had access to cheap financing, boosting their confidence – and that of investors – to spend more on new projects or acquire existing income-generating properties. But this golden era ended abruptly. Social unrest…
Hong Kong’s residential property segment is on the verge of a turnaround that could last between four and five years, with home prices likely to rise starting in the second half of the year, according to Morgan Stanley. The US investment bank said the first half of the year would end with prices down 2…
New World Development’s K11 Musea shopping mall, part of the company’s flagship Victoria Dockside development in Hong Kong’s Tsim Sha Tsui district. Paul Yeung/Bloomberg Shares of New World Development, controlled by Hong Kong’s billionaire Cheng family, dropped almost 6.5% on Monday after the debt-laden property developer deferred interest payments on several bonds, deepening investor concerns…