daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old April 19th, 2010, 05:32 PM   #41
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

New units spur sales push
16 April 2010
The Standard

Developers have announced various measures to lure end users and discourage speculators amid a number of impending launches.

About 40 lower-floor homes with park views at Festival City in Tai Wai will be available tomorrow, said Cheung Kong Real Estate executive director William Kwok Tsz-wai. They will be priced between HK$7,500 and HK$8,000 per square foot.

Individuals opting for certain HIBOR-based mortgages can pay a fixed instalment of HK$9,988 for 15 months. Cheung Kong (0001) will also give a monthly cash rebate totaling the equivalent of 2 to 3 percent of the home price.

``This measure means nothing to speculators who may sell their homes within six or even three months,'' Kwok said. Sun Hung Kai Real Estate Agency executive director Lui Ting expects to get pre-sale consent for Larvotto in Ap Lei Chau today.

Flats measuring 2,600 square feet in Tower A will go on sale next week for around HK$25,000 psf.

To ensure a higher proportion of end users, companies or individuals can only buy one unit each and must pay a 30 percent downpayment before moving in.

Sino Land (0083) will launch The Hermitage in Tai Kok Tsui ``very soon,'' said sales and marketing general manager Salenda Lau.

It has received 3,000 inquiries, mostly for homes facing south.

Lau said Sino Land will take into account the prices of primary and secondary luxury residences in Kowloon including The Cullinan, The Arch and The HarbourSide, whose prices range from HK$16,000 psf to HK$29,000 psf.

The 964 homes at The Hermitage will be sold in three phases and homeowners can occupy them in the third quarter of 2011.

Emperor International (0163) expects to open two show flats for Harbour One in Sai Wan by this month.

Homes will be available for sale next month at the earliest. The scheme has 103 flats, including three special units.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote

Sponsored Links
Old May 23rd, 2010, 06:27 PM   #42
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

TV Ad

__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 24th, 2010, 08:21 AM   #43
spicytimothy
...::HK.:.:.:.LA::...
 
Join Date: Dec 2003
Location: Hong Kong / Los Angeles
Posts: 1,527
Likes (Received): 7

These commercials are so freaking pointless. It has basically NOTHING to do with the development itself. Just some white people walking around, random shots of other cities, and even more random trippy graphics. Really annoying...
__________________
"Image Is Just Your Imagination. Reality Is Rarely Revealed."
spicytimothy no está en línea   Reply With Quote
Old May 27th, 2010, 10:59 AM   #44
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Well .. "that" centre of town is nowhere near the actual economic heart of Hong Kong!
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 27th, 2010, 07:24 PM   #45
Car L
Registered User
 
Car L's Avatar
 
Join Date: May 2005
Location: Hong Kong, San Francisco
Posts: 1,853
Likes (Received): 659




__________________
Buildings that don't get posted often (HK) Part I or here | Part II or here | Part III | Part IV | Part V
Artistic decorations inside and outside of the buildings
__________________
My flickr
Car L no está en línea   Reply With Quote
Old June 24th, 2010, 06:44 AM   #46
fatshe
Registered User
 
Join Date: Dec 2005
Posts: 468
Likes (Received): 18

6/20











fatshe no está en línea   Reply With Quote
Old June 24th, 2010, 08:46 AM   #47
superchan7
EOS 40D
 
superchan7's Avatar
 
Join Date: Jan 2004
Location: San Jose, CA, USA / Hong Kong, China
Posts: 2,098
Likes (Received): 23

Wow, I'm surprised...they made the tops look different from each other!
__________________
I speak English / 我講中文 / Ich spreche deutsch / 3y3 5p34k L337
superchan7 no está en línea   Reply With Quote
Old June 30th, 2010, 06:41 PM   #48
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Although it's a big wall effect!
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old July 21st, 2010, 04:53 PM   #49
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Source : http://www.fotop.net/jacksklam

__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old August 8th, 2010, 06:03 PM   #50
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Sales lift Cheung Kong core earnings 10pc
6 August 2010
SCMP

Cheung Kong (Holdings) said core net earnings, which exclude the contribution from its associate, Hutchison Whampoa, rose about 10 per cent to about HK$6 billion for the six months to June, after improved property sales in Hong Kong.

The first half's core earnings also excluded property revaluation gains, according to deputy chairman Victor Li Tzar-kuoi.

The property firm, controlled by the 82-year-old billionaire Li Ka-shing, said net profit rose 4 per cent to HK$11.92 billion from HK$11.52 billion a year earlier.

Earnings per share totalled HK$5.15, up 4 per cent from HK$4.97 a year earlier.

Turnover rose 31 per cent to HK$20.32 billion from HK$15.54 billion. Directors declared an interim dividend of 50 HK cents per share, unchanged from the same period in 2009.

"We have confidence in the sound fundamentals of the market. Underlying demand from end-users will continue to lend solid support to both property transactions and prices," said chairman Li Ka-shing.

Li said the global economy remained vulnerable, but he expected Hong Kong's economy to remain stable in the second half.

Profit contribution from property sales rose 2.61 per cent to HK$5.8 billion from HK$5.66 billion. Profit from property rental was HK$563 million, up from HK$493 million.

The company said some projects presold last year had not yet been booked in the first half, but would be booked in the second half.

All units of Central Park Towers II in Tin Shui Wai and Le Prime in Tseung Kwan O had been pre-sold shortly after presales were launched last year, the company said.

Festival City Phase 2 in Tai Wai, which will be pre-sold in the second half, is also another major contributor to net earnings this year.

Given the generally positive outlook, Li said he was optimistic that dividend payments would rise next year.

Li said the company had low gearing of below 7 per cent and it was well positioned to capture attractive growth opportunities, adding that its ample land bank was a pillar for the growth.

The company has a land bank of about 40 million square feet in Hong Kong, enough for development over the next five to six years.

Victor Li said the company had sent representatives to bid in the previous government auctions even though it had not won any sites.

But Li Ka-shing was cautious on advising whether it was the right time to buy an apartment.

"It all depends on buyers' financial position," he said, adding that if purchasers were financially sound and bought units now, they would see prices rise after a few years.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old August 9th, 2010, 01:34 PM   #51
Rachmaninov
Registered User
 
Rachmaninov's Avatar
 
Join Date: Aug 2004
Location: Hong Kong Special Administrative Region
Posts: 3,188
Likes (Received): 24

I only just noticed the photos - interesting but somehow (I don't know why) it makes me laugh...
__________________
Rachmaninov no está en línea   Reply With Quote
Old August 26th, 2010, 12:37 PM   #52
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

MTRC profit leaps 47pc on property
13 August 2010
The Standard

Subway operator MTR Corp (0066) saw its underlying profit for the first half of the year soar 47 percent, thanks to the vast increase in returns from its property division.

For the six months to June 30, MTRC booked a net profit of HK$6.63 billion, versus HK$4.49 billion a year ago. Profit from property development surged 72.6 percent to HK$3.7 billion.

``The major contributors were Le Prestige at LOHAS Park in Tseung Kwan O as well as the sales of flats in Lake Silver at Wu Kai Sha and The Palazzo at Fo Tan,'' said Chow Chung-kong, MTRC chief executive.

The launch of Phase 1 of Festival City in Tai Wai, where 78 percent of its 1,360 units were sold, was a major contributor to the performance. But the fourth phase of LOHAS Park is halted on planning issues to be settled with the government. As a substitute this year, MTRC planned to replace it with a project in Tai Wai which has about 3,000 units. It will launch the Nam Cheong project once the land price is settled.

MTRC had a healthy cash flow of HK$10.2 billion, partly from a HK$12.25 billion government grant for the West Island Line project.

A portion of the cash was used to pay down debt. But the average interest rate on the debts rose to 4.4 percent from 3.6 percent, as debts with high rates remained.

An interim dividend of 14 HK cents was declared, unchanged from a year ago. ``The board intends to follow a progressive dividend policy,'' said Chow. ``We intend to review total dividends for 2010, which will reflect the whole-year results.''

Increase in passengers also contributed to higher profits. Total patronage in the period rose 6.5 percent to 773.4 million, bringing the fare revenue to HK$5.93 billion.

Local fare income rose 7.4 percent to HK$4.14 billion. Average fare per passenger gained 1.1 percent to HK$6.60.

While there are more projects in China, issuing yuan-denominated bonds is not yet planned.

``Our partners do their own financing for those projects in the mainland,'' said Lincoln Leong, MTRC's finance director. ``We don't see the need for such bonds yet.''
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 18th, 2010, 09:58 PM   #53
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827



















Source : http://www.28hse.com
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 30th, 2010, 07:13 PM   #54
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

TV Ad

__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old November 3rd, 2010, 08:35 PM   #55
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Developer helps with mortgage
The Standard
Wednesday, October 27, 2010

Cheung Kong (Holdings) (0001) will again join forces with subsidiary AMTD Group to provide second mortgages of up to 10 percent of home values when Festival City II hits the market next month.

The plan could mean an interest rate of less than 1 percent in the first year, said Cheung Kong Real Estate director William Kwok Tsz-wai.

"We want to help clients who may not be able to make a 40 percent downpayment," he said, noting a similar scheme was popular at Oceanaire in Ma On Shan.

Moving to strengthen risk management, the Hong Kong Monetary Authority in August capped the maximum loan-to- value ratio for non-owner-occupied properties and units valued at HK$12 million or more.

Kwok said buyers' ability to pay will be assessed in line with requirements.

AMTD is also arranging tours for well-heeled mainlanders who are members of its One Million Club to visit 1,368-unit Festival City II, a joint venture with MTR Corp (0066) in Tai Wai.

Kwok expects mainlanders to constitute at least 10 percent of the buyers there. It was 5 percent at Festival City I.

On a report that Cheung Kong cut construction expenses at the expense of quality at Lohas Park, Kwok said the developer will face criticisms in a responsible way.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old November 8th, 2010, 07:28 PM   #56
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Owners want more for homes
The Standard
Monday, November 08, 2010

The number of secondary home sales fell as sellers raised their asking price in anticipation of rising demand following the second round of US quantitative easing, or QE2.

Transactions at 10 major projects dipped 14.1 percent to 79, according to Midland Realty.

Director Andy Ho Ming-pui said homeowners became bullish after the Hang Seng Index gained 1,780 points last week. There was much haggling as owners demanded more for their homes, he said.

Transactions on Hong Kong Island plunged 23.1 percent to just 10, Kowloon sales fell 12.5 percent to 21 and in the New Territories deals dropped 12.7 percent to 48.

Southern Horizons in Ap Lei Chau had only one sale compared with four last week.

Centaline Property chief district sales manager Benny Lou Kiang-hou said homeowners there were asking about 3 to 8 percent more, while the number of available units declined by about 100.

"Many clients are eager to buy homes, fearing that the Hong Kong dollar will depreciate," Lou said.

"Many buyers are willing to pay an extra HK$100,000, but owners are asking for even more."

In Kowloon, around 30 percent of homeowners in the Olympic station neighborhood raised prices by 2 to 5 percent in the face of QE2 and inflation concerns, said Hong Kong Property.

The agency noted that in Sha Tin, some sellers raised prices by about 10 percent and declined to haggle.

This comes as Cheung Kong (Holdings) (0001) is about to launch Festival City II in Tai Wai.

At least 100 flats in the development will be put on the market by Cheung Kong and co-developer MTR Corp (0066). Show flats and price lists will be available this week.

Cheung Kong intends to raise prices based on current market conditions after negotiations with MTRC.

Quality flats are likely to cost more than HK$10,000 per square foot.

The Tai Wai project received around 10,000 enquiries, 20 percent of which were from overseas and mainland clients, Cheung Kong said.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old November 22nd, 2010, 12:36 PM   #57
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Festival prices to rise
Wednesday, November 17, 2010
The Standard

The prices of the second batch of units to be put up for sale at the Festival City II project of Cheung Kong (Holdings) (0001) will rise by 5-7 percent to HK$9,000 per square foot.

Cheung Kong Real Estate executive director William Kwok Tsz-wai said the second batch of units will be sold soon, without giving any firm dates.

Kwok said the prices at the Tai Wai project are in-line with expectations.

"Besides, we have to offset the increasing construction cost," he said.

Kwok said the construction cost for Festival City I was around HK$1,400 psf and it jumped to HK$1,800 for Festival City II, and is still rising due to inflation.

The second batch of units will have views of Lion Rock from Tower 3 and Tower 5, said Kwok.

Kwok confirmed that around 500 applications were received for the first batch of 335 units put up for sale. About 20,000 people visited the show flats of the project, he said.

Both Midland Realty and Ricacorp Properties said around 10 percent of applicants are from the mainland, as transportation between Tai Wai and Shenzhen is convenient.

The asking price of homes in the Sha Tin district secondary market is up 2-3 percent, said Ricacorp Properties' Johnny Yeung Ho-yin.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old November 26th, 2010, 08:15 AM   #58
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Developer slammed for misleading homebuyers
The Standard
Friday, November 26, 2010

Li Ka-shing's Cheung Kong Holdings has been taken to task after an executive urged home owners to quickly buy flats in its Festival City development to avoid extra stamp duty.

Financial Secretary John Tsang Chun-wah announced last Friday that to curb short-term speculation, an additional stamp duty of 5 to 15 percent will be levied on residential properties purchased and resold within 24 months. The additional stamp duty will be levied on flats acquired on or after last Saturday.

Writing in his blog last Friday, Cheung Kong's real estate executive director, William Kwok Tsz-wai, claimed that deals - including preliminary ones - signed last Friday would not be affected by the extra stamp duty.

"Deals of Festival City II signed today [last Friday] would not be affected by the government's new measures on extra stamp duty. Please be quick [to make the purchase]!" he wrote.

He also wrote: "Be quick if you want to become rich. The world of speculation welcomes you."

Secretary for Housing and Transport Eva Cheng Yu-wah said the developer's statements were "misleading" and asked the Real Estate Developers Association of Hong Kong to "look into the the matter seriously."

A spokesman for the Transport and Housing Bureau said: "The bureau is concerned about the misleading statements published on the blog of a developer's senior staff."

Vice chairman of the developers association Stewart Leung Chi-Kin said: "We have already approached them [Cheung Kong] for clarification
, which is our usual practice. If they fail to provide a reasonable justification, the panel on legal services will discuss how to resolve the matter."

Kwok said yesterday that the deals would be affected by the additional stamp duty, as home owners have to move into the flats at least eight months after they made the deal.

He added: "I did not expect that my personal comment would trigger such a heated discussion in the market."

Kwok said the company's legal advisers would deal with the matter.

Lee Wing-tat, chairman of the Legislative Council panel on housing, called for an investigation.

"It is far from enough for the Transport and Housing Bureau to solely express concerns to the developer involved. To safeguard the interests of consumers, the authorities should launch an investigation into the matter. The upcoming meeting of the Legco panel will discuss how to follow up the case," he said.

He also urged Cheung Kong to stop selling flats of Festival City II in Tai Wai during the investigation.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 20th, 2010, 05:48 PM   #59
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Lawmakers question government action on developer's blog pitch
7 December 2010
South China Morning Post

Legislators are demanding to know why the government left it up to the Real Estate Developers Association to investigate allegedly misleading remarks by a Cheung Kong (Holdings) director instead of doing so itself.

The row blew up after William Kwok Tsz-wai, real estate executive director of the Li Ka-shing flagship, posted comments on the internet urging buyers to be "quick, quick, quick" to speculate in flats in one of its developments which he said was not affected by new government measures to cool the market.

"I don't understand when the government, that is the Lands Department, has the power to request the developer to explain the matter, it doesn't invite Kwok to explain his comments directly," Democrat lawmaker Lee Wing-tat said.

Kwok made a posting on his Sina Weibo miniblog on November 19, hours after the government announced that an extra stamp duty on flats bought and resold within 24 months would apply from the next day. "Buying Festival City II will not be affected by the new government measures. 12 o'clock is coming soon. Quick quick quick {hellip} the world of speculation is welcoming you," he wrote.

The comments were deemed misleading by the Transport and Housing Bureau because the transfer of ownership does not take place until a formal sales and purchase agreement is signed and stamped, meaning preliminary deals may still be subject to the extra stamp duty. It asked REDA to look into the issue.

Speaking at a meeting of the Legislative Council housing panel yesterday other lawmakers, such as Leung Yiu-chung and Fred Li Wah-ming, also asked why the government handed the case to the developers.

Secretary for Transport and Housing Duncan Pescod explained that it was working with the association because "it's their responsibility, initially, to deal with the investigation of the situation".

"Until we have the advice from REDA, it's immature for us to say we are going to do X, Y, Z," he said. "We want to know what their investigation says and then we are going to follow up as appropriate."

He said the Lands Department was also following up the case and he expected investigations would not take too long to complete. As you pointed out, this is a microblog," he said. "It's very small number of words. It's a question of finding out exactly what was said and what was the context."

Neither the official nor the bureau unveiled details of the investigation.

Some lawmakers said they were worried the case would be a repeat of Henderson Land's 39 Conduit Road saga, which involved a three-month exchange of letters to explain the cancellations of sales of flats with record prices.

Abraham Razack, lawmaker for the real estate and construction industry, backed Kwok, saying that his comment was based on the financial secretary's announcement which, initially, did not contain full details of the new measures.

Separately Chief Executive Donald Tsang Yam-kuen said the latest measures had deterred speculation and there was a healthy adjustment in the market.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 22nd, 2010, 04:45 PM   #60
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,508
Likes (Received): 17827

Cooling Trend Hits Hong Kong
Moves to Damp Home Prices Appear to Have Slowed Sales Pace of Some Projects
22 December 2010
The Wall Street Journal

HONG KONG -- Signs are mounting that government measures aimed at taking the speculative heat out of Hong Kong's residential-property market are pushing some buyers to the sidelines, hitting sales of some big new projects.

The government's moves to combat surging home prices, including hefty taxes for selling an apartment within two years of its purchase, took effect a month ago. The measures, the latest in a series of market-cooling moves, came after the International Monetary Fund in November urged the government to take action if asset-price inflation continued, warning that it saw increasing risk of a property bubble in Hong Kong. The curbs were also prompted in large part by an influx of hot money from China -- speculative capital that evades Chinese regulators, who keep tight controls on the currency.

Property prices in Hong Kong have surged in response, especially in the luxury sector. Home prices rose 15% through September, after a 30% jump in 2009, according to official data. Data showing the impact of the new measures aren't yet available, but a dropoff in activity is already apparent at some projects being sold.

That includes Festival City II in the Tai Wai section of Hong Kong's New Territories, one of the largest residential developments launched in the autumn. People in the market are taking their time, says property consultant Jay Leung: "They're stopping to think" before making a purchase.

Festival City II's developer, Cheung Kong Holdings Ltd., sold 216 of its 1,386 units when sales began Nov. 19, the day before the cooling measures took effect, according to Credit Suisse. Since then, Credit Suisse estimates the developer has sold only 25 more flats. Cheung Kong declined to comment.

Similarly, Swire Properties has seen a slowdown in sales for its high-end residential project Azura in the Mid-Levels district of Hong Kong island. The development, which launched Nov. 20 and saw one apartment fetch 58 million Hong Kong dollars ($7.5 million), sold 28 of its first batch of 51 units within the first two days, according to Swire's records, but has sold only three since. Swire declined to comment on its sales.

Since the cooling measures were announced, prices for mass-market residences have declined 3%-5%, says Ricky Poon, executive director of residential sales at Colliers International in Hong Kong.

In the luxury market, prices have remained steady, Mr. Poon says, as owners turn from selling to leasing in order to avoid cutting prices.

Data from real-estate agents are mixed. Centaline Property Agency Ltd. says mass-market sales this past weekend were 11% higher than those of Nov. 13-14, the weekend before the stamp duties were enacted. Midland Realty, another big agency, says mass-market sales were down about one-third from where they were before the measures were announced. Neither agency tracks sales in the luxury market.

A Centaline spokeswoman says asking prices have remained stable, and the increased volume can be attributed to wary consumers beginning to buy in the secondary market again.

In theory, purchasers of lower-priced homes who hold their properties for the long term aren't affected by the new measures, which among other things restrict credit for apartments valued at HK$12 million or more. In addition, owners are liable for stamp duties of as much as 15% of a property's sale price if it is bought and sold within two years.

But even ordinary home buyers who fall outside the scope of the measures are reluctant to pull the trigger if they believe prices will slide.

"I foresee housing prices will keep on dropping," says Blondy Leung, a 29-year-old who started looking to buy in October, when her landlord raised the rent on her Kowloon apartment by about 10%. Several weeks after she started her hunt, the government announced the stamp duties, and she put her purchase on hold. Now she is renting again, in another neighborhood, hoping to make a purchase within the next year.

Analysts believe some developers may choose to shelve new launches rather than lower prices.

Already, launches for two projects in Hong Kong's New Territories, Para Nara in Yuen Long and Avignon in Tuen Mun, have been pushed back from their original end-2010 target dates in reaction to the stamp-duty increases, says Cusson Leung, a Credit Suisse property analyst.

Sun Hung Kai Properties Ltd., the developer for both projects, is waiting on government approvals to begin marketing them, says spokeswoman Brenda Wong.

Some developers may decide to wait it out, too. "You're going to see them holding back a little until they can be sure of a sales strategy," Nomura's Mr. Louie says, adding they would have to lower prices 15%-20% to make it attractive enough for people to buy right now.

Representatives for Cheung Kong Holdings, Henderson Land Development Co., Swire Properties, Sun Hung Kai Properties and Kerry Properties declined to comment on their strategies in the wake of the new measures. According to a November Citigroup report, these developers have 16 projects in the pipeline for 2011.

At least one big developer hasn't had to make any decisions about coming projects for now, because it isn't expected to enter the market soon.

Barbara Ho, head of property sales for New World Development Co., says the company's next project isn't expected to come to market until next summer. "By that time, we will know whether people are buying," she says.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 04:42 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu