Hong Kong's median home price of over US$1.1 million (HK$8.58 million) is 25.1 times the median annual household income.
This
puts it among top four least affordable cities for homes in the
Asia-Pacific region, a report by Urban Land Institute showed.
Shenzhen
tops the chart with a ratio of 32.3 times, followed by Beijing, Ho Chi
Minh City, Hong Kong and Metro Manila, respectively with 28.7, 25.3,
25.1 and 25.0, the report said.
Rapid urbanization and population growth in these capitals and economic centers are blamed for the gaps.
The
SAR's population rebounded last year by a net of 170,000 with some 80
percent of them coming from the mainland as the government introduced a
Top Talent Pass Scheme, the ULI report said.
It
said Hong Kong continued to stand out as the most expensive housing
market in 2023 with a median home price of over US$18,000 per square
meter.
The average home size of 50 square meters was also the smallest among developed economies in the region.
ULI
said Hong Kong developers maintained an inventory of unsold units large
enough for two-and-a-half years of consumption whereas the new supply
of private homes dropped to 14,000, compared with 23,000 unsold units at
the end of last year. This indicated there is a surplus of unsold
units, it said.
Meanwhile,
the Buildings Department approved 15 plans in March, including four on
Hong Kong Island, two in Kowloon, and nine in the New Territories.
CK
Asset (1113) got permission to build in Sai Ying Pun a 38-floor
residential apartment development with a gross floor area of 111,746
square feet and non-residential area of 17,340 sq ft.
In other news, Wheelock Properties will launch sales of 154 flats at Park Seasons
in Lohas Park this Saturday, priced from HK$4.55 million to HK$7.78
million and at an average of HK$14,997 per sq ft after discounts,
compared to the previous batch of 168 flats priced at an average of
HK$15,039 per sq ft.
The
cheapest flat on offer is a 322-sq-ft one-bedroom unit, costing HK$4.55
million or HK$14,118 per sq ft, while lowest price per sq ft goes to a
two-bedroom unit with an area of 453 sq ft selling for HK$6.35 million
or HK$14,018 per sq ft.
(The Standard)
Hong Kong’s property market rebound is bittersweet pill for homebuyers as attainability measures seen weakening
A rebound in demand and home prices could delay ownership target for those who are still saving up to buy their first homes
Attainability
measures improved slightly last year amid a property market slump,
compared with levels in Singapore, according to Urban Land Institute
Hong
Kong’s efforts to shore up property prices and end a three-year market
slump are bad news for residents seeking to own their first homes in the
city, after a modest improvement in affordability in recent years
versus Singapore, according to the Urban Land Institute.
The
government’s move in February to ease financing and raise mortgage
limits for home purchases will boost demand and prices, making it harder
or longer for those saving up money to attain home ownership, according
to the 2024 Asia-Pacific Home Attainability Index it published on
Tuesday.
“The government
is trying to stimulate the housing market by reducing the cost of home
purchases,” said Ken Rhee, CEO of Huhan Advisory and co-author of the
report. “By the removal of stamp duties, it will attract many people
from outside to purchase homes in Hong Kong in the coming years.”
The
Hong Kong-based institute measures home attainability by two
yardsticks: median home price to median annual household income, ideally
less than 5 times, and median monthly rent to median monthly household
income, ideally less than 30 per cent.
Hong
Kong’s situation improved to 25 times and 45 per cent in 2023, versus
26.5 times and 46 per cent in 2022, the report showed. In Singapore, the
trend was steady at 13.5 times and 36 per cent, versus 13.7 times and
35 per cent in 2022.
Home
prices in Hong Kong have declined since they peaked in September 2021,
as the Covid-19 pandemic and a recession brought the median down by 7.3
per cent to US$18,331 per square metre in 2023. In contrast, the median
in Singapore rose by 9.7 per cent to US$11,749, fuelled by demand from
expatriates who shunned Hong Kong’s tough Covid-19 curbs.
Financial
Secretary Paul Chan Mo-po announced the lifting of all property curbs
during his budget speech in February, scrapping decades-old measures to
stem market speculation. Home prices fell by about 7 per cent last year
as high interest rates weakened demand.
The
city’s property developers are sitting on a large stock of unsold
units, an amount that would take about 2.5 years to absorb. At the same
time, new supply of private homes also declined as buyers stayed on the
sidelines, the report said.
While
Hong Kong is infamous for its high cost of living and expensive homes,
other Asian cities have also joined the Top 10 list. Shenzhen topped the
ranking at 32.3 times due to underinvestment in new housing, the report
said. Beijing, Manila and Ho Chi Minh City also made the list.
China
last week unveiled the biggest stimulus yet to help end a three-year
housing market slump with a US$41 billion relending facility to clear up
unsold homes and idle land, and help the nation’s distressed
developers.
The
People’s Bank of China separately said it would remove the limits on
mortgage rates for first and second home purchases, and cut down payment
ratios for first- and second-time buyers to spur demand and quicken
home ownership. The central bank will also lower interest rates on loans
tied to individuals’ housing provident funds.
Local
governments in mainland cities are also trying to stimulate the housing
market by reversing the restrictions previously used to rein in
home-price speculation, Rhee of Huhan Advisory said. The effect will
take time to produce results, he said.
Tokyo
experienced a 40 per cent surge in apartment prices last year, with a
significant increase in demand coming from buyers from mainland China,
the institute said in its report. Many wealthy Chinese buyers have
shifted their focus from Singapore after the government slapped a 60 per
cent stamp duty on foreign buyers, it added.
The
cross-border trend will continue for the next two to three years as
demand remains strong and supply is limited, a property agent from Japan
said. Investors are not influenced by factors such as currency
weakness, the agent added.
(South China Morning Post)
Seized Hong Kong Peak mansion linked to China Evergrande founder Hui Ka-yan sells at 40% discount for US$58 million
The luxury property, 10B at Black’s Link on The Peak, sold to an unknown buyer, source says
The
mansion and two adjacent homes, also seized by creditors, are linked to
China Evergrande founder Hui Ka-yan, once China’s richest person
Receivers
of a Hong Kong luxury property owned by a company linked to a top
former executive of China’s most indebted developer, China Evergrande
Group, have sold the asset on The Peak at a significant discount.
The
5,171 sq ft mansion, 10B at Black’s Link, sold to an unknown buyer for
HK$450 million (US$58 million), more than 40 per cent below a valuation
of HK$800 million last year, according to a source familiar with the
matter.
In
March 2023, receivers put the asset up for sale to recover unpaid bills
after the home was seized by China Construction Bank (Asia) in November
2022.
It
is owned by Better Vision, whose director is Tan Haijun, according to a
company registration search. Tan is also the director of Giant Hill,
which owns adjacent mansions 10C and 10E Black’s Link, according to Land
Registry data. Hui Ka-yan, Evergrande’s founder and former chairman,
resigned as a director of Giant Hill on July 30, 2021. On the same day,
Tan was appointed as Giant Hill’s director.
Hui,
once China’s richest person, has seen his personal wealth dwindle since
China Evergrande was enmeshed in a debt crisis triggered by Beijing’s
“three red lines” policy, which curbed leverage in the property industry
starting in August 2020.
A
Hong Kong High Court in January approved a petition by creditors to
liquidate China Evergrande, the world’s most indebted property
developer, in the biggest such case seen in the city.
In
March, the China Securities Regulatory Commission penalised China
Evergrande 4.2 billion yuan (US$583.4 million), saying the group
inflated its sales by 564 billion yuan in the years preceding its
eventual collapse. It also fined Hui 47 million yuan and barred him from
accessing the capital markets for life. Six other current and former
executives of the Guangzhou-based home builder were slapped with
penalties of between 200,000 yuan and 15 million yuan.
The
10C and 10E Black’s Link mansions, valued at more than HK$1.5 billion,
were seized by creditors in November. The three adjacent mansions were
remortgaged in late 2021 for HK$1.1 billion.
The
10E property, a three-storey detached house with an area of 4,933 sq ft
and an estimated market value of HK$550 million, was put up for sale by
public tender in March this year. Savills, the agent responsible for
the sale, invited tenders for the property, which closed on April 22.
In January, a mainland Chinese buyer snapped
up an ultra-luxury house at The Peak at a 35 per cent discount. The
mansion, 25-26 A&B Lugard Road, sold for HK$838 million, according
to Savills, the sole agent. The sale was linked to Shenzhen entrepreneur
Xu Hang, co-founder and director of Shenzhen Mindray Bio-Medical
Electronics.
(South China Morning Post)
外資代理行：環保商廈受捧 租金溢價17.1%
有外資代理行探討環保商廈與租金關係，就每一個ESG因素影響寫字樓市場租金溢價作調查，結果發現，每一項環保元素，足以令商廈擁有17.1%的租金溢價，即租金高17.1%。
該行就物業的ESG條款，研究及調查港九各商業區合共181幢有代表性的商廈，參照全球ESG趨勢次序，定出24個標準，根據每幢被評估寫字樓每項ESG標準來評分，依照24個標準給予商廈評分，滿分為24分，結果發現，ESG總分每增加一分，租金溢價穩升17.1%，當然，寫字樓位置及樓齡決定租金基礎。
調查覆蓋181幢指標商廈
該行代理表示，業主有不同方法取得較高ESG分數，從而得到更高租金溢價，考慮ESG可導致溢價，某些業主反應更快，關注點不僅環境，還包括社會和治理層面，目標是2050年或之前實現碳中和，跨國公司則要遵守其全球總部所訂定標準，最快可能為2027至2030年。
事實上，香港租戶尤其是上市企業，在做出決策時會更加重視ESG因素。
該行另一代理表示，ESG代表環境、社會及政府，環境標準包括電動車充電設施、可再生能源及對極端氣候的抵抗力，社會標準包括藝術文化、物業內部設施及開放空間，政府標準包括出入安全、碳減排目標及綠色承諾及裝修指南。
(星島日報)
觀塘市中心重建添住宅 增賣點
觀塘為九龍東核心商業區之一，吸引不少大型企業落戶。該區未來至少有5個商業項目待推，涉及總樓面近600萬平方呎，當中規模最大的為市建局觀塘市中心第4及5區重建項目，總樓面面積逾270萬平方呎，除商業元素外，項目亦新增住宅部分，日後將提供約1,750伙住宅。
流標後改用途 增1750伙住宅
市建局於2022年底已推出觀塘市中心第4及5區重建項目招標，但該地招標反應遜色，於去年1月截標時僅接獲1份來自新地 (00016) 的標書，最終項目流標收場。事實上，由於疫情影響，商業市道表現並不理想，規劃署為項目引入「垂直城市」(Vertical City) 的發展概念，建議將原有的「綜合發展區 (1)」地帶，改劃為「其他指定 (混合用途)」地帶，並將項目的總地積比率增至約12倍，變相其最高總樓面面積，較舊方案增約25%至約270.3萬平方呎。而最顯著的變化是當局為項目加設住宅元素，將新增1,750伙住宅，預計容納約4,025人，將可增項目吸引力。
同時，商業部分的樓面亦會由舊方案約207萬平方呎，降低約兩成至165.4萬平方呎，但未有再細分寫字樓、零售及酒店等類別，以給予中標發展商更大彈性發展，減少涉及風險。據項目的規劃圖，項目的低層主要為商業、政府、機構或社區設施，中、高層則可作住宅或商業用途。不過，項目的落成日期預計延遲約5年至2033年。
行動區最快料2026年推出
同區的「觀塘行動區」商業地亦有待推出，項目涵蓋觀塘碼頭廣場寵物公園及比鄰巴士總站等用地，政府建議將用地改劃為「商業」發展用途，以發展辦公室、零售、服務行業及/或食肆用途，同步設有公共交通交滙處及公眾休憩空間，總樓面約93.3萬平方呎。發展局於2022年為用地興建多條新的道路、有蓋行人天橋等設施，向政府申請約6.1億元撥款，料撥款獲批後，工程將在約4年內完成，最快或有機會在2026年推出。
至於舊樓收購重建方面，伯恩光學楊建文家族於2017年亦已以約16.2億元統一業發工業大廈2期業權，並於2021年連同比鄰的1期地盤，及年運工業大廈向城規會申請一併重建為1幢商廈，申請已獲城規會「開綠燈」。
(經濟日報)
觀塘有新商廈陸續落成，新地 (00016) 及載通 (00062) 合作發展的觀塘The Millennity寫字樓部分於去年已經入伙，商場已開幕。
商廈屢獲承租
項目位於觀塘巧明街98號，由2座大樓組成，佔地約50萬平方呎，總樓面涉約65萬平方呎，基座為商場部分。項目的寫字樓早前已經錄得不少租務成交，包括積金局，及金融科技公司DOO GROUP等。而據了解，部分商戶已經進駐，包括餅店、咖啡店及食肆等。
上址前身為九巴車廠地，九巴早於2009年以約9.8億元將其轉售予母公司載通，其後新地於2010年以約4.9億元購入一半權益，再於2016年8月斥約43.05億元為項目完成補地價，當時每平方呎補地價3,743元。
(經濟日報)
更多The Millennity寫字樓出租樓盤資訊請參閱：The Millennity寫字樓出租
更多觀塘區甲級寫字樓出租樓盤資訊請參閱：觀塘區甲級寫字樓出租
許家印山頂布力徑銀主屋4.7億易手
超級豪宅銀主盤以低價易手，由中國恒大集團創辦人許家印及有關人士持有的山頂布力徑超級豪宅，新近以約4.7億易手，呎價約9.08萬。
布力徑10號B屋，面積約5171方呎，該大宅於2022年11月由建設銀行 (亞洲) 接管，其後於去年3月初推出市場標售，當時市場估值約8.8億，據了解，當時曾接獲數十組買家查詢，惟出價未達銀主要求而收回。
最新市場消息指，上述大宅近日以約4.7億成交，造價較去年放售時市場估值約8.8億，低出約4.1億或46.6%，呎價約90892元。
貝沙灣2200萬成交
資料顯示，許家印及相關人士曾向新世界一手購入布力徑10號3幢洋房，為10B、10C及10E號屋，上述3幢洋房先後淪為銀主盤；而10號E屋則於今年初推出招標，並於上月截標，惟暫未聞成交，面積約4933方呎，當時市場估值約5億，呎價約10.1萬。
另外，薄扶林地標豪宅貝沙灣6期5座高層A室，面積1086方呎，新近以2200萬成交，呎價約20258元。原業主2009年以1629萬購入，持貨15年轉手，帳面獲利571萬，升值約35%。
有地產代理透露，西貢傲瀧5座中層D室，面積1173方呎，3房套間隔，以1550萬沽出，呎價約13213元，另外車位亦以200萬成交。據悉，原業主2018年以2128萬購入單位，持貨6年，現轉手若扣除車位，帳面蝕378萬。
(星島日報)
