More than 13,000 private homes were completed in the first seven months this year, marking an 18-year high.

Buildings Department data showed that a total of 1,131 units from three projects were completely built in July, a 25 percent rise from the 902 homes in June.

For the seven-month period, 13,195 units were completed in 36 projects, 31 percent more than the same period in 2021. The figure was also a high going back to 2005.

Of the three projects completed last month, China Overseas Land and Investment's (0688) One Victoria in Kai Tak will offer 1,059 homes. Madera Garden in Ho Man Tin, developed by Hip Shing Hong, followed with 71 units, while Jardine's Lookout also reported the completion of a house, No 8 Henderson Road.

A property agent expects that more big projects to come, including The Arles in Fo Tan (1,335 units) and The YOHO Hub in Yuen Long (1,030 units).

But the agent is worried that the final completed units might miss the 22,850 forecast for the year, as the fifth Covid wave has caused delays at some projects.

The news comes as the grade A office market saw a negative net rental absorption of 29,200 sq ft last month, according to another property agency.

Though office supply exceeds demand, the overall vacancy rate stayed flat at 9.6 percent by the end of August.

Overall rents dropped further by 0.3 percent monthly, with Central seeing a 0.4 percentdip and Causeway Bay 0.3 percent, while Tsim Sha Tsui saw a slight 0.1 percent rise.

In the primary market, the second phase of One Innovale in Fan Ling has unveiled a fourth price list, offering 50 units at an average HK$14,848 after discounts.

Henderson Land Development (0012) has received over 2,400 checks, about nine times oversubscribed.

(The Standard)

Cash-strapped Hong Kong-listed firm Goldin’s former headquarters sells for between HK$6.5 billion and HK$7 billion, according to media reports

A property consultancy declines to provide details about the buyer or transaction amount

At its highest, the sales price is about 30 per cent lower than estimates of HK$10 billion

Goldin Financial Global Centre, the 28-storey former headquarters of cash-strapped Goldin Financial Holdings, has been sold for between HK$6.5 billion (US$828 million) and HK$7 billion, according to local media.

A property consultancy declined to provide details about the buyer or transaction amount on Thursday.

But local media outlets such as Sing Tao, Hong Kong Economic Times and Ming Pao reported that the grade A office tower in Hong Kong’s Kowloon Bay district sold in this price range, which at its highest is about 30 per cent lower than an estimated sales price of HK$10 billion.

Hong Kong-listed Goldin Financial Holdings holds Chinese tycoon Pan Sutong’s finance and real estate development businesses. The firm and its creditors have been engaged in a tussle since July 2020 over who controlled the building, which the developer has used as collateral for loans. Pan resigned as Goldin’s chairman in June this year.

The building has an area of 920,000 sq ft spread across 28 floors above ground and three basement floors, Savills said earlier. Each floor has a gross floor area of around 35,000 sq ft.

“We will see more of Pan and Goldin’s assets being sold to pay debts, or sold by creditors like this, as he has to find a way to pay his debts,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International.

The sale draws to an end the long-drawn tale of debt-laden Goldin’s flagship property.

On September 28, 2020, the receivers appointed a property consultancy to sell the building after the developer failed to meet its debt obligations. But two days later, Goldin said it had entered into a provisional sale-and-purchase agreement for the building with an independent third party for HK$14.3 billion.

Two months later, however, the receivers said the company had no right to sell it. Then on October 29 the same year, the Hong Kong High Court ruled that Pan, Goldin’s chairman back then, had lost control of its assets to creditors.

The receivers sold the building, located at 17 Kai Cheung Road, for a reported HK$14 billion later that year, but failed to complete the deal.

The sale of Goldin Financial Global Centre will, however, not bring any relief to Goldin, and the firm’s debt woes are far from over.

In October 2020, a unit of Deutsche Bank filed a petition in Bermuda for the liquidation of Goldin Financial Holdings.

In May this year, a division of the Bank of China filed a bankruptcy petition against Pan in Hong Kong for an outstanding debt of 740 million yuan (US$105.4 million). In July, the Hong Kong High Court ordered that the tycoon declare bankruptcy and unwind one of his holding companies over unpaid liabilities of HK$8 billion owed to China Citic Bank. The order is being appealed.

The firm had recorded a loss of around HK$1.4 billion, with its liabilities reaching HK$7.5 billion, as of June 30, 2021. The company postponed its annual results for last year, citing disruptions caused by Covid-19 and related restrictions.

(South China Morning Post)

For more information of Office for Lease at Goldin Financial Global Centre please visit: Office for Lease at Goldin Financial Global Centre

For more information of Grade A Office for Lease in Kowloon Bay please visit:  Grade A Office for Lease in Kowloon Bay

First-home buyers swoop in on Sun Hung Kai’s Wetland flats to get ahead of Hong Kong’s first mortgage hikes in four years

All 80 flats on offer at Sun Hung Kai Properties’ Wetland Seasons Bay project were sold on Thursday, agents said

The flats were offered at HK$14,344 per square foot, about 2.5 per cent cheaper than the average price of the previous phase of the project

Hong Kong’s homebuyers swooped in on the weekday sale of a popular property project on Thursday,, as they exploited a slim window before the city’s first increases in mortgage rates take effect.

Sun Hung Kai Properties (SHKP) sold all 80 flats on offer in the third phase of its Wetland Seasons Bay project in Tin Shui Wai, agents said. As many as 23 bidders went after each available unit, with 1,870 registrations of intent received.

The flats were offered at HK$14,344 per square foot, about 2.5 per cent cheaper than the average price of the previous phase of the project, translating to HK$4.97 million (US$633,159) for a unit measuring 356 sq ft (33 square metres) after discount.

The small offering is likely to sell out, considering the 75-basis point increase in the city’s base rate, because “it caters to users’ demand with appropriate pricing and a good location”, a property agent said.

The limited offer came on the day when five of Hong Kong’s largest banks raised their prime rates for the first time in four years, hot on the heels of the 75-basis point increase in the base rate by the local monetary authority. The higher rates kick in a day later at the earliest, with Bank of China (Hong Kong) making its loans more expensive by 12.5 basis points five days later.

Many outstanding home mortgage loans in Hong Kong are based on the prime rate, the rate that banks charge their best customers. The payment of a typical HK$5 million, 28-year mortgage loan with a 2.75-percentage point discount to the prime rate will cost 1.6 per cent more, or by HK$323, to HK$21,029 per month after the latest rate increases, according to a local mortgage broker.

The latest phase of Wetland Seasons Bay received the lowest registrations of interest compared with earlier offerings, when as many as 33 bids were after each unit during a sales launch in August 2021.

It has also fared better than SouthLand, developed by RK Properties and MTR Corporation at Wong Chuk Hang in Aberdeen, which flopped earlier this week during its launch. The project, priced at HK$35,804 per square foot on average, failed to find a single buyer for the 139 units on offer.

“Interest rates are on an upwards trend, but property is a long-term investment, [so] short-term interest rate fluctuations will not hinder the public’s desire to buy a home,” said Sun Hung Kai Real Estate Agency’s general manager Allen Woo before Thursday’s sale. “Buyers who have actual housing needs have already considered the factor of rising interest rates. In addition, the project provides a fixed-rate second mortgage payment plan.”

A decline in home prices is widely anticipated in Hong Kong, as the city’s economy grapples with a technical recession and interest rates at a 14-year high. A property consultancy said that it expected an overall drop of between 10 and 12 per cent in mass housing prices this year.

A market index has fell 0.3 per cent to 171.27 for the week ended September 11, its lowest level since February 2019.

The September index may drop to a level last seen in 2019, after declining by 7.2 per cent over the previous nine months, a property agency said.

“Due to the economic downturn, buyers all hope that prices will be set more cheaply,” agent said. “The positioning and unit size of this project are suitable for young people buying their first homes.

“Many young people in Hong Kong want to buy a house and have their own new world, so this project is very popular.”

(South China Morning Post)

How Hong Kong homebuyers have seen their purchasing power shrink by HK$1 million since January

The erosion in buying power comes after increases in both the Hibor and banks’ prime rates

It is worrying that interest rates are on a rising trend, mortgage holder says

Owning a home in Hong Kong seems to get tougher by the day. While potential homebuyers might have lost HK$1 million (US$127,390) in buying power so far this year, homeowners will see their mortgage payments go up after banks in the city raised their prime rates from today.

Hongkongers with a monthly budget of HK$17,000 for a mortgage could borrow HK$5 million at 1.45 per cent annually from a bank and buy a home priced at HK$5.5 million in January, according to a local mortgage broker. Fast forward to Friday, potential buyers with the same budget can only borrow about HK$4 million and buy a home worth HK$4.4 million.

The erosion in their buying power is because of two key references for the city’s mortgage rates, the Hong Kong Interbank Offered Rates (Hibor) and banks’ prime rates, both of which have surged this year.

“Potential homebuyers with limited budgets for monthly mortgages will have no choice but to shift their focus to cheaper homes,” a property agent said. They should calculate carefully, as mortgages will almost certainly “continue to rise after further US interest rate hikes this year,” the agent added.

The Hibor has continued to climb after the Hong Kong Monetary Authority lifted its base rate to defend the city’s currency peg to the US dollar, following five interest rate increases by the Federal Reserve this year.

As a result, the mortgage rate for September now stands at 2.875 per cent, the mortgage broker said, versus 1.45 per cent in January.

The latest increase has forced the city’s commercial banks to also raise their best lending rates. Five major lenders boosted their prime rates by 12.5 basis points with effect from today. The rate HSBC, Hang Seng Bank and Bank of China (Hong Kong) (BOCHK) will climb to 5.125 per cent, while the cost at Standard Chartered and Bank of East Asia will rise to 5.375 per cent.

The burden for homeowners has also grown, and there is concern that it will only worsen.

“I paid about HK$1,000 more this month compared with July, and I am starting to feel the heavier financial burden,” said Natalie Gao, 35, who works in the financial industry. She bought a one-bedroom, 400 sq ft home in Hong Kong’s Discovery Bay in 2018 for about HK$5 million.

“I have already cut some spending on dining out and cook more at home,” she said. “But that might not be enough. I am thinking of repaying some of the mortgage in advance to ease some future pressure.”

Others too are preparing for rainy days ahead. Katie Chan, a white-collar worker, bought a 700 sq ft flat on one of the city’s outer islands seven years ago with a mortgage loan from BOCHK of HK$1.2 million priced at the prime rate minus 2.75 percentage points.

With the increase in prime rates today, Chan will need to pay about HK$200 more every month.

“It is not too painful at just HK$200 per month. However, what is more worrying is that interest rates are on a rising trend, which means banks may increase their prime rates by two or three more times in the following months,” she said.

“If the prime rate increases by 1 full percentage point, I expect I would need to pay about HK$1,000 more per month for my mortgage. I can afford it, but I will start to feel the pain.”

(South China Morning Post)

負面因素衝擊 指標甲廈買賣冰封

在加息等多項不利因素下，甲廈投資氣氛一片死寂，業界人士預計短期內投資者仍會觀望，交投將持續淡靜一段時間。

據一間本地代理行的10大指標甲廈統計上，8月港九10幢指標物業包括力寶中心、信德中心及新文華中心等，錄得零成交，可見市況甚差。

近日核心區較大手買賣，為中環皇后大道中118至120號聯盛大廈全幢易手，物業地盤面積約1,127平方呎，樓高11層，總樓面約10,704平方呎，項目以近3億元成交，呎價約2.8萬元。新買家為本地投資耆，料購入後稍作翻新。原業主為資深投資者羅守輝，於2002年以約3,038萬元購入，持貨20年獲利近2.7億元，升值約9倍。

8月空置率10.38% 創新高

空置率統計上，據該行統計，8月港島區整體甲廈空置率錄得約10.38%，比7月上升0.11個百分點，按年亦高出0.59個百分點，再次突破歷史新高記錄。5大核心區中僅中環區表現較佳，錄得輕微跌幅，該區8月指標商廈空置率錄得約9.09%，按月回落0.21個百分點，但對比2021年同期則仍高出1.80個百分點。

整體市場氣氛仍見疲弱，租務表現則相對平穩，如中環中心低層03室，面積約2,083平方呎，以呎租約46元租出；資料顯示，該單位於2019年中時呎租達約70元，最新租金下跌約34%。

另其他港島區4大核心區租務活動就較為淡靜，一綫商業地帶金鐘8月甲廈空置率為9.23%，對比7月上升0.46個百分點，按年遞增0.44個百分點，反映租賃氣氛仍見疲弱。上環方面，該區最新指標商廈空置率錄得約11.01%，按月遞升0.22個百分點，較去年同期更明顯上升1.60個百分點。灣仔8月甲級商廈空置率約12.73%，按月上升0.38個百分點，但對比2021年8月則有約0.41個百分點的跌幅。銅鑼灣為5區中按月升幅最高，由7月約8.60%增加至最新約9.32%，不過按年比較則表現最好，回落1.82個百分點。

業界認為有利用家入市

對於交投淡靜，該行代理分析，整體商廈市場受多項不利因素影響，包括美國加息步伐急、環球局勢緊張、香港亦未與外地通關等夾擊，令商業氣氛一般，而投資者普遍希望再加以觀察，故料交投將持續淡靜。該代理認為，由於價格相對已回調，故現時較適合用家入市，相信市場將錄用家入市個案比例增加。

(經濟日報)

更多力寶中心寫字樓出售樓盤資訊請參閱：力寶中心寫字樓出售

更多金鐘區甲級寫字樓出售樓盤資訊請參閱：金鐘區甲級寫字樓出售

更多信德中心寫字樓出售資訊請參閱：信德中心寫字樓出售

更多上環區甲級寫字樓出售樓盤資訊請參閱：上環區甲級寫字樓出售

更多新文華中心寫字樓出售樓盤資訊請參閱：新文華中心寫字樓出售

更多尖沙咀區甲級寫字樓出售樓盤資訊請參閱：尖沙咀區甲級寫字樓出售

更多中環中心寫字樓出租樓盤資訊請參閱：中環中心寫字樓出租

更多中環區甲級寫字樓出租樓盤資訊請參閱：中環區甲級寫字樓出租

商廈租賃市場疫市而行

政府早前縮短海外抵港人士檢疫期為「3+4」，雖有刺激市場作用，但因尚未完全通關，對外來遊客及投資者吸引力有限，來港意慾未算高漲，因此多間航空公司均表示暫時未計劃恢復疫情前的航班數量。市場人士認為，在此情況下，反而形成了甲級商業大廈承租個案上升的情況。

根據一間本地代理行資料顯示，寫字樓租金輕微向上，甲廈租金8月份按月升0.8%。灣仔及銅鑼灣區的甲廈空置率由7月份的8%下跌至8月份7.3%，可見市場對商廈租賃需求有上升迹象。

中綫投資者手持優質甲廈

通關無期，現時有不少中綫投資者因應市況，把物業由放售改為放租。他們持有的物業質素普遍較佳，通常屬於甲級商廈，單位附設裝修、海景等，可即租即用。由於這批業主想盡快放租，價錢及租期上可商議的空間大，細節條款相對更容易洽詢。至於長綫投資者：他們需顧及大廈整體租金水平，因此不會因個別單位而降低租金，議價空間有限、加上大業主持有的物業通常不設裝修，只有天花裝置提供、他們亦會考慮租客背景、租期等因素……可見長綫投資者選擇租客態度更為謹慎、局限較多。在經濟不明朗的環境下，對於中小企業或初創公司來說，中綫投資者持有的單位限制較少、租金相宜。附設的裝潢又可以節省開支，吸引未有業績背景支持的初創公司承租。綜合以上因素，這批放租物業成為他們不二之選。

另一方面，由於市場資金仍充裕，核心區商廈於疫市下仍錄大手成交：包括上海商業總會以1.2億元購入中環南華大廈7樓全層，呎價約2.9萬元，創該廈歷來呎價新高。市場人士認為，現時正值為寫字樓市場的傳統淡季，市場表現雖較為平淡，但業主及租客在疫市下各自其志，形成新氣象，相信未來若能全面恢復通關，市場對寫字樓的租賃需求上升，交投氣氛將會更熱烈。

(經濟日報)

更多南華大廈寫字樓出售樓盤資訊請參閱：南華大廈寫字樓出售

更多中環區甲級寫字樓出售樓盤資訊請參閱：中環區甲級寫字樓出售

九龍灣三湘全層3.88億易手 大鴻輝沽貨 8年升值74%

今年以來工廈受捧，九龍灣三湘九龍灣貨運中心全層，以約3.88億成交，平均呎價約5567元，新買家為澳洲基金嘉民亞洲相關人士，原業主大鴻輝持有，持貨8年升值74%。

九龍灣大業街59號三湘九龍灣貨運中心1樓全層，另連車位，面積約6.97萬方呎，以成交價約3.88億計算，平均呎價約5567元 (未計車位在內)，新買家為澳洲基金嘉民亞洲，物業以賣公司形式易手，新買家得以節省釐印費，該物業目前呎租介20至25元，月收逾156萬，回報逾4.8厘，原業主為大鴻輝於2014年以2.23億購入物業，持貨8年帳面獲利1.65億，物業升值74%。

新買家為澳洲基金嘉民亞洲，對上一次為今年1月，該基金斥資3.68億購入該廈6樓全層連8個車位，面積約6.97萬方呎，過去兩年，該基金多次增持該廈單位，還包括2樓及7樓單位，連同是次入市，合共斥資近13億增持該廈樓面，作為長綫投資。

嘉民亞洲相關人士承接

三湘九龍灣貨運中心於1982年入伙，樓高10層，大廈內部設有旋轉車道，可供大型貨櫃車上落，車路亦可直接通往大業街，物業鄰近德福廣場一帶，距離港鐵九龍灣站約15分鐘步程。

該廈貨倉樓底高約16.5呎，每呎可承重300磅，大廈設有24小時運作專用平台，載貨電梯可直達每層單位，方便租客上落，故大廈多被用作分銷中心或物流貨倉等。

連約回報4.8厘

今年8月，該基金斥資3.8億，向鄧成波家族購入葵涌健康街15至23號泉基工業大廈一籃子物業，包括2樓B室，4至6樓、8至14樓連天台，以及12個車位，總樓面約16.8萬方呎，佔大廈72.53%業權，成交呎價約2262元。

嘉民集團近年表現積極，除了大手增持物流中心及工廈，並熱衷於投放資源於數據中心，早前該集團公布，旗下荃灣中央紗廠舊址重建已落成，作為本港最大型數據中心，由4座大廈組成，總樓面達160萬方呎，預租率約87%，當中兩座大廈已落成，租戶為嘉民集團於全球主要數據中心及科技客戶，餘下兩座仍在發展階段，預計於2024年完工。

(星島日報)

立安工廈逾80%業權意向7.8億

今年以來工廈交投活躍，有小業主聯合放售工廈，新蒲崗立安工業大廈逾80%業權放售，意向價約7.8億。

位處新蒲崗五芳街

有代理表示，立安工業大廈位於新蒲崗五芳街18號，樓高13層，建於1965年，地盤面積約14950方呎，全幢大廈總建築面積約155161方呎，是次出售部分 (包括地下部分) 建築面積約130490方呎，按現狀放售，意向價約7.8億。

該代理表示，物業位於五芳街，緊接新蒲崗主要街道大有街，步行數分鐘即可到達港鐵鑽石山站，該站為觀塘綫及屯馬綫轉車站，屯馬綫開通後，加上區內公屋啟鑽苑年初開始入伙，該區居住人口上升。立安工業大廈佔地萬呎，具發展潛力。

該代理續說，新蒲崗大變天，不斷有重建及活化工廈，六合街3號獲批重建一幢22層高新式工廈，區內尚有新世界活化工廈項目Artisan Hub、新落成工廈Artisan Lab、麒豐資本的東傲，由牛仔褲大王劉漢松所持有的五芳街15至17號興建中酒店等。

該代理續表示，區內彩虹道街市於今年收回重建新體育館，及興建一個公共地下停車場。除了政府之外，9家知名發展商表示合力發展啟德，相信鄰近的新蒲崗將獲益不少。

(星島日報)