Hong Kong’s secondary home prices fall by the most in 14 months in October as banks turn cautious on valuations

Lived-in home prices fell 0.86 per cent in October, the most since August 2020

A market valuations index, which tracks major banks’ valuations in 133 housing estates, fell to 29.89 points last week, the lowest since it hit 18.88 in March last year

Hong Kong’s lived-in home prices dropped by the most in 14 months in October after peaking in August, with buying sentiment cooling as banks become more cautious in valuating property.

Prices fell 0.85 per cent to 394.8 last month, according to an index published by the Rating and Valuation Department on Friday.

It was the sharpest drop since August 2020 when it retreated by 0.88 per cent, according to a property consultancy. It was the second consecutive monthly decline since the index hit an all-time high in August, according to the government’s latest revised data.

“The October data reflects the situation before [Carrie Lam’s] Policy Address as buyers adopted a wait-and-see attitude,” property agent said.

The agent said that buyers were shifting their focus to new homes as developers continue to offer discounts and flexible financial plans to drum up sales.

The fall in home prices came as the market valuation index, a weekly gauge which tracks major banks’ valuations for used homes in 133 housing estates compiled by a property agency, fell to 29.89 points for the week ended November 21. It was the lowest since the index plunged to 18.88 points in March 2020. The index slipped below 60 points in the first week of October and has continued to slide since.

The index below the 40-point threshold represents banks’ bearish view on the market while above 60 points indicates a bullish trend.

“The index indicates banks tend to lower the property valuation when they extend a mortgage loan, as they believe home prices will continue to soften,” property agent said.

HSBC, Industrial and Commercial Bank of China (Asia) and other major banks have stopped offering mortgage loans for unfinished flats built by China Evergrande, the mainland’s most indebted property developer, in Hong Kong since July.

Evergrande, struggling with US$305 billion of debt, currently has two residential projects under construction: phase two of Emerald Bay in Tuen Mun and The Vertex in Cheung Sha Wan.

The agent said that banks have turned more conservative after the US Federal Reserve planned to reduce its bond-buying programme.

Early this month, Fed chairman Jerome Powell said the purchases of treasuries and mortgage-backed securities would be scaled back by US$15 billion a month.

“It is a sign that interest rates will rise,” the agent said, adding that it would dampen home-buying sentiment.

Meanwhile, transactions of secondary residential transactions continued to decline for the sixth month in a row in October, with the number of deals at 3,656, the lowest since August 2020 when 3,441 deals were concluded, according to data from anther property agency.

Sales of new homes also fell 34 per cent month on month in October to 1,273 deals.

Still, Hong Kong’s lived-in home prices have risen 3.9 per cent so far this year, with flats between 753 square feet and 1,075 sq ft gaining the most at 4.5 per cent.

Home prices in the city are likely to increase 0.5 per cent this month as Lam’s policy speech did not have any cooling measures to curb price growth, another said.

“The reopening of the border with the mainland next month is likely to boost the lived-in home price index to a new high and go past the 400-point mark,” the agent said.

(South China Morning Post)

中海外啟德地3成權益 13.48億易手

啟德跑道區再有地皮易手，投得啟德第4E區1號地皮的內房國企中國海外 (00688) 公布，將所持有的30%權益轉讓予海建基金，作價13.48億元。

中國海外夥同同系的中國建築在2020年以42.728億元投得上述啟德地皮，每呎樓面地價約13,009元，當中中海外所佔權益約80%，而中國建築則佔20%。

不過，中海外最新公布將所持有的3成權益轉讓予海建基金旗下海建投資有限公，作價13.48億元，若果以所佔3成權益計算，大致屬於原價轉讓。

據中海外通告指出，海建投資有限公司為海建基金有限合夥的一般合夥人，其中中海外的控股公司「中建集團」及中國海外集團間接擁有50%及建銀的附屬公司間接擁有50%。

財團1.15億 購古洞北農地

另外，古洞北發展上馬，發展商積極區內收地，最新以1.15億元，在區內收購了4.75萬平方呎農地，呎價達2,400元，用地現時已經規劃為住宅用途，最快明年可補地價發展。

該用地包括古洞北丈量約份95約地段第13號、第14號及第100號，合共面積約4.75萬元平方呎，鄰近鳳崗山、河上鄉路，現時作為露天貨櫃等棕地作業用途。

據市場消息指，該批農地以合共1.15億元易手，以平均呎價大約2,400多元，雖然呎價遠貴於一般農地，不過由於該農地位於「住宅 (乙類)」規劃用途地帶，發展商可以向政府申請補地價作住宅發展，大幅提高用地發展潛力。

農地涉4.75萬呎 呎價約2400元

事實上，若以「住宅 (乙類)」用途的地積比3.5倍計算，該用地可建樓面約16.6萬平方呎，以此計算的每呎樓面地價將會降低至低於700元，屬於合理水平。

隨着政府落實古洞北、粉嶺北發展區建設，區內基建陸續展開，鐵路項目亦將上馬，發展商加快在區內收地，例如嘉里 (00683) 今年中近5億元購入區內的17幅農地，每呎地價大約2,300元左右。

值得一提的是，泛海 (00129)、資本策略 (00497) 亦在古洞北購入農地並在早前申請興建近2,600伙，該項目更位於上述河上鄉路4.75萬平方呎農地的北面。

(經濟日報)

西九藝術廣場大樓招標 估值70億

管理局首個商業項目 享34年發展營運權

西九文化區管理局推出區內首個商業項目，藝術廣場大樓項目以建造、營運及移交模式 (BOT) 形式邀請發展商入標，總樓面達70萬平方呎作辦公室用途。市場預計地皮估值約70億元，明年2月11日 (周五)截標。

該項目位於興建中的演藝綜合劇場旁邊，鄰近M+博物館以及西九管理局辦公室大樓，將興建3幢商業大樓組成，總樓面面積合共約70萬平方呎，包括67.2萬平方呎的辦公室樓面，以及2.7萬平方呎作為零售／飲食／娛樂用途，當中前方的1幢商廈更屬臨海項目，擁有整個維港海景。

採BOT模式 明年2月截標

西九管理局邀請發展商合作負責藝術廣場大樓項目的發展和營運，採用BOT (建造、營運及移交) 模式下，中標的發展商會獲授予項目為期34年的發展權和營運權，並會負責藝術廣場大樓項目的設計、建造、融資、市場推廣、租賃、管理和維修工作，將於明年2月11日 (周五) 截標。

據西九管理局發言人指，發展商在簽訂合約後須先分兩期繳交租賃期的部分租金，之後按月繳交包括分成在內的租金。

該發言人亦指，會密切留意市場情況，現階段不會評論實際收益的預期，會挑選對西九發展最有利的方案。

除了考慮投標者提出的租金金額，管理局會考慮其他因素包括發展商的發展和營運經驗、財政承擔能力、建築物的設計、發展商對文化藝術發展的願景等。

有測量師認為，地皮景觀理想，但位置有點偏離港鐵站，而且採用BOT形式並非一般賣地的「賣斷」模式，無法拆售，發展商出價會有折讓，再加上建築期需要4至5年，實際可收租時間不足30年，認為地價將會遠低於西九高鐵站商業地用地，每呎樓面地價有機會低於1萬元，即總地價低於70億元。

另一測量師亦指，BOT模式下，升市時發展商無辦法享受物業升值的利益，跌市時卻有機會失去租金收回，發展商會要求項目的回報率高於一般賣地項目，認為項目位置有吸引力，但地價未必會太理想。

預計每月租金達5600萬

西九文化區一帶商業地皮罕有，對上一次為2019年西九高鐵站上蓋商業用地，由新地 (00016) 牽頭財團以422億元投得，每呎樓面地價約1.3萬元。

現時九龍站甲級商廈環球貿易廣場 (ICC) 租金料約70至80元水平，若果參考這個價錢，西九項目預計每月租金可達4,900萬至5,600萬元，每年租金約5.9億至6.7億元，以30年期計算，總租金收入將達177億至201億元。

(經濟日報)

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