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Property News Weekly Digest
2023/7/1
〈The Standard, July 1, 2023〉Property market sentiment has improved slightly, with even "haunted" apartments being caught up in the feel-good factor and some fetching good prices.

A unit below a double murder in J Residence, Wan Chai, recently sold for HK$10 million. The original owner of the property lost HK$1.8 million after having held it for seven years.

With an area of 593 square feet and a one-room partition, the transaction price is about 15 percent lower than the market price. The price per sq ft is HK$16,863.

The vendor bought the unit in 2016 for HK$11.8 million and its value depreciated about 15.3 percent during the period.

〈Hong Kong Business, June 30, 2023〉Tourists are not the only ones returning to Hong Kong, even luxury brands.

According to CBRE, May saw the return of several high-end brands in the, retail leasing market including Chanel.

The fashion luxury brand committed to a portion of the retail podium, measuring 18,000 sq ft, at Capitol Centre in Causeway Bay for a reported monthly rent of about $4.0m or $222 per sq ft.

Apart from Chanel, Luk Fook Jewellery also leased new spaces in the city.

Data from CBRE showed that the jewellery brand leased two ground floor shops, measuring 2,500 sq ft in total, of Golden Crown Court at 66-70 Nathan Road in Tsim Sha Tsui for a monthly rent of $550,000.

〈Hong Kong Business, June 29, 2023〉The average wage rate in Hong Kong rose 3.2% in nominal terms in March compared with the same month in 2022, according to a survey by the Census and Statistics Department (C&SD).

About 62% of the companies reported an increase in average wage rates in March compared to a year ago. Another 34% of companies reported a decrease, whilst 4% reported virtually no change.

The wage rate includes basic wages and other regular and guaranteed allowances and bonuses.

Sectors covered include manufacturing; sewerage, waste management and remediation activities; import/export and wholesale trades; retail trades; transportation, storage, postal and courier services; accommodation and food service activities; information and communications; financial and insurance; real estate; professional and business services; and social and personal services.

〈The Standard, June 28, 2023〉Hong Kong will suffer from disasters and bad luck while achieving nothing if the government takes back 32 hectares of the Fanling Golf Course, nearby residents said yesterday at the Town Planning Board's last public hearing.

Villagers said building public flats on the golf course will undermine their living quality and aggravate traffic congestion in the area, as they expressed objections to the government's plan to take back the land for public housing in a nine-hectare area.

They said they would rather have the land back if the government no longer leases it to the Hong Kong Golf Club.

Speaking at the hearing, a representative of the Ching Ho Football Club of North District said he had visited the Wong Tai Sin Temple to ask about Hong Kong's fortune.

〈BBC news, June 27, 2023〉The Commerce Department said the latest data showed the US economy grew at an annual rate of 2% in the first three months of the year.

Its first estimate put growth at 1.1% in the January to March period.

The boost reflected stronger consumer spending than previously understood.

The US central bank has been trying to cool the economy, aiming to ease the pressures pushing up prices.