〈The Standard, Sept 30, 2022〉Small and medium-sized property agents are expanding their "armies" though the property market has been driven down by a Covid rebound and the federal funds rate rising.

One of them is Many Wells property agency, which announced recently it would to hire 300 agents.

To attract potential employees, the company even promised that every agent there could close a deal quickly, said chief executive Wong Dun-king.

Wong said Many Wells is not aiming to become a large company but to ensure its agents can close deals.

"What should not happen are agents making efforts that end up being futile or that only a few succeed in striking deals," he said, promising that any licensed agent who joins the property industry can close a deal within a week or a month.

〈The Standard, Sept 29, 2022〉Home deals priced below HK$10 million have become the major growth driver in the primary market, though the pandemic and interest rate rises this year have hit the property industry.

Data from agencies show that new homes priced at HK$10 million or below saw 1,919 transactions last month, accounting for 94 percent of total home purchases in the primary market.

That also caused new-home transactions to rise to 2,040 in August, marking a 15-month high.

The 94 percent seen last month is a steep climb from 45.6 percent in February, when the fifth wave of the pandemic hit Hong Kong, and brings key support for a sluggish property market.

〈The Standard, Sept 28, 2022〉Prices of new projects launched between August to September were 7% to 12.6% lower than the average Price of secondary projects in nearby precincts, JLL reported.

There were five new launches over the last two months, namely, NOVO Land (Phase 1A and 1B) in Tuen Mun District, ONE INNOVALE (Archway) in Fanling, Larchwood in Mongkok, and Miami Quay 1 in Kai Tak.

According to the property expert, prices of new launches were at an average discount of 10% due to the interest rates hike which in turn led to increasing mortgage rates.

"The rise in mortgage rates has already cast a shadow on the housing market. Borrowers on HIBOR linked mortgages have been subject to higher mortgage rates as the HIBOR began to edge up in early 2022," said Nelson Wong, executive director of research at JLL in Hong Kong, said.

〈Hong Kong Business, Sept 27, 2022〉Hong Kong may see negative economic growth in 2022 amidst continuing economic challenges, Financial Secretary Paul Chan said.

Chan cited the rising cost of capital, tightening monetary conditions, and worsening external environment.

Hong Kong’s GDP decreased by 1.3% year-on-year in the second quarter of 2022, after contracting 3.9% in the previous quarter.

Despite this, Chan said the banking and financial system of the city remains “highly robust and enviably stable.”

“As bankers, you will certainly laugh off rumours surrounding the stability of the Hong Kong dollar exchange rate. Carry trades arising from interest rate differentials are within the design and expectations of the Linked Exchange Rate System (LERS),” he said.

〈Asian Post, Sept 26, 2022〉The tender for the disposal of China Evergrande Centre will end at noon on 31 October, according to Savills, the real estate firm named as the sole agent by the receivers from Alvarez and Marsal in connection with the transaction.

In a statement, Savills said the disposal of the property is on an "as-is" basis with existing tenancies. It is only one of the five en-bloc buildings with single ownership on Gloucester Road, Wanchai complete with headquarters specifications.

China Evergrande Centre stand on a corner site of around 23,021 square feet (sq. ft.), located next to three main roads. It is near three MTR stations and the four-line transport hub of Admirality within a 5-minute walk.