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Property News Weekly Digest
2024/1/27
〈The Standard, Jan 27, 2024〉Hong Kong's major housing estates have seen deals from which vendors have emerged with profits to show for their investments amid an improved market atmosphere.

The improved sentiment stems from expectations that interest rate cuts are in the offing and the government will do away with the "spicy measures" that it is using to discourage speculators at a time when prices were skyrocketing.

Vendors in estates such as City One Shatin, Tung Chung Crescent, Taikoo Shing in Quarry Bay and Banyan Garden in Cheung Sha Wan saw gains on paper ranging from 49 percent to over double what they paid, according to information from property agents.

According to data from Centaline Property, a two-bedroom unit measuring 327 square feet in City One Shatin brought a paper gain of HK$2.87 million to the owner, who had held on to the place for 17 years.

〈The Standard, Jan 26, 2024〉Amid an economic downturn, shop rents in core areas of Hong Kong are seeing significant declines and creating opportunities for an increase of eyecatching lease deals in the retail market.

International giants and top brands are staking out strategic locations in Hong Kong's premier districts such as Central, Tsim Sha Tsui and Causeway Bay, snapping up large retail spaces.

That allows them not only to set themselves apart with a possible statement on the grandeur of luxury but also gives them a chance to possibly pioneer innovative retail approaches.

Chanel is one such brand, setting itself up on the ground and first floors at Causeway Bay's Capitol Centre in June by committing to a three-year lease at a monthly rent of more than HK$3 million - which, despite the money involved, is actually much lower than the HK$13.8 million the space fetched at its peak.

〈Asian Post, Jan 25, 2024〉Overseas hiring trends remain a strategy for Hong Kong companies to fill talent gaps, according to the Global Hiring Report 2023 by Deel.

In Hong Kong, companies hiring globally have increased 34% YoY.

The top five countries Hong Kong companies are hiring from are India, the Philippines, Ukraine, the UK, and the US.

The top five jobs that Hong Kong companies are hiring for are software developer/engineer, voice data annotator, project manager, graphic designer, and account executive (sales).

Consequently, local talents are also sought after by overseas companies from the US, the UK, and Singapore.

The percentage of Hong Kong talent hired by overseas companies has grown by 36.2% YoY in 2023.

〈Hong Kong Business, Jan 24, 2024〉The government approved 9 building plans in November 2023 including 1 in Hong Kong Island, 7 in Kowloon, and another 1 in the New Territories.

Of these, 5 were for apartment and apartment-commercial developments, 2 were for commercial developments, and the other 2 were for community services developments.

The government was also notified of 9 superstructure works and has given consent for works on 14 building projects totaling 72,961 sq m GFA with 1,439 units for domestic use and 235,806 sq m GFA for non-domestic use.

24 occupation permits with 4 in Hong Kong Island, 12 in Kowloon, and 8 in New Territories were also issued.

〈BBC News, Jan 23, 2024〉The US economy grew faster than expected in the final months of last year, driven by robust household and government spending.

The world's largest economy expanded at an annual rate of 3.3% over the three months to December, the Commerce Department said.

That was down from 4.9% in the prior quarter, but much faster than the 2% many analysts had expected.

For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.

The figures cap a year that has been characterised by unexpected economic resilience, even as the US central bank raised borrowing costs sharply and inflation cooled.