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The property prices will fall 10% before mid of this year
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The property prices will fall 10% before mid of this year
Damon Ho
2024年2月3日
The HKMA has announced that the number of negative equity residential loans in the fourth quarter of last year. It increased by 14,040 to 25,163 cases. As the property price falls constantly, it is estimated that the number of negative equity cases in the first two quarters of this year will double by another 25,000 cases to more than 50,000 cases in total.
In January of this year, the property prices have been decreasing, and the immigrants' property listings are the main cause of this decline. The sellers of these listings were eager to sell these premises, so the asking prices of these listings were cut deeply, and many of them had been reduced by twenty-five per cent in the second half of last year so that it could close the deals more smoothly. Consequently, these current low transaction price cases caused the transaction cases with 80% to 90% loan-to-value ratio two to three years ago to become negative equities immediately.
Currently, the stock market is weak, the retail and catering industry have been hit by the new public consumption habits to the northern city of Shenzhen. The local business environment is dreadful, leading to the home buying confidence being low. Consequently, the transaction volume of the property market has decreased significantly. Last Friday, there were only seventeen transactions in thirty-five major housing estates, and it meant that there was only one transaction average in every two housing estates, with understanding that the quiet market has been falling into frozen state.
In terms of property prices, the decline speed has been decreasing from slow to rapid, and if it continues to decline at this rate, the property prices will decrease 10% in the initial half of this year. The downward property price is now a trend, and general measures can no longer stop this trend, and it is difficult to predict how much it will fall, but it is for sure that the downtrend will not be changed in this year.
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The property prices will fall 10% before mid of this year
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Mark Zuckerberg’s net worth increased by more than $28 billion between your morning coffee and your lunch break. The Meta founder and CEO — who is already worth more than $140 billion, according to Bloomberg’s billionaire index — has cleaned up from Meta’s share price skyrocketing over the past day, after the company announced its first-ever cash dividend program. On Friday, shares of Metajumped more than 20% on the news of a quarterly dividend of $0.50 per share to be paid out on March 26 to shareholders of record as of February 22.
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HK Economy rose 4.3% in 4Q23 |
| 2024-02-03 16:31 |
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Hong Kong’s economy continued to grow in 4Q23, with real gross domestic product (GDP) rising 4.3% YoY. For the whole of 2023, GDP grew 3.2% YoY. According to the Census and Statistics Department (C&SD), inbound tourism and private consumption remained the key drivers of economic growth in 4Q23. Private consumption expenditure grew by 3.5% YoY in 4Q23 and 7.4% YoY in 2023, whilst government consumption expenditure declined by 5.2% YoY in 4Q23 and 4.3% YoY in 2023.
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3.
Rents of super Grade A bld is lower than 3 yrs ago |
| 2024-02-04 11:27 |
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Rents for Two International Finance Centre, one of the world's most expensive super Grade A buildings, in Central is still 14 percent lower than three years ago. An example of that is reinsurance company China Re Asset Management's move into units two to five on the 41st floor. It is reportedly paying a monthly rent of HK$1.01 million, or HK$150 per square foot, way down from the HK$175 that Funde Asset Management (Hong Kong) was previously shelling out for its three-year lease. The move fits in with China Re's upgrading and expansion plan: the new office space is 6,740 sq ft, much more spacious than its old location's approximately 5,000 sq ft.
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4.
Rents in Central is under pressure |
| 2024-02-07 20:26 |
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Rents for Two International Finance Centre, one of the world's most expensive super Grade A buildings, in Central is still 14 percent lower than three years ago. An example of that is reinsurance company China Re Asset Management's move into units two to five on the 41st floor. It is reportedly paying a monthly rent of HK$1.01 million, or HK$150 per square foot, way down from the HK$175 that Funde Asset Management (Hong Kong) was previously shelling out for its three-year lease. The move fits in with China Re's upgrading and expansion plan: the new office space is 6,740 sq ft, much more spacious than its old location's approximately 5,000 sq ft.
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