〈CNN HK, June 29, 2024〉The Chinese property industry is “volatile,” which makes it harder for the company to operate, Country Garden said in the filing. Sales have plunged for the developer since last year. In February, contracted sales declined 85%, the biggest monthly drop in at least seven years.
It called on its creditors to be patient with the company, adding that it continues to deliver housing projects.
In 2023, the company and its joint ventures delivered over 600,000 housing units, covering 249 cities across the country, according to the filing.
〈RTHK News, June 28, 2024〉Home prices fell by 1.2 percent in May, according to official data released on Wednesday.
The drop followed two consecutive months of increases.
Prices in May were 12.7 percent lower than the year before.
Figures from the Rating and Valuation Department also showed a one percent increase in rental prices, which reached a four-and-a-half year high.
It's the first time home prices have reported a decrease since Financial Secretary Paul Chan announced the scrapping of all property-cooling measures in his budget speech in late February.
Martin Wong, the director of real estate consultancy Knight Frank, said the effects of the end of the "spicy" measures have now worn off.
〈RTHK News, June 27, 2024〉Financial Secretary Paul Chan on Thursday said retail sales will improve, although challenges remain.
Speaking at a ceremony for the Hong Kong Shopping Festival, Chan cited changes in consumption patterns of tourists and local residents.
"As the consumption patterns of the public and visitors have changed this year, the retail industry faces many challenges," he explained.
"The good news is that the job market is still doing quite well, and there's still spending demand. As long as we change our approach, adjust our positioning, update strategies, link up with new demand and create consumption trigger points, business will certainly come back."
〈Asian Post, June 26, 2024〉Nan Fung Group's new flagship shopping mall, AIRSIDE, has achieved 70% office leasing occupancy, leasing nearly 850,000 sq ft to renowned multinational corporations including AIA Hong Kong, Haleon, OCBC Hong Kong, MUFG Bank, Prudential, and PUMA.
Meanwhile, the mall's retail occupancy rate has reached 90%.
Rental rates in AIRSIDE range from $35 to $50 per sq ft, nearly double the average rate of $25 per sq ft for Grade A offices in Kowloon East.
This summer, AIRSIDE will launch a series of leisure and entertainment projects which is expected to boost foot traffic by 20% and revenue by 15%.
〈Asian Post, June 25, 2024〉The total retal sales value hit $29.6b in April 2024, a drop of 14.7% from the same month in 2023.
Of the total sales value, 8.2% or $2.4b was from online sales. Compared to April 2023, the online retail sales value rose 11.4%.
Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline, with sales falling 28.7% YoY.
