〈The Standard, July 20, 2024〉Small- and medium-sized units will make up about 86 percent of new housing supply over the next three to four years, projections by the Housing Bureau show.
Those projections are based on data at the end of March that indicates supply will be around 112,000 units, up 3,000 or 2.75 percent from the previous quarter's 109,000 units.
That's a new high which resulted from three consecutive quarters of burgeoning supply.
〈Hong Kong Business, July 19, 2024〉The Lands Department has announced land resumption and acquisition which will be used for the development of housing project in To Yuen Tung in Tai Po.
According to authorities, four private lots with an area of about 1,676 square metres (sq.m.) will be resumed, whilst land occupied by four graves with an area of about 38 sq.m. will be acquired. The land will revert to or vest in the government on 19 October.
The government assured it will closely liaise with affected parties, and handle compensation and rehousing matters.
The public housing development will provide about 2,300 residential units with the earliest population intake anticipated in 2032-2033.
〈Asian Post, July 18, 2024〉Residential property prices in Hong Kong are set to decline by 5% to 10% in FY2024, according to Eddie Kwok, executive director at CBRE Hong Kong.
The market has already seen a 1.7% decline in residential prices in the first five months of the year, based on data from RVD. The expert expects this trend to persist into the second half of the year.
Kwok also noted a reduction in lenders' risk appetite, emphasising a shift towards greater selectivity in borrower approvals and prioritisation of asset quality over quantity.
“We expect banks to further increase “risk premium” via increasing mortgage rate for selected inferior assets,” he noted.
〈RTHK, July 17, 2024〉Public housing tenants will soon see rents increase by 10 percent, after a committee under the Housing Authority backed the move.
The higher rents will take effect in October, but the authority has agreed to a three-month exemption period for most tenants, meaning they will not have to pay any extra before January 2025.
The chairperson of the authority's subsidised housing committee, Cleresa Wong, on Friday said the waiver takes into account factors such as the impact on tenants and the authority's finances
〈CNBC, July 16, 2024〉Home to a host of financial institutions, Hong Kong is one of the world’s wealthiest cities.
However, over the past decade, the number of millionaires here has fallen by 4%.
Despite this, one sector in this ‘special administrative region’ is showing great promise – art.
The Hong Kong Art Gallery Association recorded a 27% increase in member galleries between 2021 and 2023.
And the world’s largest auction houses are upsizing to meet demand – Christies, and Sotheby’s which has been operating here since the 1970s.
