〈The Standard, Aug 3, 2024〉Housing estates are continuing to see rents climbing this summer even as valuations for homes retreated amid sluggishness in the secondary property market.
The reason for the former phenomenon is obvious: the rental market is benefiting from mainland students and local families looking for a better or more worthwhile place to live while seeking to buy.
In one instance, a 535-square-foot unit at Grand Yoho in Yuen Long was rented by two mainland students for HK$20,800 per month. Their landlord bought it from the developer for HK$11.945 million in 2018, translating to a rental return of about 2.1 percent.
〈Hong Kong Business, Aug 2, 2024〉Hong Kong's government has shown its determination to help displaced brownfield operators find space for their businesses.
In June, the Development Bureau revealed that it had postponed the due date for Yuen Long Town Lot 545 (YLTL 545) tender submissions to 27 December 2024 to give interested parties more time to consider their proposals.
This lot is the first multi-storey building (MSB) site to be put up for tender that would achieve the government's dual-policy objectives of promoting industrial development while consolidating brownfield operations space in the most land-efficient manner while assisting them in upgrading their operations. These brownfield operations have been displaced by the government's various projects, such as the Northern Metropolis.
〈Asian Post, Aug 1, 2024〉The total retail sales value hit $29.9b in June 2024, a 9.7% drop from the same month in 2023.
Of the total sales value 7.8% or $2.3b was from online sales. Compared to June 2023, the online retail sales value fell 11.2% YoY.
Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline, with sales falling 23.1% YoY.
Other retail outlet types which recorded value decreases include other consumer goods not elsewhere classified (-1.2%); commodities in supermarkets (-0.5%); wearing apparel (-13.2%); food, alcoholic drinks and tobacco (-5.7%); electrical goods and other consumer durable goods not elsewhere classified (-4.7%); commodities in department stores (-18.6%); motor vehicles and parts (-25.1%); fuels (-12.3%); furniture and fixtures (-9.8%); footwear, allied products and other clothing accessories (-9.1%); Chinese drugs and herbs (-2.8%); and optical shops (-13.9%).
〈RTHK, July 30, 2024〉A government spokesman attributed the decline to changing consumer behaviour among both visitors and residents, as well as the strong Hong Kong dollar.
However, he said the rate of decline narrowed further in June, signalling a stabilisation in retail activities.
Looking ahead, the spokesman pointed to ongoing challenges for the sector in the near term.
However, he said central government initiatives benefiting Hong Kong and the SAR government's efforts to support the retail sector through mega-events would help retailers.
〈Asian Post, July 29, 2024〉The Housing Bureau has announced that the projected supply of private flats for the next three to four years is now 109,000 units, down 3,000 from earlier estimates.
As of the end of June, there were 19,000 unsold units in completed projects.
Additionally, there are 77,000 units currently under construction, excluding those that have been pre-sold by developers.
Another 13,000 units are from disposed sites where construction could commence at any time.
In the second quarter, 9,900 flats were under construction, whilst 2,100 units were completed during the same period.
