〈Hong Kong Business, Sep 28, 2024〉Investors are bottom-fishing for properties with stable returns such as hotels that can be converted into student houses, and industrial sites that can be repurposed into cold storage or data centres amidst Hong Kong’s property slump.
They are also targeting distressed homes and retail spaces, analysts said, after the city’s big landlords and property developers faced the steepest real estate downturn in two decades last year.
Hong Kong’s commercial real estate deals dropped by 4.6% to $5.3b in the second quarter from three months earlier, according to Colliers. It expects the full-year figure at $30b, a 19% yearly decline.
〈Asian Post, Sep 27,2024〉Residential prices fell for the fourth consecutive month in August, dropping by 1.7% month-on-month (MoM) and 13.3% year-on-year (YoY), CBRE reported.
Despite this decline, the rate of decline in residential prices slowed amidst the potential Fed rate cut.
‘With US Federal Reserve rate cut, major banks in Hong Kong reduced prime rate which may provide support for the residential property market. Property prices are expected to stabilize in the short term,” Eddie Kwok, executive director for Valuation & Advisory Services, CBRE Hong Kong said.
〈RTHK, Sep 26,2024〉At least 3,600 restaurants, stores, supermarkets and hotels across Hong Kong will be offering discounts to celebrate the 75th anniversary of the founding of the People's Republic of China.
Shops taking part in the campaign include supermarkets Wellcome and Parknshop, convenience stores 7-Eleven and CircleK, as well as fast food chains Maxim's and Fairwood.
Also on the list are Ocean Park and leading hotel brands such as Marriott, Nina Hospitality Group and Royal Park Hotels.
A 30 percent discount will apply to specific products or menu items at most participating outlets.
〈Macau Post, Sep 25,2024〉Macau’s 144 hotels recorded 1.26 million guests last month, a year-on-year decline of 3.8 percent, the Statistics and Census Bureau (DSEC) announced yesterday.
The hotel industry’s number of available rooms remained unchanged at 45,000 in August.
A DSEC statement pointed out that last month’s number of guests reached 99.7 percent of the figure recorded in the same month of pre-pandemic 2019.
Foreign guests rose by 21.0 percent to 73,000, among whom those from South Korea (26,000) grew by 40.3 percent year on year. Foreign nationals accounted for 5.8 percent of all hotel guests.
〈Hong Kong Business, Sep 24, 2024〉Hong Kong ranks eighth globally in the list of cities with centi-millionaire, according to the Centi-Millionaire report 2024.
'Centi-millionaires' refers to individuals with liquid investable wealth of US$100m. Currently, the country has 320 centi-millionaires.uded in the list. Beijing sits in 5th worldwide with 347 centis, whilst Singapore follows closely in 6th place with 336. Shanghai comes in 7th place with 322 centi-millionaires.
Both Singapore and Hong Kong are forecasted to have high centi-millionaire growth rates of over 100% in the next decade and a half.
