〈RTHK News, Nov 2, 2024〉Retail sales were down 6.9 percent in September compared to the same month last year, marking the seventh consecutive month of year-on-year declines.
Official data released on Friday showed that the total value of retail sales came in at HK$29.6 billion.
The drop followed a revised 10 percent fall in August and an 11.7 percent decrease in July.
Sales of motor vehicles and parts saw the most dramatic fall, with a 26.7 percent drop.
Officials said a change in consumer patterns will continue to affect the retail sector in the near future.
〈RTHK News, Nov 1,2024〉Hong Kong's economy grew by 1.8 percent in the third quarter on a year-on-year basis, according to official figures released on Thursday.
Growth was slower than the previous two quarters – the second quarter saw a 3.2 percent expansion and first quarter GDP grew by 2.8 percent.
In a statement, the government said growth in exports was down, while private consumption expenditure continued to decline.
Officials said the local economy will continue to grow.
"While global economic uncertainties and trade conflicts may affect Hong Kong's exports of goods, monetary easing across major central banks and an improved outlook for the mainland economy following the recent introduction of a wide range of stimulus measures would help support sentiment and activities in the domestic market," the statement said.
〈Hong Kong News, Oct 30, 2024〉Rich families in Hong Kong are selling their villas and mansions at deep discounts so they can pay off debt, exacerbating the city’s prolonged property slump.
About 40% of secondary property deals worth $50m in July were sold at a loss,” Cathie Chung, senior director of Research at JLL in Hong Kong told Hong Kong Business.
Declining collateral value that is prompting banks to call in loans, prolonged economic uncertainty, elevated interest rates, and cautious buyer sentiment are to blame, she added.
But this is not new, Chung said, noting that the market downturn for luxury properties started way back in 2022. “But in recent months, the market saw more motivated vendors softening the asking price to exit.”
〈Asian Post, Oct 29, 2024〉Chinachem Group’s subsidiary Keen Mighty has acquired the Sha Tin non-industrial site with a 50-year land grant for $1.021b.
Located at Sha Tin Town Lot No. 625, it has a site area of 5,652 square meters (sq. m.) and a minimum and maximum gross floor area of 16,956 and 28,260 sq. m., respectively.
The site is designated for non-industrial purposes, excluding godowns, hotels and petrol filling stations.
〈Asian Post, Oct 28, 2024〉Vacancy pressure may compel office landlords to adopt a favourable attitude towards semi-retail occupiers on office floors, according to CBRE.
In line with this, CBRE observed that landlords have been offering attractive leasing packages such as rent-free periods and CapEx subsidies to secure existing and new tenants.
In Q3, office demand improved due to banks and wealth management firms, whilst the retail and wholesale sector has increased its share of leasing activity in recent months.
Additionally, alternative sectors that enhance tenant experience are gaining popularity in office buildings.
