Beijing has announced 300 billion-yuan in funds to help clear excess housing inventory, as well as measures to ensure developers have access to financing and that homes are delivered on time.
A High Court in Hong Kong has adjourned the hearing on a winding-up petition against Country Garden to June 11, giving the developer more time to reorganise its finances as Beijing steps up efforts to revive the housing market.
Developer stocks rose on Thursday after authorities in Hangzhou announced plans to buy unsold homes, but analysts question whether such aid is the best way to rescue the market.
Authorities in Hangzhou, the capital of China’s Zhejiang province, are planning to buy homes and rent them at affordable rates, to reduce inventory and boost sales.
Hong Kong is missing out on an office investment boom in the Asia-Pacific region this year as a supply glut and high vacancy rates put investors off the segment, according to analysts.
Agile says it ‘will not be able to fulfil all payment obligations under its offshore debts’ because of liquidity pressure. Presales declined 68 per cent year on year to US$905 million from January to April.
The flagship developer of tycoon Li Ka-shing has slashed the price of some of the remaining flats at its project in the Northern Metropolis by almost a third compared with when it was first launched in 2021.
Hoka, the running shoe brand known for its thick soles, is opening two stores in Hong Kong this year as it ramps up its presence in Asia amid a fitness and health boom.
Travel spending during the Labour Day holiday rose 12.7 per cent year on year, but hotel chains’ revenue per available room and occupancy rates both fell.
Hongkongers continue to be enticed by discounts as they snapped up flats at Sun Hung Kai Properties’ new project in Yuen Long on Saturday, with young people accounting for 70 per cent of buyers.
‘Beijing is finally on the right course to clean up the mess in the property sector,’ Nomura analysts said on Friday.
The value of mortgage insurance rose to HK$13.71 billion (US$1.75 billion) in April, the most since HK$16.07 billion in June last year, data from mortgage broker mReferral shows.
Hangzhou’s move marks the most aggressive measure to revive the local housing market, following an apparent green light from the nation’s top leadership last month.
Developer puts another noncore asset on the chopping block to bolster its liquidity and appease creditors, part of its three-pronged strategy to overcome a financial crisis.
Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector.
The mix of tenants in malls and at street level is changing as restaurateurs pounce on slumping rents to expand, often taking the spaces left behind by retailers forced to leave during the pandemic.
The comments by Chan showed how Hong Kong has been caught since 2019 by a series of turbulent events, including months of anti-government protests, US sanctions and a Covid-19 pandemic in its third year.
Upmarket home rents in Hong Kong and Shenzhen declined in the year’s first half, bucking the global trend of increases among 30 cities tracked by property consultancy Savills.
The owners of the iconic Hong Kong restaurant, previously a huge draw for tourists with its prime location, are now paying less than half the monthly HK$230,000 (US$29,300) they were forking out on a lease signed pre-pandemic.