HK (+852) 3990 0799

HK homes among the least affordable in Asia

Hong Kong's median home price of over US$1.1 million (HK$8.58 million) is 25.1 times the median annual household income.

This puts it among top four least affordable cities for homes in the Asia-Pacific region, a report by Urban Land Institute showed.

Shenzhen tops the chart with a ratio of 32.3 times, followed by Beijing, Ho Chi Minh City, Hong Kong and Metro Manila, respectively with 28.7, 25.3, 25.1 and 25.0, the report said.

Rapid urbanization and population growth in these capitals and economic centers are blamed for the gaps.

The SAR's population rebounded last year by a net of 170,000 with some 80 percent of them coming from the mainland as the government introduced a Top Talent Pass Scheme, the ULI report said.

It said Hong Kong continued to stand out as the most expensive housing market in 2023 with a median home price of over US$18,000 per square meter.

The average home size of 50 square meters was also the smallest among developed economies in the region.

ULI said Hong Kong developers maintained an inventory of unsold units large enough for two-and-a-half years of consumption whereas the new supply of private homes dropped to 14,000, compared with 23,000 unsold units at the end of last year. This indicated there is a surplus of unsold units, it said.

Meanwhile, the Buildings Department approved 15 plans in March, including four on Hong Kong Island, two in Kowloon, and nine in the New Territories.

CK Asset (1113) got permission to build in Sai Ying Pun a 38-floor residential apartment development with a gross floor area of 111,746 square feet and non-residential area of 17,340 sq ft.

In other news, Wheelock Properties will launch sales of 154 flats at Park Seasons in Lohas Park this Saturday, priced from HK$4.55 million to HK$7.78 million and at an average of HK$14,997 per sq ft after discounts, compared to the previous batch of 168 flats priced at an average of HK$15,039 per sq ft.

The cheapest flat on offer is a 322-sq-ft one-bedroom unit, costing HK$4.55 million or HK$14,118 per sq ft, while lowest price per sq ft goes to a two-bedroom unit with an area of 453 sq ft selling for HK$6.35 million or HK$14,018 per sq ft.

(The Standard)


Hong Kong’s property market rebound is bittersweet pill for homebuyers as attainability measures seen weakening

A rebound in demand and home prices could delay ownership target for those who are still saving up to buy their first homes

Attainability measures improved slightly last year amid a property market slump, compared with levels in Singapore, according to Urban Land Institute

Hong Kong’s efforts to shore up property prices and end a three-year market slump are bad news for residents seeking to own their first homes in the city, after a modest improvement in affordability in recent years versus Singapore, according to the Urban Land Institute.

The government’s move in February to ease financing and raise mortgage limits for home purchases will boost demand and prices, making it harder or longer for those saving up money to attain home ownership, according to the 2024 Asia-Pacific Home Attainability Index it published on Tuesday.

“The government is trying to stimulate the housing market by reducing the cost of home purchases,” said Ken Rhee, CEO of Huhan Advisory and co-author of the report. “By the removal of stamp duties, it will attract many people from outside to purchase homes in Hong Kong in the coming years.”

The Hong Kong-based institute measures home attainability by two yardsticks: median home price to median annual household income, ideally less than 5 times, and median monthly rent to median monthly household income, ideally less than 30 per cent.

Hong Kong’s situation improved to 25 times and 45 per cent in 2023, versus 26.5 times and 46 per cent in 2022, the report showed. In Singapore, the trend was steady at 13.5 times and 36 per cent, versus 13.7 times and 35 per cent in 2022.

Home prices in Hong Kong have declined since they peaked in September 2021, as the Covid-19 pandemic and a recession brought the median down by 7.3 per cent to US$18,331 per square metre in 2023. In contrast, the median in Singapore rose by 9.7 per cent to US$11,749, fuelled by demand from expatriates who shunned Hong Kong’s tough Covid-19 curbs.

Financial Secretary Paul Chan Mo-po announced the lifting of all property curbs during his budget speech in February, scrapping decades-old measures to stem market speculation. Home prices fell by about 7 per cent last year as high interest rates weakened demand.

The city’s property developers are sitting on a large stock of unsold units, an amount that would take about 2.5 years to absorb. At the same time, new supply of private homes also declined as buyers stayed on the sidelines, the report said.

While Hong Kong is infamous for its high cost of living and expensive homes, other Asian cities have also joined the Top 10 list. Shenzhen topped the ranking at 32.3 times due to underinvestment in new housing, the report said. Beijing, Manila and Ho Chi Minh City also made the list.

China last week unveiled the biggest stimulus yet to help end a three-year housing market slump with a US$41 billion relending facility to clear up unsold homes and idle land, and help the nation’s distressed developers.

The People’s Bank of China separately said it would remove the limits on mortgage rates for first and second home purchases, and cut down payment ratios for first- and second-time buyers to spur demand and quicken home ownership. The central bank will also lower interest rates on loans tied to individuals’ housing provident funds.

Local governments in mainland cities are also trying to stimulate the housing market by reversing the restrictions previously used to rein in home-price speculation, Rhee of Huhan Advisory said. The effect will take time to produce results, he said.

Tokyo experienced a 40 per cent surge in apartment prices last year, with a significant increase in demand coming from buyers from mainland China, the institute said in its report. Many wealthy Chinese buyers have shifted their focus from Singapore after the government slapped a 60 per cent stamp duty on foreign buyers, it added.

The cross-border trend will continue for the next two to three years as demand remains strong and supply is limited, a property agent from Japan said. Investors are not influenced by factors such as currency weakness, the agent added.

(South China Morning Post)


Seized Hong Kong Peak mansion linked to China Evergrande founder Hui Ka-yan sells at 40% discount for US$58 million

The luxury property, 10B at Black’s Link on The Peak, sold to an unknown buyer, source says

The mansion and two adjacent homes, also seized by creditors, are linked to China Evergrande founder Hui Ka-yan, once China’s richest person

Receivers of a Hong Kong luxury property owned by a company linked to a top former executive of China’s most indebted developer, China Evergrande Group, have sold the asset on The Peak at a significant discount.

The 5,171 sq ft mansion, 10B at Black’s Link, sold to an unknown buyer for HK$450 million (US$58 million), more than 40 per cent below a valuation of HK$800 million last year, according to a source familiar with the matter.

In March 2023, receivers put the asset up for sale to recover unpaid bills after the home was seized by China Construction Bank (Asia) in November 2022.

It is owned by Better Vision, whose director is Tan Haijun, according to a company registration search. Tan is also the director of Giant Hill, which owns adjacent mansions 10C and 10E Black’s Link, according to Land Registry data. Hui Ka-yan, Evergrande’s founder and former chairman, resigned as a director of Giant Hill on July 30, 2021. On the same day, Tan was appointed as Giant Hill’s director.

Hui, once China’s richest person, has seen his personal wealth dwindle since China Evergrande was enmeshed in a debt crisis triggered by Beijing’s “three red lines” policy, which curbed leverage in the property industry starting in August 2020.

A Hong Kong High Court in January approved a petition by creditors to liquidate China Evergrande, the world’s most indebted property developer, in the biggest such case seen in the city.

In March, the China Securities Regulatory Commission penalised China Evergrande 4.2 billion yuan (US$583.4 million), saying the group inflated its sales by 564 billion yuan in the years preceding its eventual collapse. It also fined Hui 47 million yuan and barred him from accessing the capital markets for life. Six other current and former executives of the Guangzhou-based home builder were slapped with penalties of between 200,000 yuan and 15 million yuan.

The 10C and 10E Black’s Link mansions, valued at more than HK$1.5 billion, were seized by creditors in November. The three adjacent mansions were remortgaged in late 2021 for HK$1.1 billion.

The 10E property, a three-storey detached house with an area of 4,933 sq ft and an estimated market value of HK$550 million, was put up for sale by public tender in March this year. Savills, the agent responsible for the sale, invited tenders for the property, which closed on April 22.

In January, a mainland Chinese buyer snapped up an ultra-luxury house at The Peak at a 35 per cent discount. The mansion, 25-26 A&B Lugard Road, sold for HK$838 million, according to Savills, the sole agent. The sale was linked to Shenzhen entrepreneur Xu Hang, co-founder and director of Shenzhen Mindray Bio-Medical Electronics.

(South China Morning Post)


外資代理行:環保商廈受捧 租金溢價17.1%









觀塘市中心重建添住宅 增賣點


流標後改用途 1750伙住宅

市建局於2022年底已推出觀塘市中心第4及5區重建項目招標,但該地招標反應遜色,於去年1月截標時僅接獲1份來自新地 (00016) 的標書,最終項目流標收場。事實上,由於疫情影響,商業市道表現並不理想,規劃署為項目引入「垂直城市」(Vertical City) 的發展概念,建議將原有的「綜合發展區 (1)」地帶,改劃為「其他指定 (混合用途)」地帶,並將項目的總地積比率增至約12倍,變相其最高總樓面面積,較舊方案增約25%至約270.3萬平方呎。而最顯著的變化是當局為項目加設住宅元素,將新增1,750伙住宅,預計容納約4,025人,將可增項目吸引力。







The Millennity商場 已開幕

觀塘有新商廈陸續落成,新地 (00016) 及載通 (00062) 合作發展的觀塘The Millennity寫字樓部分於去年已經入伙,商場已開幕。


項目位於觀塘巧明街98號,由2座大樓組成,佔地約50萬平方呎,總樓面涉約65萬平方呎,基座為商場部分。項目的寫字樓早前已經錄得不少租務成交,包括積金局,及金融科技公司DOO GROUP等。而據了解,部分商戶已經進駐,包括餅店、咖啡店及食肆等。



更多The Millennity寫字樓出租樓盤資訊請參閱:The Millennity寫字樓出租





布力徑10號B屋,面積約5171方呎,該大宅於2022年11月由建設銀行 (亞洲) 接管,其後於去年3月初推出市場標售,當時市場估值約8.8億,據了解,當時曾接獲數十組買家查詢,惟出價未達銀主要求而收回。