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Secondary market hit by policy wait

Secondary-market transactions over the long weekend fell to a second record low in the past six months ahead of the policy address announcement on Wednesday.

Property agency reported a 50 percent drop in the number of transactions among its top 10 housing estates.

Only four deals were struck in Ap Lei Chau's South Horizons, Quarry Bay's Kornhill and Tin Shui Wai's Kingswood Villas. A total of 11 deals were done over the National Day weekend starting Friday.

A wait-and-see attitude prevailed among secondary home buyers over the right time to enter the market with stronger indications of the government's housing policies on Wednesday casting uncertainty over the market, agent said.

A stark contrast to the dull secondary market was the primary-market frenzy.

Koko Reserve in Lam Tin saw inquiries from families planning to move from east Hong Kong Island and east Kowloon, and investors after the opening of show flats Saturday, said developer Wheelock.

The first batch of the low-rise Koko Reserve, the second phase of the Koko Hills development, will be sold via tenders from October 10 to December 31.

The round includes 24 three-to-four-bedroom flats with sellable areas of 776 to 1,171 square feet, and three penthouses with sellable areas of 1,755 to 1,992 sq ft and a rooftop.

That came as another two deals worth HK$32.9 million were terminated at the to-be-rebuilt Pavilia Farm III atop the MTR's (0066) Tai Wai Station.

A total of 53 deal terminations was reported as of yesterday at the New World Development (0017) project, 6 percent of the total number of flats sold.

In the secondary market, La Cite Noble in Tseung Kwan O saw the first-ever loss in three years. A 643-sq-ft flat with three bedrooms was sold after HK$1.3 million was shaved off the price. It was sold for HK$10.2 million, 12 percent lower than the HK$11.55 million paid in 2018.

In the commercial market, the number of deals at top 50 grade-A offices saw a 160 percent jump to 131 in the past three quarters, data from property agency showed.

US Federal Reserve vice chair Richard Clarida traded between US$1 million (HK$7.8 million) and US$5 million out of a bond fund into stock funds one day before chairman Jerome Powell issued a statement indicating potential policy action due to the worsening of the pandemic, Bloomberg News reported.

Clarida's trades were described in his 2020 financial disclosures, showing the shifting of funds out of a Pimco bond fund on February 27, 2020, and buying the Pimco StocksPlus Fund and the iShares MSCI USA Min Vol Factor exchange-traded fund in similar dollar ranges, on the same day.

The next day, Powell released a statement that said coronavirus "poses evolving risks to economic activity." He added that the Fed was "closely monitoring developments and their implications for the economic outlook."

"Vice chair Clarida's financial disclosure for 2020 shows transactions that represent a preplanned rebalancing to his accounts, similar to a rebalancing he did and reported in April 2019," a Fed spokesman said.

The Bloomberg report comes as two other Fed officials came under scrutiny for investment trades they made last year and announced their retirements on Monday.

Meanwhile, the International Monetary Fund's executive board will intensify its probe of managing director Kristalina Georgieva this week by separately interviewing her and investigators who said she pressured World Bank staff to alter data to favor China, insiders said.

The board will question lawyers from the WilmerHale firm today about their World Bank investigation report, three insiders said. The report alleged that Georgieva, as the bank's CEO in 2017, applied undue pressure on staff to alter data in the flagship "Doing Business" report to benefit China.

Georgieva, who has strongly denied the accusations, will appear before the board tomorrow, the day she is to deliver a virtual speech about the IMF and World Bank annual meetings October 11-17, two of the sources said.

The interviews could prove pivotal in either building or eroding IMF shareholder support for Georgieva.

(The Standard)




















今年暫錄24宗大手工廈成交 基金主導市場 屯門荃灣葵涌成目標


今年以來,市場暫錄24宗逾億元工廈買賣,除了有14宗全幢買賣,更不乏分散業權的大手成交,數目共10宗,最新一宗為SilkRoad Property Partners購入屯門恒威工業中心C座約九成業權,作價11.6億,根據土地註冊記錄,該廈地廠及多層全層樓面以9.46億成交,還有,該廈約187個車位以逾2.14億易手,業內人士指出,大廈樓面及車位分別登記,方便會計上安排,買家日後或不排除拆售車位。

上述該宗交易,論金額之高,於今年以來工廈排行榜,位踞第五位,至於最大宗買賣為,施羅德資本房地產與Bentall Green Oak買入荃灣有線電視大樓及One Midtown一籃子貨,排行第二位的為,東亞紗廠工業大廈全幢,由華潤物流以22.4億承接。


今年以來,大手工廈買賣以屯門、葵涌及荃灣最多,基金主導大市,數目共有6家,施羅德、嘉民亞洲基金、SilkRoad Property Partners、安祖高頓基金、黑石基金及ESR都相繼出手,可見他們看好工廈前景。