今年上半年第五波疫情后，整体写字楼租赁于第三季度录57.7万方呎净吸纳量，租赁回升同时，港岛东和九龙东三座新写字楼相继于今年第三季度投入市场，新落成总写字楼净楼面约180万方呎，令整体空置率攀升至12.6%。

有外资代理行代理表示，新落成甲厦推高空置率，有见升级搬迁 (flight-to-quality) 趋势持续，质素较低写字楼受压，整体甲厦租金于2022年第三季度按季跌1.5%。九龙东和西九龙租金分别按季微升0.9%和0.4%，湾仔及铜锣湾租金按季跌2.4%。

第三季仅录26宗大买卖

该行另一代理说，政府放宽入境措施，有助带动跨国公司对写字楼租赁需求，预计新增甲厦供应将达到330万方呎，料升级搬迁将导致同区甲厦空置走向两极化。

今年第三季受加息影响，仅录26宗大买卖，按季跌16%，按年跌49%，金额仅录26亿，按季下挫73%。该行另一代理说，核心区一綫街铺有升值潜力，工业资产受投资者青睞，高力预测2022年的整体成交量按年增长15%。

加息对住宅市场构成压力，预期私人楼宇价格因此下调，由于买卖双方期望差距扩大，导致今年第2季度二手住宅季度成交量按年下跌32.3%。该行分析，7月至9月的2823宗二手交易，见业主接受减价，400方呎以下细价楼最明显，以低市价5%至20%成交，上升了26%。

该行另一代理说，早于疫情爆发前，缴纳买家印花税只佔5.7%，预计开放边境，未必能扭转住宅价格跌势，预计今年楼价按年跌10%至12%，细价楼首当其冲。

(星岛日报)

大手买卖录214亿按季微跌2.3%

有外资代理行指出，受加息和环球经济不明朗影响，投资者持审慎态度，今年第三季，逾亿大手物业总成交额录约214亿，按季及按年分别微跌2.3%和1.4%，年初至今总额暂录约543亿，与上年同期比较按年跌16.6%，季内写字楼交投回暖，重建地盘及具改装为出租公寓潜力的住宅或酒店，亦受追捧。

外资代理行：写字楼佔50%

写字楼物业成交在第三季显著回升至108亿，佔季内总交易额50%，亦是自2020年第四季以来的新高，主要受两宗大笔交易推动，包括九龙湾高银金融国际中心全幢，估计约70亿，以及基金AresSSG以近31亿向新世界购入长沙湾永康街商厦项目51%权益，以上成交反映投资者对甲厦长綫后市信心。

疫下酒店减价出售

投资者仍积极物色酒店或公寓收购机会。其中，共居品牌及投资者WeaveLiving与领盛投资管理 (LaSalle Investment) 组成的合营企业，收购罗便臣道68号全幢住宅，涉资2.75亿，预期市场上的酒店买卖陆续有来，而且部分将涉及改装为共居空间，以提高价值。受限于政府防疫隔离措施和疫情发展，不少中小型酒店面临财政压力，故部分酒店业主愿意减价出售。

(星岛日报)

更多高银金融国际中心出租楼盘资讯请参阅：高银金融国际中心出租

更多九龙湾区甲级写字楼出租楼盘资讯请参阅：九龙湾区甲级写字楼出租

玫瑰苑下月初强拍底价逾20亿

本港市区豪宅地皮供应罕有，不少财团向旧楼埋手密密併购，并且透过强拍途径增加土储。由财团申请强拍的九龙塘玫瑰苑，早前获土地审裁处批出强拍令之后，落实于今年11月3日进行拍卖，底价为20.75亿，较申请强拍时估值约9.954亿，高出10.796亿。

土审处文件显示，今次获批强拍令的玫瑰苑，位于又一村玫瑰街23至34号，毗邻私楼又一居，项目早于2020年由BREMONT INVESTMENTS LIMITED申请强拍，上个月终于获该处批出强制售卖令。

曾4度向小业主出价

该财团2020年申请强拍时，持有约80.30%业权，最新增加至87.88%，目前餘下8个物业未成功收购。

该财团曾于2020年至2022年间，四度向小业主出价收购依然遭拒绝，其中2020年4月曾出价约2508万至2761万，其后于2021年4月及今年2月两度提高出价，今年7月出价进一步增至约3000万至3300万，然而依然未能打动小业主。

料可发展为低密度豪宅

现时上址为22幢楼高3层的住宅，早于1967年落成，地盘面积约138960方呎，现划为「住宅 (丙类) 7」用途，料可发展为低密度豪宅。

(星岛日报)

美景楼未达强拍门槛 收购告吹 有住户索价每呎1.8万 参与业权份数78.09%

本报今年5月率先披露土瓜湾美景楼收购，事件有新进展，本报得悉由于美景楼最终收购业权份数未能达至整体80%强拍的门槛下限水平，负责收购的财团决定放弃收购，令收购计画被逼告吹，该财团并称，直至政府立法调低强拍门槛后，届时再根据市况釐定是否重新啟动收购计画。

本报取得的文件显示，就收购美景楼第一期全幢物业，截至2022年9月30日，一期全幢共取得760份业权份数，经财团点算已签合约同意收购共有593.5份 (已包括尚未补签的61个单位)，佔全幢大厦78.09%业权份数。

本报5月率先披露财团收购

由于同意进行收购的业权份数，未达现时强拍条例下最低80%的下限要求，故此财团决定放弃此次收购计画，并表示：「直至政府立法调低强拍门槛，再根据当时市况重新釐定及啟动收购计画。届时希望各业主能继续支持及参与联合出售计画。」

每呎收购价1.6万

该文件并剖析收购告吹的主要原因，包括唔卖及失踪人口单位共有38伙 (约佔5%)；另外无参与业权的单位共涉及67.5伙 (约佔8.88%)，以及贪心业主要求每方呎收购价18000元单位佔61伙 (约佔8.02%)，三项因素合计佔全幢业权份数的21.9%，令是次美景楼收购事宜告吹。

有小业主对是次收购告吹感失望，并痛斥未肯参与的单位要求每方呎收购价达18000元太高，令收购计画未能成功之餘，由于大厦楼龄已达58年，未来并要「夹钱」进行大规模维修，形容该等单位「累街坊」！

小业主对收购告吹感失望

土瓜湾为重建项目主要核心地区，不少有相当楼龄的旧楼成为财团收购的目标，资料显示，本报得悉有财团对美景楼第一期进行收购，并于今年5月率先披露该财团以每方呎1.6万向大厦业主进行收购，当时已集整体的七成业权，该每方呎出价1.6万元，当中买卖合约价每方呎约1.1万，另向住户补贴5000元的搬迁费用，合计约1.6万。

美景楼极具重建价值

美景楼第一期位于美景街及落山道交界，早于1964年落成，楼龄已达58年，合共提供约701个住宅单位，由于步行前往港铁土瓜湾站只须约5分鐘，极具重建价值，该旧楼佔地约4.54万方呎，为市区罕见的大型地盘，若以地积比率9倍重建发展，涉及可建总楼面约40.88万方呎。是次收购计画告吹，业主须付一定费用作维修，但由于大厦日久失修，有不同程度的漏水、石屎剥落等问题，有业主曾向本报透露，初步估计维修费用每户约5万至10万，故不少业主对是次收购计画抱有一定希望。

有业界人士表示，楼市虽然受到疫情及加息等因素打击，楼价亦较年初显著下跌，惟市区地皮供应有限，以上述美景楼位置，邻近港铁站，地盘面积亦不少，为市区难得的地皮，故楼价下跌下，有住户不愿以低价出售单位，亦情有可原，事实上，区内现时新盘造价每方呎达1.8万至逾2万不等，该收购价每方呎约1.6万，与市价仍有一段距离。

(星岛日报)

两测量师行 齐看淡楼市

楼价或挫5成  美停加息才回稳

加息冲击下，近期楼价持续回落，多家测量师行纷纷调整未来楼市预测。最悲观的一间外资测量师行预测，楼价会重演于1999至2003年间的漫长下行周期，最终或有机会累跌近50%，认为现在是撤辣的最好时机，以免负资产情况再现。

另一测量师行亦预料，今年全年楼价下跌约12%。

测量师负责人指，今年至今楼价已下跌近10%，虽楼价不会断崖式下滑，但在加息及全球经济疲弱等因素影响下，预期明年楼价会重演于1999至2003年间的漫长下行周期，当时期内每年楼价跌10%，累积跌幅近50%。

测量师行吁撤辣税 防负资产潮

该测量师认为，政府应具前瞻性，在楼价跌势加剧前採取行动，建议当局立即撤销买家印花税 (Buyer's Stamp Duty，BSD) 及额外印花税 (Special Stamp Duty，SSD)，并避免分段执行。撤销BSD是挽留人才的重点，相信撤销BSD后，其正面影响较通关更大。

该测量师表示，因为SSD政策对于本受经济困扰的业主有更大打击及造成不公，所以认为当局应该同时撤销SSD。该测量师亦建议2,000万元以上住宅按揭成数该交回银行决定 (现时最高借贷成数为5成)，因为现时按揭成数规定令準买家难以换楼，导致豪宅交投冰封。

该测量师又指，若政府考虑立即撤销辣招，即使楼市跌势持续，但可以减慢其跌势，或留有喘息空间，否则明年楼价会进一步跌逾10%。同时，随着息口上升，料明年负资产数字将明显上升，相信豪宅的交投最受影响。

而鑑于通关后亦不代表有大量现金流向本港市场，加上外地人为免缴税，会尽量避免在港置业，因此如政府不撤辣，通关与否对楼市的影响并不大。

另外，另一测量师行指，美国加息令按揭息口及置业人士的最低收入要求提高，对住宅市场构成压力，置业人士预期楼价下调。由于买卖双方价格期望差距扩大，导致今年第二季二手住宅市场的季度成交量按年下挫32.3%。

测量师行倡降印花税率 招才吸资

该测量师行负责人指，未来6个月的住宅价格调整步伐或会加快，预计楼价于今年将进一步按年跌10%至12%，而明年尚有调整压力，直至明年下半年美国或停止加息，楼价可望回稳。

该测量师亦指，过往在住宅物业BSD中，非香港永久性居民只佔5.7%，预计通关未必能够扭转住宅价格的跌势。另外，该测量师认为政府可考虑重新审视辣招，如降低BSD税率 (现为楼价30%)，可望吸纳人才来港以及投资。

(经济日报)

湾仔捷利中心地铺招租 月租叫价35万

港铁会展站开通后，对湾仔区工商铺物业受惠最大，更成为不少投资者追捧对象，有个别财团更于日内斥资逾1亿元连环购入湾仔3个铺位，反映区内铺位投资前景亮丽，更带动区内租务气氛趋畅旺。新近有业主看準时机，将湾仔告士打道两个相连地铺放租，意向月租合共约35万元。

最大面积3865呎 每呎租金65

有代理表示，招租物业位于湾仔告士打道42至46号捷利中心地下1号铺以及地下3至4号铺，当中面积最大为地下3至4号铺，面积约3,865平方呎，目前租用予豪舍销售陈列室，租期将于明年届满。而业主计划以预租方式，以每月约25万元招租推出市场，平均呎租约65元。

地下1号铺 交吉叫租10万

同时，比邻的地下1号铺，面积约1,000平方呎，目前已告交吉，现以每月约10万元招租。两个铺位均适合各行各业，包括车行，银行，陈列室，餐饮业等。业主更为吸引目标行业承租，调整较大议价空间，幅度由约20至30%不等。

该代理指出，大厦提供优质管理服务，现时中、高层写字楼部分有个别楼层招租中，部分坐拥维港海景，面积由约1,108平方呎起，至全层约7,009平方呎不等，意向呎租由40元起。该代理续称，面对湾仔区利好因素不绝，工商铺前景向好，在租金叫价上仍倾向克制，更按目标租客群，提供较大议价空间，幅度约20至30%。而湾仔告士打道位于湾仔核心地带，集结多幢指标商厦，附近亦设有多条巴士路綫、过境巴士及渡海小轮，距离港铁湾仔站出口步程约4分鐘，而徒步至最新开通的港铁会展站亦只需8分鐘，更可贯通沙中綫，交通配套完善，料今次项目招租反应将会见理想。

事实上，湾仔区集结不少商厦，地铺甚为矜罕，而市场新近承租位于庄士敦道138号地下1及2号铺，面积约1,502平方呎，获经营餐饮业租客以月租约38万元承租，平均呎租约253元。上述铺位连同3及4号铺，合共面积约2,831平方呎，原由连锁运动用品品牌自2016年起租用，当时月租约63万元，平均呎租约222元。业主于2022年1月以约2.75亿元购入铺位，鑑于疫情反覆便将铺位分拆出租，以迎合更多不同类别租户。

(经济日报)

更多捷利中心写字楼出租楼盘资讯请参阅：捷利中心写字楼出租

更多湾仔区甲级写字楼出租楼盘资讯请参阅：湾仔区甲级写字楼出租

Stamp duty revenues hit record low

Hong Kong's overall stamp duty revenues plunged 30 percent quarter-on-quarter to a record low of HK$1.25 billion in the third quarter, amid US interest rate hikes and global economic downturn, data from the Inland Revenue Department shows.

The number of transactions between July and September also slumped 22.8 percent to 657 from three months ago.

The number of cases for special stamp duty dropped 23.1 percent quarter-on-quarter to 50, an over-10-year low, and the revenue also plunged 16.8 percent to HK$39.7 million.

Buyer's stamp duty brought the government 25.1 percent less revenue to HK$303.6 million from July to September, while the amount of double stamp duty was reduced by 31.7 percent to HK$907 million compared to last quarter.

A property agency appealed to the government to lift all stamp duties in the coming policy address to avoid home prices to fall faster and to avoid negative equity cases to surge.

In other news, the compulsory sale of Rose Court at Yau Yat Chuen will start next month, with a reserve price of HK$2.075 billion.

The project's gross build-able floor area is up to 116,800 square feet, or HK$17,735 per square foot.

Completed in 1967, Rose Court consists of 22 blocks of 3-storey residential buildings, offering a total of 66 residential units and 66 car parking spaces.

(The Standard)

Hong Kong’s housing market cooling measures: What are they? Have they done their job? And should they be relaxed?

The government and the monetary authority have introduced a variety of duties and rules to cool the city’s hot property market since 2010

With the market now in a slump, developers and agents would like to see these measures relaxed

Since the Hong Kong government began introducing cooling measures for the property market in 2010, annual home sales have generally declined. But this year at least one analyst believes that the number of transactions will fall to a 32-year low, raising questions about whether an already cooling market needs more cooling.

Between 2007 and 2010, annual sales of new homes, lived-in homes and public housing units numbered between 97,678 and 137,721, according to official government data. Between 2011 and 2021, sales numbered between 52,811 and 86,049.

Between those two time periods, the government introduced a series of new stamp duties – taxes on residential property transactions. In addition the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, has imposed rules on home loans that act to cool the market.

So far this year, overall property transactions, including residential and non-residential property, stand at 39,409. A property agent estimates that for the rest of the year only about 25,000 units are likely to be sold, bringing the annual tally of property sales to a 32-year low.

Many factors besides the cooling measures play a role in the current market slump, including the pandemic and its associated quarantine measures, rising interest rates, a stock-market in bear territory and recession fears.

Nonetheless, an association representing property developers is calling on the government to relax the cooling measures. The association warns that slumping prices threaten to push many homeowners into negative equity – where their loan amounts are higher than their home values.

What stamp duties has the government implemented to cool property prices?

Special Stamp Duty (SSD): Introduced in November 2010, this tax is applicable to any residential property that is resold within 36 months, and the less time an owner holds a property, the higher the applicable rate. The SSD initially was between 5 and 15 per cent, but this was raised to between 10 and 20 per cent in 2012.

Buyer Stamp Duty (BSD): Rolled out in October 2012, the BSD aims to suppress demand from people who are not Hong Kong permanent residents. It charges such buyers a flat rate of 15 per cent on the value of the property.

Double Stamp Duty (DSD): This tax, introduced in 2013, doubles the ad valorem (according to value) stamp duty tax for a buyer who is not a first-time buyer or who already holds a residential property in Hong Kong.

Higher ad valorem rate: In November 2016, the government raised the ad valorem rate to a flat 15 per cent for all buyers except Hong Kong permanent residents who are first-time buyers or do not already own a residential property in Hong Kong. The rate was between 4.25 and 8.5 per cent previously.

What do the terms ‘loan-to value ratio’ (LTV), ‘debt-servicing ratio’ (DSR) and ‘stress test’ mean?

The HKMA has launched several measures to cool home prices.

In 2020 HKMA capped the allowed LTV ratio – the ratio of the amount being borrowed to the value of the property concerned – at between 30 and 60 per cent, down from between 60 and 70 per cent previously.

The regulator also requires banks to assess an applicants’ DSR, which indicates how much stress paying the mortgage will impose on an applicant’s finances. The DSR is simply the ratio of the monthly mortgage repayment amount to the monthly income of the borrower. The DSR was capped at between 30 and 60 per cent in 2010, down from between 50 and 60 per cent previously.

Banks are also required to perform a stress test to estimate an applicant’s ability to pay the mortgage in case of interest-rate increases.

On September 23, the HKMA asked banks to reduce the stress test requirement from a simulated hike of 300 basis points to an increase of 200 basis points, effectively making the test easier to pass.

Hong Kong’s base interest rate has been raised five times this year to 3.5 per cent, a 14-year high, in lockstep with increases by the US Federal Reserve. Commercial banks including HSBC, Standard Chartered Bank and Bank of China (Hong Kong) raised their prime rates late last month to a four-year high.

Have the cooling measures actually reduced residential sales?

Residential sales transactions between 2011 and 2021 were 37 per cent lower than they were between 2002 and 2010, a property agent said.

The myriad of cooling measures, most notably the punitive stamp duties on property transactions, have largely eliminated the market participation of non-residents, investors and owners of multiple homes, the agent said.

Have the cooling measures reduced home prices?

“Over the years, all these measures cooled down the number of transactions, but not the price,” the agent said.

Prices of lived-in homes in Hong Kong increased by 160 per cent from 2010 to 2021, according to a government index tracking the segment.

Families living in the city need to save up for an average of 23.2 years, without spending a single dollar on anything else, to afford a home in the city, according to the 2022 Demographia International Housing report.

Prices have fallen by about 6.5 per cent so far in 2022, however, hitting their lowest level in three-and-a-half years in August, according to a government index. Prices could nosedive 30 per cent through 2023 as interest rates deter buyers, according to a Goldman Sachs forecast.

Are Hong Kong homeowners likely to face negative equity if cooling measures remain?

Hong Kong saw 55 cases of residential mortgage loans in negative equity in the three months ended June 30, according to HKMA data, down from 104 in the three months ended March 31.

The number of negative-equity cases is on the brink of spiking as home prices have fallen almost 10 per cent, according to the agent.

Recent borrowers with LTV of 90 per cent – a high LTV available only to first-time buyers through the HKMA’s mortgage insurance programme – are at risk of falling into the negative equity camp if prices continue to trend lower. A spike in negative equity cases in 2016 – when prices fell more than 10 per cent from a peak – represents a relevant reference for what might lie ahead.