Jane Hu, a financial adviser from the Southern Chinese city of Huizhou, travels to the outskirts of Hong Kong to shop with her friends at least once a month. They rarely venture into the city center or stay overnight.
Chu Kin-lan has already shuttered six of 11 offices of her Hong Kong real estate agency, whose Chinese name translates as Precious Prosperity, and let go half of her 70 employees amid the city’s toughest curbs on home buying in its history. The worst pain may be still to come.
The Kwok family trust, which controls Sun Hung Kai Properties Ltd., has agreed to pay about HK$800 million ($103 million) in land premiums to the Hong Kong government to turn a building site in the city’s Island South district into a luxury housing project, Ming Pao reported, citing people it didn’t identify.
Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer by value, bought a building site for less than analysts’ estimates, underscoring concerns that rising supply and slowing global growth may crimp home prices.
Luxury-home rents in Hong Kong and Singapore, two of Asia’s most expensive cities for apartment leases, are declining for a third year as banks squeezed by slowing growth cut budgets for expatriate workers.
Swire Properties Ltd., landlord to Time Warner Inc. and Societe Generale in Hong Kong, seeks to raise as much as HK$20.8 billion ($2.7 billion) in what would be the city’s largest initial public offering since 2007.