HK PMI rebounded in June
The Purchasing Managers’ Index (PMI) in Hong Kong rose from 50.5 to 51.1, from May to June. It has remained at the level of expansion for 3 months. Nikkei/Markit data showed that the growth of new orders slightly recovered in Q2, and the sales export to Mainland reached an over 3-year high, representing stronger demand from Mainland customers.
Kwai Chung temporary site will build 650 PRH flats
For the sake of housing development, it is reported that a temporary site in Kwai Chung, with a site area of about 54,000 sq ft, will be used for building Public Rental Housing (PRH) flats by the government. The project is expected to provide 650 units, accommodating about 1,600 people. Construction will start in 2019 at the earliest.
Small shop in Mong Kok sold for HKD 15.1 m
According to market news, Shop 6, G/F, Richmond Commercial Building, 109-111 Argyle Street, Mong Kok, with a saleable area of 90 sq ft, or a gross floor area of 150 sq ft, has been transacted for HKD 15.1 million. The shop has been leased to Kin Ying Exchange at HKD 40,000 per month. The new buyer is expected to earn a rental return of 3.2%.
Hereford Road luxury home sold for about HKD 100 m
According to market news, a luxury residential unit at 16 Hereford Road, Kowloon Tong, with a saleable area of 3,742 sq ft, has been transacted for HKD 99 million, or HKD 26,400 per sq ft of saleable area. The original owner, WONG Siu Kong, Chairman of Kerry, or his related party, purchased the unit at HKD 35 million in 2006, making a book profit of HKD 64 million or 1.8 times.
(Sources: Vigers Research and market news)