Joseph Yam: Fed balance sheet reduction could bring large impact
The Federal Reserve is expected to wind down its balance sheet from September. Joseph Yam yesterday said that its impacts to Hong Kong should be analysed from a macro perspective, covering asset price, mortgage loans and interest expenses. He also suggested home buyers to do a stress test.
Comprehensive review of rising construction cost
The Development Bureau yesterday submitted a document to the Legislative Council regarding the cost control for capital works projects. The result of a study shows that construction cost was mainly driven up by the higher standard and requirements imposed on works projects, coupled with labour shortage and ageing workforce. The government will conduct a comprehensive review of the requirements of public works projects.
Original site of Fung Lum Restaurant sold for HKD 300 m
Fung Lum Restaurant, a renowned restaurant in Tai Wai, was closed in March last year. It is reported that the shop was transacted for HKD 300 million, or HKD 30,000 per sq ft last month. The property is located at Shops B & C, G/F, 45-47 Tsuen Nam Road, Tai Wai, with a gross floor area of about 4,791 sq ft and a 5,200-sq-ft cockloft.
Shop in Causeway Bay renewed for HKD 1.1 m by Prince Jewellery
According to market sources, A Shop on 16 Kai Chiu Road, Causeway Bay, with an area of about 3,400 sq ft, has been leased to Prince Jewellery & Watch for years. Monthly rent in previous years rose to HKD 3 million and the leasing agreement is about to expire. It is reported that the leasing agreement is renewed for two years, with a 63% rent cut to HKD 1.1 million or HKD 323 per sq ft per month.
(Sources: Vigers Research and market news)