Retail performance getting stable
The Census and Statistics Department announced that the value of total retail sales in June 2017 was HKD 33.7 billion, edged up 0.1% y-o-y. After netting out the effect of price changes over the same period, the volume of total retail sales slightly grew by 0.4% y-o-y. Falls of value and volume of total retail sales narrowed down to 0.6% and 0.8%, respectively, in 1H2017.
Property transactions down 30% last month
According to the Land Registry, a total of 5,461 property registrations were recorded in July, down 30.9% m-o-m. The decrease was caused by the mortgage tightening measures, coupled with tight supply and aggressive ask price from owners. However, it is believed that the number of registrations will increase this month.
Goldin Financial Global Centre leased at HKD 25 psf
It is reported that two entire floors of Goldin Financial Global Centre, Kowloon Bay, with a GFA of 70,000 sq ft, have been leased out for HKD 25 per sq ft. The new tenant is Otis Elevator Company, a global company that manufactures elevators, escalators and moving walkways. Leasing of new office can enhance business integration and save rent as currently Otis has multiple offices in Hong Kong.
A shop in Tsuen Wan transacted for HKD 52 m
According to market news, Shop D, G/F, 69-77 Chuen Lung Street, Tsuen Wan, with an area of 900 sq ft, has been transacted with tenancy for HKD 52 million, or HKD 57,777 per sq ft. The shop is currently leased to a shoe shop for HKD 135,000 per month, and the rental return for new buyer is about 3%.
(Sources: Vigers Research and market news)