Overall property sales rose 12% in Aug
The Land Registry yesterday announced that total number of property transactions reached 6,130 in August, rose 12.3% compared with 5,461 transactions in July. Whilst the consideration was about HKD 43.9 billion, dropped by 4.2% monthly. The figures mainly reflect the market condition 4 weeks ago.
Equitable mortgage surged 59% m-o-m
According to market data, 1,339 equitable mortgages were recorded in August, rose 59% m-o-m and setting a second highest record of the year. Whilst 9,590 mortgage loans on completed properties were reported during the month, down 7% m-o-m. Impacts of interest rate hike have started to appear as the market share of mortgage loans on completed properties owned by major banks fell 3.7 percentage points m-o-m.
Entire floor of Shun Tak Centre sold for HKD 750 m
HKR International announced yesterday that the entire 22/F, China Merchants Tower, Shun Tak Centre, has been sold by the company’s principal subsidiary, Yintaly Construction Company Limited. The property with a GFA of 24,200 sq ft was sold to an independent third party for HKD 750 million, or HKD 30,992 per sq ft, reaching a new high for the building.
More Chinese restaurants renewed lease at a higher rent
Transactions of Chinese restaurants renewed lease at a higher rent were getting more. For example, the leasing agreement of Shop G9, G/F & 1/F, 6 Ka Wing Street, Yau Tong, has been renewed by a Chinese restaurant for HKD 260,000 or HKD 23 per sq ft, 24% higher than the previous monthly rental of HKD 210,000. The GFA of the shop is 4,070 sq ft on G/F and 6,490 sq ft on 1/F.
(Sources: Vigers Research and market news)