Retail property sales reached 11-month low in Aug
According to the Land Registry, 120 retail property transactions were registered in August (the figure mainly reflects the actual market condition 2-4 weeks ago), dropped 8% from 131 transactions in July. The figure was decreased for 2 straight months and marked an 11-month new low. Whilst total consideration amounted to HKD 2.953 billion, up by 33% monthly.
New World Dev looks into mortgage plan to help U grads buy home
New World Development’s Executive Vice Chairman and General Manager Adrian Cheng yesterday said the group is considering to introduce mortgage plan helping university graduates to buy first home. The rate will be close to market level and the repayment duration will be longer. The down payment requirement may also be lower, but there will be resale restrictions.
Walter Kwok purchased an industrial building with HKD 1.98 b
It is reported that Empire Holdings has purchased 97% ownership share of Tin Fung Industrial Mansion, in Wong Chuk Hang, for HKD 1.98 billion, with an A.V. of HKD 7,229 per sq ft. Empire Holdings is managed by Walter Kwok, the former Chairman of Sun Hung Kai Properties. The Company will unify the ownership of the building through the application of compulsory sale.
The Center transacted for HKD 55,900 psf
The entire top-floor, 79/F, The Center, Central, was confirmed to be transacted for HKD 738 million, or HKD 55,900 per sq ft yesterday. The unit rate was 37.7% above the record of HKD 40,600 per sq ft 8 months ago and reached above HKD 50,000 for the first time, becoming the most expensive grade A office in the city.
(Sources: Vigers Research and market news)