Hon Kong retirees should rent rather than buy in Greater Bay Area

After the hong Kong government lowered stamp duty for first-time buyers, small and medium-sized homes saw transactions rise in the secondary market.

Yuen Long reported six units traded on February 22, when the stamp duty cut was announced in the Budget, said Centaline Property's deputy regional sales manager, Ken Wong Kan-hok.

Inquiries on home purchases surged and the home viewing appointments last weekend increased up to three times week on week.

Victor Chung, associate district manager at Midland Realty, said 15 deals were recorded in Tsuen Wan in one day after the Budget announcement, with 70 percent at HK$9 million or below.

通關效應令超級豪宅受到市場關注，山頂布力徑9號獨立屋現推出放售，市場估值約4.8億元。

美聯方富義指出，是次獲委託出售的山頂布力徑9號，實用面積5104方呎，花園面積約為4000方呎，為市場罕有放盤的超級豪宅。該行已接獲逾10組客查詢，主要為超級富豪及內地客，並預約參觀該座物業。據了解，項目估值約4.8億元，呎價約94044

Silicon Valley Bank imploded in a single day. It could just be the tip of the iceberg.

The market on Friday watched as regulators shut the doors of Silicon Valley Bank, capping off a speedy decline and marking the biggest bank failure since 2008.

The bank's collapse was a byproduct of the Federal Reserve's hiking of interest rates by 1,700% in less than a year. Once risk-free Treasuries started generating more attractive returns than what SVB was offering, people started withdrawing, and the firm was forced to sell its loan portfolio at a huge loss. Even more people fled, and regulators were forced to shut it down.

The chaotic episode showed that the Fed's aggressive interest rate hiking regime could upend institutions and markets that were once thought to be relatively stable. It appears that any rate sensitivity is about to be laid bare, and past risk-taking behavior held accountable.

As much as consumers claim to be tech-savvy enough to recognize scams, Visa found that 73% are still likely to miss the requisite red flags in digital communications.

Visa referred to the language of fraud as “fraudulese,” which can be seen in texts or emails that offer free gifts, winning, exclusive deals, or act now messages. 

“Understanding the language of fraud is increasingly essential in our digital-first world. Scammers have reached new heights of sophistication in both language and variety – no one is immune,” Pavan Kumar Muttireddy, Head of Risk, Visa Hong Kong & Macau, said. 

資本策略以樓花形式推售的中環銀座式商廈威靈頓街92號，至今共沽出2層，近日發展商加推5層應市，售價由5880萬元起，呎價約2.27萬元起。

威靈頓街92號近期連沽2層，包括1樓全層，建築面積約1971方呎，成交價5755.32萬元，呎價29200元，另一宗成交為7樓全層，建築面積約2941方呎，成交價6470.2萬元，呎價22000元。兩層單位合共成交總值逾1.22億元。

HSBC says it is acquiring the UK subsidiary of stricken Silicon Valley Bank for 1 (HK$9.46), but its shares edged down in Hong Kong.

"This acquisition makes excellent strategic sense for our business in the UK," chief executive Noel Quinn said.

The move comes after US authorities moved to shore up deposits and stem any wider fallout from the collapse of its parent, tech start-up lender SVB.

The global political conflicts and closure of borders impacted Hong Kong’s top spot in the priciest retail destination. According to Cushman and Wakefield’s 2022 report, Hong Kong has now edged down to second place. 

The Upper Fifth Avenue located in New York ranked first in the most expensive retail destination report, with $15,622 (US$ 2,000) per square foot (sq ft). In 2019, the US was at the second spot globally.

Hong Kong’s Tsim Sha Tsui has $11,216 (US$1,436) per sq ft. The market was in first place before the pandemic hit.

Followed by Hong Kong in the most expensive retail destination is Italy’s Via Montenapoleone with $10,779 (US$1,380)  rent per sq ft. London’s New Bond Street and The Avenues des Champs Elysees in Paris placed fourth and fifth, respectively.

Secretary for Housing Winnie Ho assured the public that there are measures in place to prevent abuse of the city’s public housing resources.

Ho added that the Housing Department has also collected evidence and strengthened collaboration between the various government departments to obtain key information more effectively and quickly to determine if there is any tenancy abuse.

Since the implementation of the revised Well-off Tenants Policies in 2017, about 3,200 households have surrendered or had their public rental housing (PRH) flats recovered.

Transaction volumes for commercial properties will likely improve across all sectors in 2023 and beyond, according to CBRE.

In a report, CBRE said demand for commercial properties will gradually strengthen on the back of a brightening economic outlook, improving sales for the year.

In February, sales surged by 23.4% MoM to 1,698 units.

CBRE, however, said the rental and capital value performance of the market will “depend on the supply-demand balance across individual property sectors.” 

“In the short term, a rebound in the retail sector will be more evident as supported by growth in inbound travellers from a low base, followed by the hospitality segment. We expect to see more money chasing these assets going forward,” CBRE said.