Timing is key factor for successful emigrants

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.

Singaporeans' keenness to travel to Hong Kong recently rose, thanks to the city’s “Hello Hong Kong” campaign.

Data from YouGov showed that during the campaign period, consideration of Hong Kong as a travel destination started on an upward trend.

During the start of the campaign on 2 March, travel consideration rose to 14.3%. 

“By 20 March, when the campaign winners were revealed, consideration of Hong Kong as a travel destination gained another 1.2 percentage points to reach 15.5%,” YouGov reported.

The registration of a lucky draw of more than 27,000 free round-trip economy air tickets to 26 countries - including the United States, Canada, the United Kingdom, Japan and South Korea - has opened on Monday!

The campaign is part of the Airport Authority's "World of Winners" program that will give away 80,000 free flights to Hongkongers and 500,000 to tourists in an effort to boost the postpandemic economic revival.

The city's flagship carrier will give away 27,314 round-trip tickets to 46 destinations in 26 countries in the draw that opens at 10am this morning and ends at 11.59pm on April 30.

Border reopening led to the first decline in the vacancy rate ofGrade A offices , which fell 12% in March 2023, JLL said in its report.

This is the first decline in 10 months, JLL also said.

The Grade A offices' overall vacancy rate edged down from 12.2% at the end of February to 12.0% at the end of March. 

The vacancy rate in Wanchai / Causeway Bay and Kowloon East fell to 9.6% and 19.3%, respectively, whilst

Hong Kong's exports plummeted by 17.7 percent in the first quarter of the year and for the 11th month on the trot, while imports of goods fell by 12.7 percent, leading to a trade deficit of HK$111.6 billion for the first three months in a blow to the city's recovery.

But it was not all bad news as confidence among small businesses returned to positive territory for the first time since the pandemic, while the city's restaurants also fared well this year, according to two surveys.

Data from the Census and Statistics Department showed values of total exports and imports in March fell year-on-year by 1.5 and 0.6 percent, respectively, with exports to Asia down by 6.1 percent, but significantly up to the United Kingdom and United States by 15 and 13.8 percent.

Sales of secondary market US homes fell in March by more than forecast - underscoring a housing market that is still on shaky footing despite some signs of stabilizing.

Contract closings decreased 2.4 percent last month to an annualized pace of 4.44 million after an outsized jump in February, according to data released last week by the National Association of Realtors.

The median estimate in a Bloomberg survey of economists called for 4.5 million.

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," Lawrence Yun, NAR's chief economist, said in a statement.

A supply of some 30,000 light public housing units is expected to help cut down the wait time for public rental housing to 4.6 years by 2026 at the earliest, but that hinges upon an aging construction sector, Our Hong Kong Foundation said.

Last year, the average waiting time reached a record-high 6.1 years. It currently stands at 5.5.

The 30,000 units are a part of the 360,000 public housing flats slated to be built over the next 10 years, provided there are no construction delays, foundation vice president Ryan Ip Man-ki said as the policy think tank delivered its annual housing report.