Wednesday, March 27, 2013

Li Ka-shing Backs H.K. Property Curbs as Transactions Fall


引用: http://www.businessweek.com

Li Ka-shing, Asia’s richest man, backed recent measures by the Hong Kong government to curb an “unhealthy” surge in Hong Kong Property prices that’s turned the city into the world’s most expensive housing market.

“If prices goes up every day, and a lot of people can’t afford to buy, this would be unhealthy,” Li said after his flagship developer Cheung Kong Holdings Ltd. (1) reported lower Hong Kong Property sales yesterday. “The Hong Kong government has said it wants a stable market.”

Li’s comments come after Cheung Kong last month sidestepped government curbs on home sales by selling hotel rooms, before Hong Kong Chief Executive Leung Chun-ying widened the restrictions to include commercial Hong Kong Property  Cheung Kong this month became the first major developer to cut prices at an apartment project, with Deutsche Bank AG forecasting home value in the city may decline as much as 20 percent over two years.

“We expect Cheung Kong to be more responsive in adjusting prices to suit the prevailing market conditions,” Deutsche Bank AG analysts Jason Ching and Tony Tsang wrote in a report dated yesterday. The company “has a very good track record of expanding market share, even in difficult markets.”

Shares of Cheung Kong rose 0.8 percent to HK$114.10 at 9:44 a.m. local time today. The earnings statement came after the market closed yesterday. Net income fell 30 percent to HK$32.2 billion ($4.1 billion), beating the HK$25.7 billion average estimate of 11 analysts surveyed by Bloomberg.

Tighter Policies
Hong Kong’s home prices have doubled in the past four years on record low mortgage rates, a lack of new supply and an influx of mainland Chinese buyers, raising concerns that housing is becoming unaffordable for the general public.

Chief Executive Leung has made available more land for public housing, imposed extra tax on foreign buyers and doubled stamp duty on all Hong Kong Property transactions since taking over in July. HSBC Holdings Plc and Standard Chartered Plc have also led banks in raising mortgage rates in the city after the Hong Kong Monetary Authority tightened risk rules last month.

Hong Kong Property sales have slowed down recently,” Li, 84, said. “The government wants a stable market. If the policy provides stability and land and home prices are stable, then it should be a good thing.”

Cheung Kong last month raised HK$1.4 billion selling all 360 rooms at its Apex Horizon hotel project. Following the sale, the government said in a statement it will inspect the development to ensure the rooms aren’t being used as residences.

‘Superman’ Li
A day later, the government doubled the stamp duty tax on all properties of more than HK$2 million and raised mortgage down-payment requirements, its first set of measures aimed at non-residential properties, including hotel rooms, offices, shops, and carparks.

Li, who opened a plastic flower factory after the World War II, began investing in Hong Kong real estate in 1967 after riots from China’s Cultural Revolution depressed prices to build Cheung Kong into a company with a market value of $34 billion.

Nicknamed “superman” by the local media for his investing prowess, Li forecast in 2007 that China’s stock-market bubble would burst and in 2009 predicted the rally in Hong Kong home prices. The Shanghai Composite Index lost 65 percent in 2008, the most among the world’s 10 biggest stock markets.

Cheung Kong yesterday reported 2012 profit excluding contributions from unit Hutchison Whampoa Ltd. (13) rose 6 percent as rental income growth offset a decline in home sales.

‘Hedging Themselves’
Profit (1) excluding Hutchison increased to HK$19.1 billion from HK$18.1 billion a year earlier, the company said. Contribution from Hong Kong Property sales fell to HK$10 billion from HK$11.2 billion a year ago as it booked sales in projects including La Splendeur and Le Chateau.

Mainland China, where Cheung Kong has projects in cities including Shanghai and Guangzhou, contributed HK$4.7 billion, or almost half of the company Hong Kong Property sales profit last year.

“I get the sense that they’re more upbeat on their mainland China businesses,” said Lee Wee Liat, Hong Kong-based analyst at BNP Paribas SA. “They’re hedging themselves. If Hong Kong doesn’t sell that well, China’s going to bring up the numbers.”

Home transactions in Hong Kong will probably fall below 3,000 this month because of the government measures, according to a forecast by realtor Midland Holdings Ltd. (1200) That would be the lowest level since 2003, when Hong Kong was near the end of a six-year Hong Kong Property price slump.

Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency

Friday, March 22, 2013

Maples Fund Services Expands Hong Kong Office


引用: http://www.sfgate.com/

Maples Fund Services Expands Hong Kong Office

The addition to the Hong Kong Office team is driven by increased market share of new launches in private equity and hedge funds, conversions from other service providers, and organic growth from existing fund manager clients.

In his new role, Kit will assume operational responsibility for the fund accounting and investor services teams in Hong Kong Office and will complement the dedicated client service team structure. Maples Fund Services provides tailored and flexible solutions to both private equity and hedge fund managers throughout the region.
Eastern Fong, Regional Head of Fund Services for Asia, commented, “Kit brings a wealth of experience in private equity and hedge fund administration to our growing operations. His superior technological and professional expertise will help us continue to expand as a leading player in Asia.”

Kit previously worked at PricewaterhouseCoopers Hong Kong Office  where he was a founding member of the private equity and real estate fund industry specialised group. He has more than 14 years of experience providing advisory and assurance services, including internal controls, financial reporting, administration and compliance for various types of private equity, hedge funds, venture capital, REITs and privately held real estate funds. Kit received a Fellowship from the Association of Chartered Certified Accountants and is a member of the Hong Kong Office Institute of Certified Public Accountants.

Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency

Wednesday, March 20, 2013

Eurex Hong Kong office names new head


引用: http://www.theasset.com/article/23898.html

The international derivatives marketplace Eurex Exchange has named Markus Georgi head of the Hong Kong office representative office, succeeding Paul Lo.

Georgi’s responsibilities include the further development of Eurex’s business in the region, notably Hong Kong office  India and the Middle East. He leads a team of seven and reports to Roland Schwinn, head of business development, Asia and Middle East for Eurex and Deutsche Börse. Schwinn is based in Singapore.

Eurex established offices in Singapore, Hong Kong office and Tokyo in 2009. Currently around 20 direct exchange participants and trading locations are connected to Eurex Exchange from Asia. The exchange operates two access points – one in Hong Kong office and one in Singapore.


Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency

Monday, March 11, 2013

Property prices: Dubai more affordable than Monaco, Hong Kong, Mumbai


Prices of Dubai’s prime luxury properties have risen by over 20 per cent in 2012, but purchasing a Hong Kong Property in the emirate is far too inexpensive compared to the top global cities.

The Wealth Report 2013, produced by Knight Frank, a global Hong Kong Property company, reveals that Dubai’s prime luxury properties are much over 10 times lower than Monaco, the world’s most expensive residential Hong Kong Property market.

According to the report, prices for properties in Dubai ranged between $520 and $580 per square feet (psf) in fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco during the same period last year.

In Hong Kong PropertyHong Kong Property prices ranged between $4,570 and $5,050 psf; London $3,890-$4,300 psq; Geneva $2,720-$3010 psq; Paris $2,350-$2,600 psf; Singapore $2,340-$2,580 psf; Moscow $2,040-$2,260 psf; New York $2,030-$2240 psf; Mumbai $990-$1,100 psf and Sao Paulo $660-$730 psf.

Among the 20 cities listed surveyed by Knight Frank, Dubai was placed 19th with the last slot going to Cape Town, where prices ranged between $510 and $570 psf.

In terms of price growth among the 80 global destinations that the Knight Frank index tracked, Dubai was placed second along with Bali. Both these market saw prices increasing by 20 per cent last year. Jakarta took the top slot with prices rising by 38 per cent.

On the other hand, Monaco rose 2 per cent, Hong Kong Property and London 8.7 per cent increase; Singapore 0.6 per cent, Mumbai 0.5 per cent and Sao Paulo 14 per cent. Price fell in Geneva by 6 per cent, Paris 4 per cent, Moscow 2.3 per cent and New York 1.4 per cent.

In the 2013 report, Liam Bailey, Global Head of Residential Research at Knight Frank, said Dubai stands out with strong growth of 20 per cent in the price of luxury villas during 2012 in the Middle East.

“The epitome of the global downturn between 2008 and 2009, the emirate rebounded in 2012 on the back of a resurgence in demand. This was aided by lower prices and underpinned by its location as a strategic hub, able to attract wealth from the Middle East, North Africa, the
Indian subcontinent and central Asia.”

Dublin’s prime market, also a victim of the global financial crisis, saw prices fall 60 per cent between 2006 and 2011. In 2012, rising investment interest saw values rise modestly by 2.5 per cent, the report said.

Overall, demand for prime residential Hong Kong Property  for investment or lifestyle reasons or as a safe haven asset, remained strong through 2012. In the majority of locations across Asia-Pacific, the Middle East and Africa, this demand helped to push prime prices higher, in some cases to such an extent that governments felt it necessary to curb demand.

Although the UAE Central Bank has stated it had not issued any circular for mortgage cap, following the ruckus in the banking and real estate sector, the Apex Bank did ask banks to suggest the limit of the mortgage cap and the maximum tenure. The Central Bank is expected to issue new guidelines on mortgage lending before end of 2013.

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