http://www.scmp.com/news/hong-kong/article/1515911/us-interest-rate-rises-big-factor-when-relax-property-market-curbs?page=all
Financial services chief says Fed interest rate hikes a big factor in how long property market cooling measures such as 15pc levy remain
Investors should not expect any easing of measures to cool the property market until a rise in US interest rates.
That was the message yesterday from Secretary for Financial Services and the Treasury Chan Ka-keung.
He described the stamp duties designed to hold back real estate speculation as "extraordinary measures for extraordinary times".
And he said: "Clearly, this is not a time for unwinding."
When pushed on the question of whether the end of quantitative easing and a hike in interest rates by the US Federal Reserve would be the earliest point at which Hong Kong would roll back stamp duties designed to dampen rampant real estate speculation, he added: "I don't want to say this single factor will trigger the unwinding, but clearly that will be one of the major factors."
Chan was speaking during a wide-ranging, hour-long interview with the South China Morning Post in the government offices complex at Tamar, in which he described how the administration had attempted to cool demand in the property market.
The government imposed three measures in stages in 2012 and 2013 to counter the impact of super-easy monetary policy in the US and elsewhere that led to cash, often from abroad, being injected into the city's property market after the cost of funding in US dollars - to which Hong Kong's currency is pegged - fell to zero in 2009.
Average home prices across the city have risen 125 per cent since then, according to government data, pushing them far out of the reach of average Hongkongers, who complain that salaries have remained largely static in comparison.
The cooling measures include a 15 per cent levy on non-permanent resident and corporate property buyers, an expansion of stamp duties on quick resales of property and a doubling of duties on all properties costing more than HK$2 million, with exemptions for permanent residents who are first-time buyers or sell their only home to buy another.
They have held prices broadly in check, but there is little evidence of a meaningful retreat, despite developers saying they have been forced into giving discounts in the face of softening demand.
"The low-interest-rate environment is still here, so we've got to be very careful," Chan insisted.
Economists widely believe that US interest rates will not rise before June or July next year, with Fed policymakers still nurturing a delicate recovery from the massive downturn that followed the 2008-09 global financial crisis.
Meanwhile, investors awaiting the arrival of the Hong Kong-Shanghai "through train" scheme to allow seamless stock trading access between the two financial centres should expect it to begin on schedule in late autumn.
Chan was confident in sticking to the likely mid-October start date for the scheme, despite a number of key issues remaining unresolved.
They include the availability of investor access to sufficient quantities of yuan, regulatory enforcement and quota limits.
"We're still early, but we are working towards that deadline," Chan said. He refused to speculate on when the scheme might cover other asset classes, though he expressed interest in the logic of commodities given Hong Kong Exchanges and Clearing's ownership of the London Metal Exchange.
Chan said the "through train" was indicative of the role Hong Kong would likely play in facilitating financial reform on the mainland.
"This particular mechanism for opening up is quite easy to implement for China," Chan said. "You don't have to do a lot of regulatory overhaul internally, because you just open up and link to Hong Kong.
"That is fundamental."
Saturday, June 14, 2014
Saturday, June 7, 2014
Home Decoration Interior Designer
Jun Long Interior Decoration, a professional home decoration and interior designer Joe Lee leads the Hong Kong interior design team, formerly known as JunLong Interior Design Engineering ( Hong Kong ) Company . Jun Long interior decoration for residential and office space and other commercial interior design focus has always been people -oriented , rather than focus only on the beautiful space just gorgeous . Whether simply home design / interior design / decoration office design or will contain , communication design and concept analysis conditions , communicate design concepts of the initial idea , space planning , color suggestions and other building materials , able to use our expertise to consistent with the scientific and humane method to achieve the configuration preferences and needs of the guests ,Taking into account the design sense and practicality, proper planning and use storage space . In addition, the more the different needs of every guest needs and the use of open and intimate space of time for considering the suitability of building materials and life, taking into account the cost of the spread and the best construction method to improve the quality of construction , so guests with the most reasonable cost to complete the best satisfaction.
Interior Design Director : Joe LeeJoe Lee , the interior design director has accumulated more than ten years of interior design and home decoration design engineering experience, constantly in technology, expertise and artistic style on breakthrough innovation , so that each piece is expected to reach perfection to win the trust and admiration of the guests . His work is often reported by the media and was affirmed with Chatter is underage Chatter is recommended in many professional interior design magazines . General interior design basis is usually based on user demand for space and the use of function , however, both to meet the needs of the guests , but the overall visual presentation and style , he more carefully arranged in space and in color, texture creative with the overall style of ...... etc. , so that the entire interior and exterior space presents a consistent texture and visual extension, covered the simple neat wooden , cloth decorated with ornate carving , solemn plastic flow lines , noble leisurely glass wind can Continental , can modern , can the East , can wind , Joe Lee , director of the interior design can be crafted in a warm and distinguished atmosphere of elegant space . In addition , both the fluid dynamic design of the space , or enhance the usefulness of the storage design, interior design director Joe Lee Jieneng depth , the level and focus of visual space cleverly , so that your company can show its own brand advantage, cause even more powerful ; make your home can become full of hope and dreams for the future comfort zone.
Professional Interior Home Decoration and Office Interior Design
Residence Interior Decoration - Professional Interior Design : Residence Home and Interior Decoration, Office Interior DesignHousing Home Decoration - Professional Interior Design : Housing Interior and Home Decoration, Office Interior Design
Office Interior Design - Professional Interior Design : Office Interior Design, Interior Decoration
Monday, May 19, 2014
Property transactions decline despite Hong Kong stamp duty reform
This article appeared in the South China Morning Post print edition as Deals fall despite stamp duty reform | http://www.scmp.com/property/hong-kong-china/article/1515199/property-transactions-decline-despite-hong-kong-stamp-duty
On the first weekend after the government announced the relaxation of double stamp duty, the number of major property transactions fell, but the amount of buyer interest rose significantly, said Hong Kong property agents.
The 10 biggest estates of each of the four leading property agencies saw a total of 57 property transactions in the past weekend, slightly less than the 61 transactions of the preceding weekend.
The four leading agencies are Hong Kong Property Services (Agency), Ricacorp Properties, Midland Realty and Centaline Property.
"In recent days, the Hong Kong government announced a relaxation of double stamp duty, which had a positive effect on the market," Hong Kong Property senior executive director Jeffrey Ng Chong-yip said.
"The number of property viewers has risen 20 to 30 per cent generally throughout the estates [on a weekly basis].
"Although in the short term property supply has shrunk, causing the second-hand market to stagnate, the relaxation of double stamp duty will spur the interest of clients to sell their old property for new ones."
Hong Kong Property handled seven transactions in the 10 main estates at the weekend, against 11 in the previous weekend.
Early last year, the government introduced double stamp duty in an attempt to cool the property market. Under this double stamp duty, buyers of properties costing more than HK$2 million would incur stamp duty at rates that are at least double those that previously applied unless they were permanent residents buying their first homes.
Last week, the government announced the double stamp duty would be relaxed in certain cases, to make it easier for residents to upgrade their flats. Residents moving up the property ladder will no longer have to pay a double stamp duty if their old unit is sold within six months of signing a formal agreement to buy the new property.
"In the first weekend after the government suggested relaxation of double stamp duty, the second-hand market had a slight rebound," Midland director Sammy Po Siu-ming said.
Midland handled 17 transactions in the 10 biggest estates last weekend, a slight increase from 16 transactions in the previous weekend. Ricacorp saw a drop in transactions in the 10 biggest estates to 15 in the past weekend from 16 in the previous weekend.
"The second-hand market fell, mainly because the landlords' attitude to price has hardened, while residents were not willing to enter the market at any price, causing a stalemate between both sides over price," said Ricacorp president Liao Weiqiang.
Centaline handled 18 transactions in the 10 biggest estates last weekend, the same as the previous weekend.
Saturday, May 10, 2014
Interior Decoration : Shum Wan Road Housing
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家居設計 深灣道 | 香港島 私人住宅裝修家居設計 · 裝修完成時間: 2011
With a land area of only 1,076 km2 and a population of over six million people, Hong Kong is one of the most densely populated places in the world. In addition, the topography of Hong Kong is rugged. In view of limited flat land area in Hong Kong, intensive urbanization of the lower portions of hillslopes in many parts of the territory has been the only feasible approach to cope with the needs of continuing development. The development of roads and buildings often necessitates numerous hillside cuttings and embankments. The stability of these man-made slopes is of prime concern as the impact on the community can be tremendous in the event of slope failure. Failure of these cuts and embankments often simply causes traffic delays, however, more serious landslides may overwhelm inhabited downslope areas with debris avalanches, slumps and falling boulders.
Of the contributing factors associated with the occurrence of landslides, water pressure is frequently the major. In Hong Kong most landslides are rain-induced, rainfall is high but seasonal, averaging about 2000 mm during the summer months when Hong Kong is frequently threatened by troughs of low pressure and tropical cyclones. Disastrous landslides associated with heavy rainfall include the following; Sau Mau Ping Resettlement Estate 1972, Po Shan Road in 1972, Kwun Lung Lau in 1994, Fei Tsui Road 1995 and Shum Wan Road in 1995.
The Shum Wan Road Landslide in Aberdeen is the largest landslide to have occurred in Hong Kong since 1976. It involved two distinct slides that occurred almost simultaneously. A minor failure of the fill embankment occurred below a passing bay on Nam Long Shan Road which triggered a major landslide at a hillside between Shum Wan Road and Nam Long Shan Road. In this study various aspects of the landslide and subsequent slope rehabilitation works are presented.
JL Interior Decoration | Home Decoration
Tuesday, July 30, 2013
Property agents in Hong Kong hit hard
引用: http://www.channelnewsasia.com
HONG KONG: Thousands took to the streets earlier in Hong Kong this month to protest against the government's recent Hong Kong Property tax hikes.
Made up mainly of Hong Kong Property gents and disgruntled home-buyers, they are angry at the government for doubling the stamp duty on Hong Kong Property transactions since February to around 5.5 per cent.
Protest organiser Raymond Ho argued the cooling measures are hitting the innocent.
Ho said: "Some middle-class have a dream to live in one apartment and one for rent. They can handle their retirement if they have one flat for living and one for rent, but those stamp duty policies just freeze the volume of Hong Kong Property market and at the same time, freeze the social mobility of Hong Kong people."
Latest official data shows in the month of June, transactions in the city have fallen by 12.5 per cent, with fewer than 3,500 transactions completed. Total value of sales is down 22 per cent.
Hong Kong Property agent, Angus Or, has witnessed an even more drastic drop in transactions in the new town of Tseung Kwan O, built on reclaimed land along the bay, northeast of Hong Kong island.
His commission income has dropped by 70 per cent since the new levies were introduced.
"Usually in this area, there are about 600-700 transactions per month for buying and selling in total. Nowadays, there are only around 70 transactions for buying and selling alone," said Or.
Mass market estates, like Tseung Kwan O are in demand, because of tight supply in the market. Many home owners are now pulling back from selling their units.
Three years ago, a 684-square-foot apartment in the area cost around US$774,000. Today, the owner is asking for just over US$1 million.
"There has been no drop in prices. Most of the owners in this area have paid off their mortgages. When they bought the flat, it is only around HK$2 million and after 10 years, they have paid off their mortgages. They don't have a hurry to sell," explained Or.
Buyers, in the meantime, are in no hurry to commit either.
They anticipate prices to fall further down the road. The government has committed to significantly increase housing supply in the next three to five years. By then, the US Federal Reserve would have raised its benchmark interest rates. This means mortgage rates in Hong Kong will follow suit as the Hong Kong dollar is pegged to the US dollar.
Meantime, the pickings continue to be slim for agents like Angus.
And if the situation persists, industry insiders predict that up to two-thirds of Hong Kong Property gents in the territory could be out of work.
HONG KONG: Thousands took to the streets earlier in Hong Kong this month to protest against the government's recent Hong Kong Property tax hikes.
Made up mainly of Hong Kong Property gents and disgruntled home-buyers, they are angry at the government for doubling the stamp duty on Hong Kong Property transactions since February to around 5.5 per cent.
Protest organiser Raymond Ho argued the cooling measures are hitting the innocent.
Ho said: "Some middle-class have a dream to live in one apartment and one for rent. They can handle their retirement if they have one flat for living and one for rent, but those stamp duty policies just freeze the volume of Hong Kong Property market and at the same time, freeze the social mobility of Hong Kong people."
Latest official data shows in the month of June, transactions in the city have fallen by 12.5 per cent, with fewer than 3,500 transactions completed. Total value of sales is down 22 per cent.
Hong Kong Property agent, Angus Or, has witnessed an even more drastic drop in transactions in the new town of Tseung Kwan O, built on reclaimed land along the bay, northeast of Hong Kong island.
His commission income has dropped by 70 per cent since the new levies were introduced.
"Usually in this area, there are about 600-700 transactions per month for buying and selling in total. Nowadays, there are only around 70 transactions for buying and selling alone," said Or.
Mass market estates, like Tseung Kwan O are in demand, because of tight supply in the market. Many home owners are now pulling back from selling their units.
Three years ago, a 684-square-foot apartment in the area cost around US$774,000. Today, the owner is asking for just over US$1 million.
"There has been no drop in prices. Most of the owners in this area have paid off their mortgages. When they bought the flat, it is only around HK$2 million and after 10 years, they have paid off their mortgages. They don't have a hurry to sell," explained Or.
Buyers, in the meantime, are in no hurry to commit either.
They anticipate prices to fall further down the road. The government has committed to significantly increase housing supply in the next three to five years. By then, the US Federal Reserve would have raised its benchmark interest rates. This means mortgage rates in Hong Kong will follow suit as the Hong Kong dollar is pegged to the US dollar.
Meantime, the pickings continue to be slim for agents like Angus.
And if the situation persists, industry insiders predict that up to two-thirds of Hong Kong Property gents in the territory could be out of work.
Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency
Monday, July 22, 2013
CORRECTED-China shares slip on growth concerns, Hong Kong weaker too
引用: http://in.reuters.com/
HONG KONG, July 16 (Reuters) - China shares slid on Tuesday, weighing on Hong Kong as both markets traded narrowly, with financial and Hong Kong Property stocks dampened by an official news report saying quarterly or annual growth of below 7 percent was acceptable.
By midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was down 0.6 percent, while the Shanghai Composite Index shed 0.7 percent. Both stayed in the same 60-point range for a third session.
The Hang Seng Index was down 0.1 percent at 21,287.4, while the China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.2 percent as turnover stayed anemic.
"If it's true that 7 percent is the new base economic growth case, then it would greatly diminish chances that Beijing will even move to support the economy and this is a negative for the market," said Cao Xuefeng, a Chengdu-based analyst with Huaxi Securities.
The official China Securities Journal reported on Tuesday in a front page editorial that quarterly or annual economic growth rates of below 7 percent would not affect China's long-term goal of structural adjustment.
This comes a day after data showed the world's second-largest economy grew 7.5 percent in the second quarter, a figure broadly in line with China's official annual growth target.
The mainland's press also reported that the economy was likely to dominate the State Council's regular Wednesday meeting. Traders said there was some speculation that China's cabinet could unveil some policy announcements after that.
China Minsheng Bank fell 1.3 percent in Shanghai and 0.3 percent in Hong Kong. The country's second-largest lender China Construction Bank (CCB) shed 0.7 percent in Hong Kong.
Chinese Hong Kong Property and construction-related sectors were hurt by more reports in the mainland press about the possibility of the eastern city of Hangzhou starting a Hong Kong Property tax trial, after Shanghai and Chongqing.
China Vanke, the country's largest Hong Kong Property developer by sales, tumbled 2.2 percent in Shenzhen. Poly Real Estate fell 2.6 percent in Shanghai, leading the Shanghai Hong Kong Property sub-index down 2.2 percent.
Vanke Properties Overseas, due to report interim earnings on Friday, fell 3 percent in Hong Kong.
China Pacific Insurance Co Ltd far outperformed sector rivals on the day, jumping 2 percent in Hong Kong after posting favorable monthly premium growth data. Ping An Insurance slipped 0.5 percent, while China Life Insurance edged up 0.13percent.
NetDragon dived 17.7 percent in Hong Kong after Baidu Inc, China's top search engine, said it plans to acquire app store 91 Wireless from NetDragon for $1.9 billion to strengthen its foothold in the country's highly competitive mobile computing sector. (Editing by Jacqueline Wong)
HONG KONG, July 16 (Reuters) - China shares slid on Tuesday, weighing on Hong Kong as both markets traded narrowly, with financial and Hong Kong Property stocks dampened by an official news report saying quarterly or annual growth of below 7 percent was acceptable.
By midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was down 0.6 percent, while the Shanghai Composite Index shed 0.7 percent. Both stayed in the same 60-point range for a third session.
The Hang Seng Index was down 0.1 percent at 21,287.4, while the China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.2 percent as turnover stayed anemic.
"If it's true that 7 percent is the new base economic growth case, then it would greatly diminish chances that Beijing will even move to support the economy and this is a negative for the market," said Cao Xuefeng, a Chengdu-based analyst with Huaxi Securities.
The official China Securities Journal reported on Tuesday in a front page editorial that quarterly or annual economic growth rates of below 7 percent would not affect China's long-term goal of structural adjustment.
This comes a day after data showed the world's second-largest economy grew 7.5 percent in the second quarter, a figure broadly in line with China's official annual growth target.
The mainland's press also reported that the economy was likely to dominate the State Council's regular Wednesday meeting. Traders said there was some speculation that China's cabinet could unveil some policy announcements after that.
China Minsheng Bank fell 1.3 percent in Shanghai and 0.3 percent in Hong Kong. The country's second-largest lender China Construction Bank (CCB) shed 0.7 percent in Hong Kong.
Chinese Hong Kong Property and construction-related sectors were hurt by more reports in the mainland press about the possibility of the eastern city of Hangzhou starting a Hong Kong Property tax trial, after Shanghai and Chongqing.
China Vanke, the country's largest Hong Kong Property developer by sales, tumbled 2.2 percent in Shenzhen. Poly Real Estate fell 2.6 percent in Shanghai, leading the Shanghai Hong Kong Property sub-index down 2.2 percent.
Vanke Properties Overseas, due to report interim earnings on Friday, fell 3 percent in Hong Kong.
China Pacific Insurance Co Ltd far outperformed sector rivals on the day, jumping 2 percent in Hong Kong after posting favorable monthly premium growth data. Ping An Insurance slipped 0.5 percent, while China Life Insurance edged up 0.13percent.
NetDragon dived 17.7 percent in Hong Kong after Baidu Inc, China's top search engine, said it plans to acquire app store 91 Wireless from NetDragon for $1.9 billion to strengthen its foothold in the country's highly competitive mobile computing sector. (Editing by Jacqueline Wong)
Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency
Thursday, July 18, 2013
China shares weigh on Hong Kong Property
引用: http://uk.reuters.com
HONG KONG, July 18 (Reuters) - China shares underperformed Asia in mid-morning trade on Thursday, weighing on Hong Kong markets, with the financial and Hong Kong Property sectors hit by concerns over the availability of financing for real estate developers.
The pace of China's monthly home price increase slowed for a third straight month in June though the year-on-year gain was the strongest this year, underlining the challenges facing Beijing's near four-year-old campaign to tame housing inflation.
By 0313 GMT, the CSI300 of the leading Shanghai and Shenzhen A-share listings was down 0.9 percent, while the Shanghai Composite Index slid 0.6 percent. Both broke below chart support that held for a week, pointing to more losses in the near term.
The Hang Seng Index slipped 0.1 percent, with the China Enterprises Index of the top Chinese listings in Hong Kong also flat. Bourse turnover in Hong Kong stayed weak.
"It's not just Hong Kong Property specific anymore," said Lee Wee Liat, BNP Paribas head of Asia Hong Kong Property "Fears are growing that the liquidity shock a few weeks ago may be starting to trickle into the sector."
The official China Securities Journal reported on Thursday that financing requirements for listed Hong Kong Property evelopers will be gradually liberalised and loosened, subject to conditions. This follows a similar Xinhua news report on Wednesday.
BNP's Lee added that mainland media reports alleging inappropriate corporate behavior by state-owned conglomerates have raised concerns how that may potentially affect state-owned real estate developers.
Shares of China Vanke, the country's largest real estate developer by sales, declined 1.6 percent in Shenzhen. In Hong Kong, China Overseas Land and China Resources Land each fell nearly 2 percent.
Mid-sized lenders China Minsheng Bank and China Merchants Bank skidded 2.9 and 1.8 percent, respectively in Shanghai. Their Hong Kong-listed shares also suffered losses on the day.
Cement producers China Shanshui and BBMG Corp tanked after they warned of declining profits late on Wednesday, pointing to a likely divergence at their upcoming interim earnings reports due in August. Three other cement producers had issued positive profit alerts last week.
On Thursday, Shanshui slumped nearly 10 percent, nearing its June 25 low, which was also its lowest since April 2009. BBMG lost 1.9 percent, while sector giant Anhui Conch Cement slid 2.1 percent in Hong Kong.
But there were gains for China Resources Power, rising 2.3 percent after the company said on its website that it considers recent media reports alleging corruption in the company to be defamatory and that it had adversely affected the reputation of its leadership.
HONG KONG, July 18 (Reuters) - China shares underperformed Asia in mid-morning trade on Thursday, weighing on Hong Kong markets, with the financial and Hong Kong Property sectors hit by concerns over the availability of financing for real estate developers.
The pace of China's monthly home price increase slowed for a third straight month in June though the year-on-year gain was the strongest this year, underlining the challenges facing Beijing's near four-year-old campaign to tame housing inflation.
By 0313 GMT, the CSI300 of the leading Shanghai and Shenzhen A-share listings was down 0.9 percent, while the Shanghai Composite Index slid 0.6 percent. Both broke below chart support that held for a week, pointing to more losses in the near term.
The Hang Seng Index slipped 0.1 percent, with the China Enterprises Index of the top Chinese listings in Hong Kong also flat. Bourse turnover in Hong Kong stayed weak.
"It's not just Hong Kong Property specific anymore," said Lee Wee Liat, BNP Paribas head of Asia Hong Kong Property "Fears are growing that the liquidity shock a few weeks ago may be starting to trickle into the sector."
The official China Securities Journal reported on Thursday that financing requirements for listed Hong Kong Property evelopers will be gradually liberalised and loosened, subject to conditions. This follows a similar Xinhua news report on Wednesday.
BNP's Lee added that mainland media reports alleging inappropriate corporate behavior by state-owned conglomerates have raised concerns how that may potentially affect state-owned real estate developers.
Shares of China Vanke, the country's largest real estate developer by sales, declined 1.6 percent in Shenzhen. In Hong Kong, China Overseas Land and China Resources Land each fell nearly 2 percent.
Mid-sized lenders China Minsheng Bank and China Merchants Bank skidded 2.9 and 1.8 percent, respectively in Shanghai. Their Hong Kong-listed shares also suffered losses on the day.
Cement producers China Shanshui and BBMG Corp tanked after they warned of declining profits late on Wednesday, pointing to a likely divergence at their upcoming interim earnings reports due in August. Three other cement producers had issued positive profit alerts last week.
On Thursday, Shanshui slumped nearly 10 percent, nearing its June 25 low, which was also its lowest since April 2009. BBMG lost 1.9 percent, while sector giant Anhui Conch Cement slid 2.1 percent in Hong Kong.
But there were gains for China Resources Power, rising 2.3 percent after the company said on its website that it considers recent media reports alleging corruption in the company to be defamatory and that it had adversely affected the reputation of its leadership.
Click Property Agency Limited : Hong Kong Property | Hong Kong Office | Hong Kong Real Estate Agency
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