Mainland investors continue to expand their presence in Hong Kong this week as China Vanke teamed up with a Qingdao-based builder to snatch up a residential plot in the New Territories.
Also in the news, Morgan Stanley says the Asia Pacific commercial property market may be close to bottoming out, while bankers in Hong Kong fret over a 30 percent drop in asset values in the city.
Mainland developer Vanke Property (Hong Kong) and CNQC International (1240) won a residential site at Ma Wo Road in Tai Po for HK$3.7 billion ($477 million), or HK$4,739 per buildable sq ft, in line with market estimates.
Market surveyors valued the site at HK$2.74 billion to HK$4.57 billion. This indicates that developers are positive about the outlook for the local home market, said Centaline Surveyors executive director James Cheung King-tat. Read more>>
Hong Kong’s office landlords may have reached peak suffering from the rental slump, according to US investment bank Morgan Stanley. The work-from-home